South Carolina Code of Regulations
Chapter 13 - ATTORNEY GENERAL
Article 2 - SECURITIES
Subarticle 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS
Section 13-402 - Exemptions for Certain Canadian Broker-Dealers
Universal Citation: SC Code Regs 13-402
Current through Register Vol. 48, No. 9, September 27, 2024
A. A broker-dealer that is registered in Canada and that does not have a place of business in this State shall be exempt from the registration requirements of Section 35-1-401 of the South Carolina Uniform Securities Act of 2005 so long is it complies with the following conditions:
(1) It only
effects or attempts to effect transactions in securities with or for, or by:
(a) an individual from Canada who is
temporarily present in this State and with whom the broker-dealer had a bona
fide customer relationship before the individual entered the United States;
or
(b) an individual from Canada
who is present in this State and whose transactions are in a self-directed tax
advantaged retirement plan of which the individual is the holder or
contributor.
(c) With or for a
person from Canada who is present in this state, whose transactions are in a
self-directed tax advantaged retirement plan in Canada of which the person is
the holder or contributor; and,
(2) Files a notice in the form of his current
application required by the jurisdiction in which his head office is located
and a consent to service of process;
(3) Is a member of a self-regulatory
organization or stock exchange in Canada;
(4) Maintains his provincial or territorial
registration and his membership in a self-regulatory organization or stock
exchange in good standing;
(5)
Discloses to his clients in this state that he is not subject to the full
regulatory requirements of the South Carolina Uniform Securities Act of 2005;
and,
(6) Is not in violation of
Section
35-1-501
or other anti-fraud provisions of the South Carolina Uniform Securities Act of
2005 and the rules and regulations promulgated thereunder.
B. An offer or sale of a security effected by a person exempt from registration pursuant to Section A of this Rule shall be deemed to be an exempt transaction not requiring registration pursuant to the South Carolina Uniform Securities Act of 2005.
Disclaimer: These regulations may not be the most recent version. South Carolina may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
