New Mexico Administrative Code
Title 12 - TRADE, COMMERCE AND BANKING
Chapter 11 - SECURITIES
Part 2 - BROKER-DEALERS AND AGENTS
Section 12.11.2.17 - CANADIAN BROKER-DEALERS AND SALES REPRESENTATIVES EXEMPTION
Universal Citation: 12 NM Admin Code 12.11.2.17
Current through Register Vol. 35, No. 18, September 24, 2024
A broker-dealer and its authorized agents are exempt from the registration requirements of Sections 58-13C-401 A and 58-13C-402 A if:
A. the broker-dealer and its authorized agents are located in Canada;
B. the broker-dealer and its authorized agents are licensed or registered pursuant to the laws of one or more Canadian provinces or territories;
C. the broker-dealer has no place of business in this state; and
D. the transactions in this state are limited to the following:
(1) transactions with a
person who is temporarily in this state and with whom the Canadian
broker-dealer had a bona fide broker-dealer-client relationship before the
person entered the United States; or
(2) transactions with a person who is present
in this state in relation to a self-directed tax advantaged retirement plan in
Canada of which the person is the holder or contributor.
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