reglab/housing_qa huggingface dataset:
DC Code § 31-5602.04 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter II - Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives|§ 31-5602.04. Post-licensing requirements

(a)(1) A licensed broker-dealer shall make and keep such accounts, correspondence, memoranda, papers, books, and other records as the Commissioner may, by rule, require. (2) The authority of the Commissioner to adopt rules under paragraph (1) of this subsection shall be subject to the limitations of section 15 of the Securities Exchange Act 1934 [15 U.S.C. § 78o]. (3) A licensed investment adviser shall make and keep such accounts, correspondence, memoranda, papers, books, and other records as the Commissioner may by rule require. (4) The authority of the Commissioner to adopt rules under paragraph (3) of this subsection shall be subject to the limitations of section 222 of the Investment Advisers Act of 1940 [15 U.S.C. § 80b-18a]. (b)(1) With respect to investment advisers, the Commissioner may, by rule or order, require that certain information be furnished or disseminated as appropriate in the public interest or for the protection of investors and advisory clients. (2) Information furnished to clients or prospective clients of a licensed investment adviser that complies with the Investment Advisers Act of 1940 and the rules promulgated under that Act may be used in whole or partial satisfaction of the requirement in paragraph (1) of this subsection. (c) A licensed broker-dealer or investment adviser shall file such financial reports as the Commissioner may, by rule or order, prescribe, except as provided by section 15 of the Securities Exchange Act 1934 [15 U.S.C. § 78o] in the case of a broker-dealer and section 222 of the Investment Advisers Act of 1940 [15 U.S.C. § 80b-18a] in the case of an investment adviser. (d) If the information contained in any document filed with the Commissioner is, or becomes, inaccurate or incomplete in any material respect, a licensed broker-dealer or investment adviser shall promptly file a correcting amendment with the Commissioner, and a federal covered adviser shall file a correcting amendment when required to do so with the Securities and Exchange Commission.  (Oct. 26, 2000, D.C. Law 13-203, § 204, 47 DCR 7837.)  Section References This section is referenced in § 31-5607.03.
DC Code § 31-5602.05 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter II - Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives|§ 31-5602.05. Licensing of successor firms

(a) A licensed broker-dealer or investment adviser or federal covered adviser shall file an application for the license or a notice filing, as applicable, of a successor, whether or not the successor is then in existence. There shall be no fee for the license or notice filing of the successor. (b) If a broker-dealer or investment adviser succeeds to, and continues the business of, a licensed broker-dealer or investment adviser, or a federal covered adviser succeeds to and continues the business of, a federal covered adviser who has made a notice filing, and the successor files an application for a license or a notice filing, as applicable, within 30 days after the succession, the license or notice filing of the predecessor remains effective as the license or notice filing of the successor for 60 days after the succession. (c) The licensing of a licensed agent of the broker-dealer filing an application under subsections (a) or (b) of this section continues without a separate filing or fee upon the licensing of the successor.  (Oct. 26, 2000, D.C. Law 13-203, § 205, 47 DCR 7837.)
DC Code § 31-5602.06 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter II - Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives|§ 31-5602.06. Power of inspection, examination and audit

(a) The Commissioner may, in a manner reasonable under the circumstances, examine, audit, or inspect the books and records, within or without the District, of a licensed broker-dealer, agent, investment adviser, or investment adviser representative as the Commissioner considers necessary or appropriate in the public interest or for the protection of investors or to determine compliance with this chapter. All licensed broker-dealers, agents, and investment advisers shall make their books and records available to the Commissioner in legible form. (b) The Commissioner may copy records, or require a licensed person to copy records and provide the copies to the Commissioner, to the extent and in a manner reasonable under the circumstances. (c) The Commissioner may impose a reasonable fee for the expense of conducting an examination, inspection, or audit under this section. (d) For the purpose of avoiding unnecessary duplication of examinations, the Commissioner may cooperate with the securities administrators of other states, the Securities and Exchange Commission, or any self-regulatory organization.  (Oct. 26, 2000, D.C. Law 13-203, § 206, 47 DCR 7837.)
DC Code § 31-5602.08 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter II - Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives|§ 31-5602.08. Denial, suspension, or revocation on grounds of lack of qualification

A determination by the Commissioner that an applicant or licensed person lacks qualification shall be made subject to the following limitations and considerations: (1) The Commissioner may not enter an order against a broker-dealer on the basis of the lack of qualification of a person other than the broker-dealer if the broker-dealer is an individual. (2) The Commissioner may not enter an order against an investment adviser on the basis of the lack of qualification of a person other than the investment adviser if the investment adviser is an individual. (3) The Commissioner may not enter an order solely because of lack of experience of the applicant or licensed person if the applicant or licensed person is qualified by training or knowledge. (4) An agent who will work under the supervision of a licensed broker-dealer need not have the same qualifications as a broker-dealer and an investment adviser representative who will work under the supervision of a licensed investment adviser need not have the same qualifications as an investment adviser. (5) An investment adviser is not qualified solely on the basis of experience as a broker-dealer or agent. If the Commissioner finds an applicant for initial or renewal licensure as a broker-dealer is not qualified as an investment adviser, the Commissioner may, by order, condition the applicant’s licensure as a broker-dealer upon the broker-dealer not transacting business in the District as an investment adviser. (6) The Commissioner may, by rule, provide for an examination, which may be written, oral, or both, to be taken by any class of, or all, applicants. The Commissioner may, by rule or order, waive the examination requirement as to a person or class of persons if the Commissioner determines that the examination is not necessary or appropriate in the public interest or for the protection of investors.  (Oct. 26, 2000, D.C. Law 13-203, § 208, 47 DCR 7837.)  Section References This section is referenced in § 31-5602.07.
DC Code § 31-5602.09 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter II - Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives|§ 31-5602.09. Withdrawal

(a) Withdrawal from licensing as a broker-dealer, agent, investment adviser, or investment adviser representative shall be effective 30 days after the receipt by the Commissioner of an application to withdraw or within any shorter period the Commissioner, by order, determines, unless: (1) A revocation or suspension proceeding is pending when the withdrawal application is filed; or (2) A proceeding to revoke or suspend or to impose conditions upon the withdrawal is instituted within 30 days after the withdrawal application is filed. (b) If a proceeding is pending or instituted, the withdrawal shall be effective at the time and upon the conditions that the Commissioner, by order, determines. If no proceeding is pending or instituted and the withdrawal becomes effective, the Commissioner may institute a proceeding under § 31-5602.07 within one year after the withdrawal became effective and enter an order as of the last date on which the license was effective.  (Oct. 26, 2000, D.C. Law 13-203, § 209, 47 DCR 7837.)
DC Code § 31-5602.11 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter II - Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives|§ 31-5602.11. Continuing education

The Commissioner may, by rule or order, establish continuing education requirements for investment adviser representatives.  (Oct. 26, 2000, D.C. Law 13-203, § 211; as added June 25, 2002, D.C. Law 14-150, § 2(d), 49 DCR 4238.)
DC Code § 31-5603.01 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter III - Registration of Securities|§ 31-5603.01. Registration requirement

No person shall offer or sell a security in the District unless the security is registered under this chapter, the security or transaction is exempt under § 31-5604.01 or § 31-5604.02, or the security is a federal covered security.  (Oct. 26, 2000, D.C. Law 13-203, § 301, 47 DCR 7837.)  Section References This section is referenced in § 31-5603.08, § 31-5604.01, § 31-5604.02, § 31-5604.03, § 31-5604.04, § 31-5605.01, § 31-5606.05, and § 31-5608.01. Editor's Notes Section 806 of D.C. Law 13-203 provided: “Titles III and IV shall apply as of June 1, 2001.”
DC Code § 31-5603.09 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter III - Registration of Securities|§ 31-5603.09. Withdrawal and abandonment

(a) A registration statement may be withdrawn, at the discretion of the Commissioner, after receipt by the Commissioner of an application to withdraw, unless a revocation or suspension proceeding is pending when the withdrawal application is filed. (b) If a proceeding is pending or instituted, withdrawal shall be effective at the time and upon the conditions that the Commissioner, by order, determines. If no proceeding is pending or instituted and withdrawal becomes effective, the Commissioner may institute a proceeding under § 31-5603.06 and enter an order as of the last date on which the registration was effective. (c) A registration statement that has not been made effective within one year of the initial filing may be deemed abandoned by the Commissioner.  (Oct. 26, 2000, D.C. Law 13-203, § 309, 47 DCR 7837.)
DC Code § 31-5604.03 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter IV - Exemption from Registration|§ 31-5604.03. Additional exemptions

The Commissioner may, by rule or order, exempt any other security or transaction or class of securities or transactions from § 31-5603.01, § 31-5603.07, or § 31-5604.05. The Commissioner may, by rule or order, adopt a limited offering transactional exemption that will further the objectives of compatibility with the exemptions from securities registration under the Securities Act of 1933 and uniformity among the states.  (Oct. 26, 2000, D.C. Law 13-203, § 403, 47 DCR 7837.)  Section References This section is referenced in § 31-5604.06.
DC Code § 31-5604.04 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter IV - Exemption from Registration|§ 31-5604.04. Revocation of exemptions

(a) The Commissioner may, by order, deny or revoke an exemption specified in § 31-5604.01(7), (8), (10) or (12) or in § 31-5604.02 for any security or transaction. (b) An order issued under this section shall not be retroactive. A person shall not violate § 31-5603.01, § 31-5603.07, or § 31-5604.05 by reason of an offer to sell or sale effected after the entry of an order under this section if the person did not know and, in the exercise of reasonable care could not have known, of the order.  (Oct. 26, 2000, D.C. Law 13-203, § 404, 47 DCR 7837.)
DC Code § 31-5604.05 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter IV - Exemption from Registration|§ 31-5604.05. Filing of sales and advertising literature

The Commissioner may, by rule or order, require the filing of a prospectus, pamphlet, circular, form letter, advertisement, or other sales literature or advertising communication, whether communicated in printed form, by electronic means, or otherwise, addressed or intended for distribution to prospective investors, including clients or prospective clients of an investment adviser, unless the security or transaction is exempt under § 31-5604.01 or § 31-5604.02, the security is a federal covered security, the transaction concerns a federal covered security or a federal covered adviser, or the transaction concerns a broker-dealer registered under the Securities Exchange Act of 1934.  (Oct. 26, 2000, D.C. Law 13-203, § 405, 47 DCR 7837.)  Section References This section is referenced in § 31-5604.01, § 31-5604.02, § 31-5604.03, § 31-5604.04, and § 31-5606.05.
DC Code § 31-5604.06 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter IV - Exemption from Registration|§ 31-5604.06. Coordination of exemptions

(a) In furtherance of the policy stated in § 31-5601.02(b), the exemptions under §§ 31-5604.01, 31-5604.02, and 31-5604.03 shall be coordinated with exemptions for securities and transactions under the Securities Act of 1933 so that an offering registered under the Securities Act of 1933 shall be subject to registration by filing under this chapter in the absence of an exemption under this chapter, and an offering exempt from registration under the Securities Act of 1933, other than under the exemption for intrastate offerings, shall be exempt from registration under this chapter. (b) The Commissioner may make, amend, and rescind rules and regulations for exemptions under §§ 31-5604.01 and 31-5604.02, or added by the Commissioner under § 31-5604.03, but not contained in the Securities Act of 1933 or any of the rules and regulations promulgated thereunder.  (Oct. 26, 2000, D.C. Law 13-203, § 406, 47 DCR 7837.)
DC Code § 31-5605.01 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter V - Fraudulent and Other Prohibited Practices|§ 31-5605.01. Unlicensed or unregistered activity

A person shall not: (1) Offer or sell a security except in accordance with this chapter; (2) Deliver to a purchaser a security required to be registered under § 31-5603.01 unless accompanied or preceded by a registration statement that meets the requirements of § 31-5603.02(b), § 31-5603.03(b), or § 31-5603.04(b); (3) Act as a broker-dealer, agent, investment adviser, or investment adviser representative unless licensed as required under § 31-5602.01 or § 31-5602.02; or (4) Fail to file with the Commissioner an application, report, or document required to be filed under this chapter, or any rule or regulation adopted by the Commissioner under this chapter, or to fail to comply with the terms of an order issued by the Commissioner issued under this chapter.  (Oct. 26, 2000, D.C. Law 13-203, § 501, 47 DCR 7837.)  Section References This section is referenced in § 31-5606.04 and § 31-5608.01.
DC Code § 31-5605.03 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter V - Fraudulent and Other Prohibited Practices|§ 31-5605.03. Manipulation of market

(a) A person shall not, directly or indirectly, in the District: (1) Quote a fictitious price for a security; (2) Effect a transaction in a security which involves no change in the beneficial ownership of the security for the purpose of creating a false or misleading appearance of active trading in a security or for the market for the security; (3) Enter an order for the purchase of a security with the knowledge that an order of substantially the same size and at substantially the same time and price for the sale of the security has been, or will be, entered by or for the same, or an affiliated, person for the purpose of creating a false or misleading appearance of active trading in a security or with respect to the market for the security; (4) Enter an order for the sale of a security with knowledge that an order of substantially the same size and at substantially the same time and price for the purchase of the security has been or will be entered by or for the same or different parties for the purpose of creating a false or misleading appearance of active trading in a security or with respect to the market for the security; or (5) Employ any other deceptive or fraudulent device, scheme, or artifice to manipulate the market in a security. (b) A transaction effected in compliance with, or conduct that does not violate, the applicable provisions of the Securities Exchange Act of 1934, and the rules and regulations promulgated thereunder, shall not constitute a violation of subsection (a) of this section.  (Oct. 26, 2000, D.C. Law 13-203, § 503, 47 DCR 7837.)  Section References This section is referenced in § 31-5606.04.
DC Code § 31-5605.04 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter V - Fraudulent and Other Prohibited Practices|§ 31-5605.04. Misleading filings

A person shall not make, or cause to be made, in a document filed with the Commissioner or in any proceeding under this chapter, a statement which is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect.  (Oct. 26, 2000, D.C. Law 13-203, § 504, 47 DCR 7837.)  Section References This section is referenced in § 31-5606.04.
DC Code § 31-5605.05 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter V - Fraudulent and Other Prohibited Practices|§ 31-5605.05. Unlawful representations concerning licensing, registration, notice filing, or exemption

(a) The filing of an application for a registration or notice filing under subchapter II, the filing of a registration statement or notice filing under subchapter III, or registration of a person or security shall not constitute a finding by the Commissioner that any document filed under this chapter is true, complete, and not misleading. Such filings, licensure, or registration, or that an exemption or exception is available for a security or a transaction, shall not mean the Commissioner has passed upon the merits or qualifications of, or recommended or given approval to, a person, security, or transaction. (b) A person shall not make, or cause to be made, to a prospective purchaser, customer, or client a representation inconsistent with subsection (a) of this section.  (Oct. 26, 2000, D.C. Law 13-203, § 505, 47 DCR 7837.)  Section References This section is referenced in § 31-5606.04, § 31-5606.05, and § 31-5608.01.
DC Code § 31-5606.01 (2021)
2021 District of Columbia Code|Title 31 - Insurance and Securities|Chapter 56 - Securities|Subchapter VI - Enforcement, Criminal, and Civil Liability|§ 31-5606.01. Investigation; subpoena power

(a) The Commissioner may: (1) Make public or private investigations inside or outside of the District as he considers necessary to determine whether a person has violated, or is about to violate, any provision of this chapter, or any rule or order hereunder, to aid in the enforcement of this chapter, or to aid in the prescribing of rules and forms to implement this chapter. The Commissioner may require the person to pay the reasonable costs and expenses of the investigation; (2) Require or permit the person to file a statement in writing, under oath or otherwise as the Commissioner determines, as to all the facts and circumstances concerning the matter to be investigated; and (3) Publish information concerning a violation of this chapter or any rule or order adopted under this chapter. (b) For purposes of an investigation or proceeding under this chapter, the Commissioner may administer oaths and affirmations, subpoena witnesses and compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, agreements, or other documents or records which the Commissioner deems relevant or material to the inquiry. (c) In case of contumacy by, or refusal to obey a subpoena issued to, a person, the Superior Court of the District of Columbia, upon application by the Commissioner, may issue to the person an order requiring the person to appear before the Commissioner to produce documentary evidence, or to give evidence touching the matter under investigation or in question. Failure to obey the order of the court may be punished as a contempt of court. (d) No person shall be excused from attending and testifying or from producing a document or record before the Commissioner, in obedience to the subpoena of the Commissioner, or in any proceeding instituted by the Commissioner, on the ground that the testimony or evidence, documentary or otherwise, required of the person may tend to incriminate the person or subject the person to a penalty or forfeiture; provided, that no individual may be prosecuted or subjected to a penalty or forfeiture for or on account of a specific subject concerning which the individual is compelled, after claiming his privilege against self-incrimination as to the specific subject, to testify or produce evidence, documentary or otherwise; provided further, that the individual testifying shall not be exempt from prosecution and punishment for perjury or contempt committed in testifying. (e) The Commissioner may issue and apply to enforce subpoenas in the District at the request of a securities agency or administrator of another state if the activities constituting an alleged violation for which the information is sought would violate this chapter if the activities had occurred in the District.  (Oct. 26, 2000, D.C. Law 13-203, § 601, 47 DCR 7837.)  Section References This section is referenced in § 31-5607.03.