Current through Register Vol. 48, No. 9, September 27, 2024
A.
Broker-Dealer Recordkeeping Requirements.
(1)
Unless otherwise provided by order of the United States Securities and Exchange
Commission ("SEC"), each broker-dealer registered or required to be registered
under the South Carolina Uniform Securities Act of 2005 shall make, maintain
and preserve books and records in compliance with SEC Rules 17a-3 ( 17C.F.R.
240.17 a- 3(1996)), 17a-4 ( 17 C.F.R. 240.17 a- 4(1996)), 15c2-6 ( 17 C.F.R.
240.15 c 2 - 6(1996)) and 15c2-11 ( 17 C.F.R. 240.15 c 2 - 11(1996)
).
(2) To the extent that the SEC
promulgates changes to the above-referenced rules, broker-dealers in compliance
with such rules as amended shall not be subject to enforcement action by the
Securities Commissioner for violation of this rule to the extent that the
violation results solely from the broker-dealer's compliance with the amended
rule.
B. Broker-Dealer
Minimum Financial and Financial Reporting Requirements.
(1) Each broker-dealer registered or required
to be registered under the South Carolina Uniform Securities Act of 2005 shall
comply with SEC Rules 15c3-1 ( 17 C.F.R. 240. 15c3-1 (1996)), 15c3-2 ( 17
C.F.R. 240.15c3 - 2(1996)), and 15c3-3( 17C.F.R. 240.15 c- 3(1996)
).
(2) Each broker-dealer
registered or required to be registered under the South Carolina Uniform
Securities Act of 2005 shall comply with SEC Rule 17a-11 (
17C.F.R.
240.17a-11) and shall file with the
Securities Commissioner upon request copies of notices and reports required
under Rules 17a-5, 17a-10, and 17a-11.
(3) To the extent that the SEC promulgates
changes to the above-referenced rules, broker-dealers in compliance with such
rules as amended shall not be subject to enforcement action by the securities
division for violation of this rule to the extent that the violation results
solely from the broker-dealer's compliance with the amended rule.
C. Intrastate Broker-Dealer
Bonding Requirements.
Every broker-dealer registered or required to be registered
under the South Carolina Uniform Securities Act of 2005 whose business is
exclusively intrastate, who does not make use of any facility of a national
securities exchange and who is not registered under section 15 of the
Securities Exchange Act of 1934, shall be bonded in an amount of not less than
fifty thousand ($50,000.00) dollars by a bonding company qualified to do
business in this State. The bond so posted must require the broker-dealer to
comply with the provisions of the South Carolina Uniform Securities Act of 2005
and those orders and regulations as the Securities Commissioner may from time
to time prescribe.
