Broker-Dealer Show Under Indiana law, a broker-dealer is “a person engaged in the business of effecting transactions in securities for the account of others or for the person’s own account.” Most commonly, broker-dealers effect transactions in stocks, bonds, mutual funds and other investment products. Any transaction related to a security could involve the use of a broker-dealer. It is unlawful for a person to transact business as a broker-dealer in Indiana unless registered as a broker-dealer, exempt from registration, or otherwise excluded from the definition of a broker-dealer. A broker-dealer conducting business in Indiana must register with the Securities and Exchange Commission (“SEC”) unless exempt from federal registration, as well as the Indiana Secretary of State, Securities Division (“Division”). All filings and associated fees are completed through the Central Registration Depository (“CRD”) system managed by the Financial Industry Regulatory Authority (“FINRA”). Any business registering with the Division needs a CRD number. Broker-Dealer Agent Under Indiana law, a broker-dealer agent is “an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer’s securities. However, a partner, officer, or director of a broker-dealer or issuer, or an individual having a similar status or performing similar functions is an agent only if the individual otherwise comes within the term.” Both the individual who effectuates transactions in Indiana, as well as the principals of the broker-dealer in Indiana are required to register as agents. Individuals that are exempt are not required to register as a broker-dealer agent. In order to become registered in Indiana, a broker-dealer agent must pass the requisite examinations. A broker-dealer agent must pass the applicable required FINRA examinations and either the Uniform Securities Agent State Law Examination (Series 63) or the Uniform Combined State Law Examination (Series 66). If the individual has a period of non-registration of more than two (2) years, the examinations must be repeated. A broker-dealer agent may apply for a waiver of these examination requirements by submitting a Waiver Request to the Division. All broker-dealer representative filings and associated fees are completed through the CRD system managed by FINRA. Any individual registering with the Division needs a CRD number. Requirements Broker-Dealer Registration
Broker-Dealer Operation
Broker-Dealer Agent Registration
Relevant Law Indiana Code [23-19] Helpful Resources Administrative Action Search Division Personnel Compliance Staff When a brokerWhen a broker/dealer registers with the state securities Administrator, those persons who are partners, directors, or officers are automatically considered agents in the state. Reference: 9.3. 1.2 in the License Exam Manual.
Which of the following falls within the definition of broker/dealer for purposes of the Uniform securities Act?The Uniform Securities Act defines a broker-dealer as any person engaged in the business of effecting transactions in securities accounts for the account of others or for his own account.
Which of the following persons is included in the definition of an investment adviser under the Uniform securities Act?(12) (A) “Investment adviser agent” includes (i) any individual, including an officer, partner or director of an investment adviser, or an individual occupying a similar status or performing similar functions, employed, appointed or authorized by or associated with an investment adviser to solicit business from any ...
Which of the following are considered securities?(c) "Security" means a note; stock; treasury stock; security future; bond; debenture; evidence of indebtedness; certificate of interest or participation in a profit-sharing agreement; collateral trust certificate; preorganization certificate or subscription; transferable share; investment contract; voting trust ...
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