New York Codes, Rules and Regulations
Title 13 - DEPARTMENT OF LAW
Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL
Subchapter A - SECURITIES-GENERAL
Part 10 - BROKERS, DEALERS AND SALESPERSONS
Section 10.1 - Registration of securities broker-dealers, issuers, and salespersons; effective date

Universal Citation: 13 NY Comp Codes Rules and Regs ยง 10.1

Current through Register Vol. 46, No. 12, March 20, 2024

All forms referenced in this Part are viewable at https://ag.ny.gov/forms.

(a) In compliance with subdivisions 3 and 13 of section 359-e of the General Business Law (GBL § 359-e),

(1) All brokers and dealers whose principal business is in the offering, sale or promotion of cooperative or homeowners association interests in real estate, including condominium units, shall file Form M-10 (Real Estate)

(2) All dealers that are issuers of securities not subject to subdivision (1) of this section and not classified as Federal Regulation D Covered Securities Dealers, Federal Tier 2 Dealers, or Federal Covered Investment Company Dealers herein, shall file Form M-11.

(3) All Federal Regulation D Covered Securities Dealers shall file Form D. The Attorney General hereby deems that the pertinent information to be filed for purposes of satisfying GBL § 359-e for Federal Regulation D Covered Securities Dealers shall be all information required on Form D.

(4) All Federal Tier 2 Dealers shall file the Uniform Notice Filing of Regulation A - Tier 2 Offering Form. The Attorney General hereby deems that the pertinent information to be filed for purposes of satisfying GBL § 359-e for Federal Tier 2 Dealers shall be all inf ormation required by the Uniform Notice Filing of Regulation A - Tier 2 Offering Form.

(5) All Federal Covered Investment Company Dealers shall file Form NF. The Attorney General hereby deems that the pertinent information to be filed for purposes of satisfying GBL § 359-e for Federal Covered Investment Company Dealers shall be all information necessary to complete the Form NF for each individual fund or portfolio offered by such dealer.

(6) All other brokers and dealers shall file Form M-1, except as provided elsewhere in this part.

(7) All securities salespersons, including those engaged in the sale of intrastate offerings, real estate syndication, cooperative, condominium or homeowners' association interests in real estate unless deemed already in compliance with registration statement filing requirements under GBL § 359-e (3), shall file Form M-2, except as provided below.

(b) Notwithstanding the provisions of subdivision (a) of this section, a broker-dealer not a member of the Financial Industry Regulatory Authority ("FINRA") and not required to file Form M-10 and not an issuer offering or selling its own securities may, in lieu of filing Form M-1, file an executed current Form BD with page 2 of Form U4 completed for each person listed on Schedule A or B. In lieu of filing Form M-2, a securities salesperson may file an executed current Form U4. Form BD, Uniform Application for Broker-Dealer Registration is published by the U.S. Securities and Exchange Commission, 1 00 F Street, NE Washington, DC 20549, and Form U4, Uniform Application for Securities Industry Registration or Transfer General Instructions is published by FINRA, 1735 K St NW, Washington, DC 20006 ("Form U4 Instructions"), both viewable at https://ag.ny.gov/forms.

(c) The registration of brokers, dealers and salespersons shall be for a period of four years. Initial statements for those having no previous filing may be made at any time and shall be effective from the date of filing for a period of four (4) years, except as provided elsewhere in this part.

(d) Effective date. The revisions to this Part shall become effective upon legal adoption and publication in the New York State Register.

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