reglab/statecodes huggingface dataset:
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-4 - INVESTMENT ADVISERS AND REPRESENTATIVES › Rule 590-4-4-.08 - Investment Adviser and Investment Advuiser Representative Renewal Notices

Current through Rules and Regulations filed through June 27, 2024
(1) All procedures,
				renewal schedules, and fee collection methods announced by the IARD as well as
				the CRD shall be applicable to registrations processed through IARD and/or
				CRD.
(2) All renewal notices must
				be filed with all necessary information and required filing fees no earlier
				than October 1st and no later than December 31st of each year.
(3) Investment Adviser Representatives
				required to be registered with the Commissioner shall submit an annual renewal
				fee directly to IARD and/or CRD. Renewal of registration shall be effective
				when notice from IARD and/or CRD has been received by the Commissioner that all
				fees have been paid.
O.C.G.A. Sec.
				  10-5-35.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-4 - INVESTMENT ADVISERS AND REPRESENTATIVES › Rule 590-4-4-.09 - Examination Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) Unless otherwise waived by the
				Commissioner, an investment adviser, registered or required to be registered
				pursuant to Section
				 10-5-32, or an investment adviser representative, registered or required to be
				registered pursuant to Section
				 10-5-33, shall take and pass within the two-year period immediately preceding the date
				of the application, except in regards to the Securities Industry Essentials
				(SIE) Exam which the applicant shall take and pass within the four-year period
				immediately preceding the date of the application:
(a) The Uniform Investment Adviser State Law
				Examination (Series 65); or
(b) The
				Uniform Combined State Law Examination (Series 66), the Securities Industry
				Essentials (SIE) Exam, and the General Securities Representative Examination
				(Series 7/S7TO).
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-4 - INVESTMENT ADVISERS AND REPRESENTATIVES › Rule 590-4-4-.10 - Withdrawal of Investment Adviser Registration

Current through Rules and Regulations filed through June 27, 2024
The application for withdrawal of registration as an
				 investment adviser pursuant to Section
				  10-5-38 of  the Act shall be completed by following the instructions on Form ADV-W
				 (Notice of Withdrawal from Registration as Investment Adviser) and filed
				 electronically upon Form ADV-W with IARD.
O.C.G.A. Sec.
				  10-5-38.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-4 - INVESTMENT ADVISERS AND REPRESENTATIVES › Rule 590-4-4-.11 - Notice of Termination of Investment Adviser Representative Registration

Current through Rules and Regulations filed through June 27, 2024
The notice of termination as an investment adviser
				 representative pursuant to Section
				  10-5-37(a) of  the Act shall be completed by following
				 the instructions on Form U5 (Uniform Termination Notice for Securities Industry
				 Registration) and filed electronically upon Form U5 on CRD within 30 days of
				 the date of termination.
O.C.G.A. Sec.
				  10-5-37.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-4 - INVESTMENT ADVISERS AND REPRESENTATIVES › Rule 590-4-4-.12 - Exclusions from the Defition of Investment Adviser Representative

Current through Rules and Regulations filed through June 27, 2024
The following persons are excluded from the definition of
				 Investment Adviser Representative:
(1)
				A person who is employed by or associated with a federal covered investment
				adviser who either:
(a) Does not have "a place
				of business" in this jurisdiction as that term is defined in the rules and
				regulations promulgated under Section 203(A) of the Investment Adviser's Act of
				1940 by the U.S. Securities and Exchange Commission; or
(b) Is not an "Investment Adviser
				Representative" as that term is defined in rules or regulations promulgated
				under Section 203(A) of the Investment Adviser's Act of 1940 by the U.S.
				Securities and Exchange Commission; and either:
1. Is a "Supervised Person" as that term is
				defined in rules or regulations promulgated under the Investment Adviser's Act
				of 1940 by the U.S. Securities and Exchange Commission; or
2. Does not solicit, offer, or negotiate for
				the sale of or sell investment adviser services on behalf of any federal
				covered adviser.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-4 - INVESTMENT ADVISERS AND REPRESENTATIVES › Rule 590-4-4-.13 - Registration Exemption for Certain Investment Advisers and Federal Covered Investment Adviser

Current through Rules and Regulations filed through June 27, 2024
(1) The provisions of Sections
				 10-5-32(a) and 
				 10-5-34(a) 
				 shall not apply to:
(a) Any investment
				adviser or federal covered investment adviser whose only clients are insurance
				companies;
(b) Any investment
				adviser or federal covered investment adviser who during the course of the
				preceding 12 months has had fewer than six clients in this state; or
(c) Any broker-dealer, registered pursuant to
				Section
				 10-5-30, if such broker-dealer is acting as an investment adviser solely:
1. By means of publicly distributed written
				materials or publicly made oral statements;
2. By means of written materials or oral
				statements that do not purport to meet the objectives or needs of specific
				individuals or accounts;
3. Through
				the issuance of statistical information containing no expressions of opinion as
				to the investment merits of a particular security; or
4. Through any combination of the foregoing
				services; provided, however, that the materials and oral statements include a
				statement that, if the purchaser of the advisory communication uses the
				services of the adviser in connection with a sale or purchase of a security
				that is a subject of the communication, the adviser may act as principal for
				its own account or as agent for another person; provided, however, that such
				disclosure does not relieve the investment adviser of any disclosure obligation
				that, depending upon the nature of the relationship between the investment
				adviser and the client, may be imposed by operation of law, the Act or these
				Rules.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-4 - INVESTMENT ADVISERS AND REPRESENTATIVES › Rule 590-4-4-.15 - Supervision of Investment Adviser Representatives and Employees

Current through Rules and Regulations filed through June 27, 2024
(1) Every
				investment adviser registered or required to be registered under the Act, shall
				exercise diligent supervision over the investment advisory activities of its
				investment adviser representatives and employees.
(2) Each investment adviser representative
				and other office employees shall be subject to supervision by the investment
				adviser. The investment adviser shall be responsible for administering its
				policies and procedures.
(3)
				Written policies and procedures, a copy of which shall be kept in each business
				office, shall be established, maintained, and enforced and shall set forth the
				standards and procedures adopted to comply with the requirements imposed by the
				Act and the Rules.
(4) The
				investment adviser shall be responsible for inspecting each office location at
				least annually to ensure that its written policies and procedures are
				enforced.
(5) It shall be the
				responsibility of each investment adviser registered or required to be
				registered under the Act to make certain that, when required by the Act or
				these Rules, investment adviser representatives have been properly registered
				prior to rendering investment advice and that proof of the investment adviser
				representative's registration is immediately accessible prior to his or her
				rendering such advice.
(6) It shall
				be the responsibility of each investment adviser registered or required to be
				registered under the Act, and its supervisory personnel, to ensure that all
				employees of the investment adviser are properly trained regarding the
				disclosure requirements and the civil and criminal liability provisions of the
				Act.
(7) For the purposes of this
				rule, no person shall be deemed to have failed reasonably to supervise any
				other person if:
(a) There have been
				established procedures, and a system for applying such procedures, which would
				reasonably be expected to prevent and detect, insofar as practicable, any such
				violation by such other persons, and
(b) Such person has reasonably discharged the
				duties and obligations incumbent upon him by reason of such procedures and
				system without reasonable cause to believe that such procedures were not being
				complied with.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-4 - INVESTMENT ADVISERS AND REPRESENTATIVES › Rule 590-4-4-.16 - Investment Adviser Brochure Rule

Current through Rules and Regulations filed through June 27, 2024
(1) General Requirements. Unless otherwise
				provided in this rule, an investment adviser, registered or required to be
				registered pursuant to O.C.G.A. Sec.
				 10-5-32 shall, in accordance with the provisions of this section, furnish each advisory
				client and prospective advisory client with:
(a) A brochure, which may be a copy of Part
				2A of its Form ADV, or written documents containing the information required by
				Part 2A of Form ADV;
(b) A copy of
				its Part 2B brochure supplement for each individual
1. Providing investment advice and having
				direct contact with clients in this state; or
2. Exercising discretion over assets of
				clients in this state, even if no direct contact is involved;
(c) A copy of its Part 2A Appendix
				1 wrap fee brochure if the investment adviser is a sponsor or participates in a
				Wrap Fee Program;
(d) A summary of
				material changes, which may be included in Form ADV Part 2 or given as a
				separate document; and
(e) Such
				other information as the Commissioner may require.
(f) The brochure must comply with the
				language, organizational format and filing requirements specified in the
				Instructions to Form ADV Part 2, as published by the SEC.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-4 - INVESTMENT ADVISERS AND REPRESENTATIVES › Rule 590-4-4-.17 - Contents of an Investment Advisory Contract

Current through Rules and Regulations filed through June 27, 2024
(1) It is unlawful for any investment
				adviser, registered or required to be registered pursuant to Section
				 10-5-32, or investment adviser representative, registered or required to be registered
				pursuant to Section
				 10-5-33, to enter into, extend, or renew any investment advisory contract unless it
				provides in writing:
(a) The services to be
				provided, the term of the contract, the investment advisory fee, the formula
				for computing the fee, the amount of prepaid fee to be returned in the event of
				termination or non-performance of the contract, and any grant of discretionary
				power to the investment adviser;
(b) That no direct or indirect assignment or
				transfer of the contract may be made by the investment adviser without the
				consent of the client or other party to the contract;
(c) That the investment adviser, if a
				partnership, shall notify the client or other party to the investment contract
				of any change in the membership of the partnership within a reasonable time
				after the change.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-4 - INVESTMENT ADVISERS AND REPRESENTATIVES › Rule 590-4-4-.18 - Financial Reporting Requirements for Investment Advisers

Current through Rules and Regulations filed through June 27, 2024
(1) Every
				investment adviser registered or required to be registered pursuant to Section
				 10-5-32 of  the Act, who has custody of client funds or securities or requires payment
				of its advisory fees six (6) months or more in advance and in excess of $500
				per client shall file with the Commissioner an audited balance sheet as of the
				end of the investment adviser's most recent fiscal year. Each balance sheet
				filed pursuant to this Rule must be:
(a)
				Prepared in conformity with generally accepted accounting principles;
(b) Audited by an independent certified
				public accountant in accordance with generally accepted auditing standards;
				and
(c) Accompanied by an opinion
				of the accountant as to the report of financial position, and by a note stating
				the principles used to prepare it, the basis of included securities, and any
				other explanations required for clarity.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-5 - BROKER-DEALERS AND AGENTS › Rule 590-4-5-.01 - Application Requirements

Current through Rules and Regulations filed through June 27, 2024
(1)
Broker-dealer application
				requirements
. A complete application for broker-dealer
				registration consists of the following and must be filed in paper form with the
				Commissioner unless as otherwise required pursuant to subsection (4) of this
				Rule:
(a) A Uniform Application for
				Broker-Dealer Registration (Form BD) for the broker-dealer applicant;
(b) A Uniform Application for Securities
				Industry Registration or Transfer (Form U-4) for the designated officer of the
				applicant and a Form U-4 for each agent of the applicant to be registered
				(officers of a corporation, members of a limited liability company, or partners
				of a partnership shall not be deemed agents solely because of their status as
				officers, members, or partners);
(c) A copy of the applicant's articles of
				incorporation, articles of organization, partnership agreement, articles of
				association, trust agreement, or other documents which indicate the form of
				organization, certified by the appropriate jurisdiction or by an officer or
				partner of the applicant;
(d) A
				balance sheet prepared in accordance with generally accepted accounting
				practices reflecting the financial condition of the applicant as of a date not
				more than ninety (90) days prior to the date of such filing. The balance sheet
				should be prepared by independent certified public accountants or independent
				public accountants, or must instead be attested by the sworn notarized
				statement of the applicant's principal financial officer. If attested by the
				principal financial officer of the applicant, such officer shall certify as
				follows: "I am the principal financial officer of (name of dealer). The
				accompanying balance sheet has been prepared under my direction and control and
				presents fairly its financial position on the dates indicated to the best of my
				knowledge, belief, and ability. (Signature and Title)."
(e) Any other information deemed necessary by
				the Commissioner to determine a broker-dealer's financial responsibility or a
				broker-dealer's or agent's business repute or qualifications; and
(f) The appropriate registration
				fee(s).
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-5 - BROKER-DEALERS AND AGENTS › Rule 590-4-5-.04 - Incomplete and Abandoned Applications

Current through Rules and Regulations filed through June 27, 2024
(1) An application for registration as a
				broker-dealer or agent pursuant to the Act is considered filed when the
				Commissioner receives the application and required filing fees.
(2) Any application for registration as a
				broker-dealer or agent is deficient if any of the following conditions exist:
(a) The application is not in proper
				form;
(b) The application is not in
				compliance with any provision of the Act; or
(c) The application is not in compliance with
				any other state or federal law, statute, rule or regulation.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-5 - BROKER-DEALERS AND AGENTS › Rule 590-4-5-.05 - Plan Administrators - Exclusion from Broker-Dealer Definitions

Current through Rules and Regulations filed through June 27, 2024
Entities that administer the types of plans described in
				 Section
				  10-5-11(21) of  the Act on behalf of the entities
				 described in Section
				  10-5-11(21) of  the Act are excluded from the
				 broker-dealer definition of Section
				  10-5-2(3) of  the Act, unless they meet such definition
				 by virtue of other activities or characteristics not strictly related to the
				 administration of such plans.
O.C.G.A. Secs.
				  10-5-2,   10-5-70,   10-5-74.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-5 - BROKER-DEALERS AND AGENTS › Rule 590-4-5-.07 - Reports

Current through Rules and Regulations filed through June 27, 2024
(1) For every
				broker-dealer registered under the Act, the following are the requirements for
				filing reports:
(a) Every broker-dealer
				subject to this Rule shall prepare and submit to the Commissioner, upon
				request, reports of financial condition containing the information required:
1. As of a date within sixty (60) days of the
				date of filing an application for a license as a broker-dealer; and
2. Annually, as of the close of the
				broker-dealer fiscal year.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-5 - BROKER-DEALERS AND AGENTS › Rule 590-4-5-.08 - Bonds

Current through Rules and Regulations filed through June 27, 2024
(1) Except as
				otherwise provided for in this Rule, no applicant or broker-dealer that has
				custody of, or discretionary authority over, funds or securities of a customer
				or client shall be registered or renewed as a broker-dealer under Article 4 of
				the Act until the applicant files a bond satisfactory to the Commissioner in
				the amount of $25,000.00.
(2) The
				bonding requirements of this Rule shall not be applicable if broker-dealer:
(a) Has a minimum net worth of not less than
				$250,000.00; or
(b) Is registered
				under Section 15(b) of the Securities Exchange Act of 1934, is a member of
				FINRA or a national securities exchange registered with the SEC, and is a
				member of the Securities Investors Protection Corporation or is specifically
				excluded from membership pursuant to the Securities Investors Protection Act of
				1970, as amended,
				 15 U.S.C.A. §
											78aa  a,
et seq.
, because its
				business consists exclusively of one or more of the following categories:
1. The distribution of shares of registered
				open-end investment companies or unit investment trusts;
2. The sale of variable annuities;
3. The business of insurance; or
4. The business of rendering investment
				advisory services to one or more registered investment companies or insurance
				companies separate accounts.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-5 - BROKER-DEALERS AND AGENTS › Rule 590-4-5-.09 - Notice of Changes in Circumstances

Current through Rules and Regulations filed through June 27, 2024
(1) Every broker-dealer or applicant shall
				promptly notify the Commissioner, in writing, of any material change in any
				information, exhibits or schedules disclosed in the application. A correction
				amendment shall be filed at the time of the occurrence or promptly after
				discovery of the change. Material changes include, but are not limited to, the
				following:
(a) Change in firm name,
				ownership, management, control or any of its partners, officers or persons in
				similar positions.
(b) Change in
				principal office address.
(c)
				Change in principal office or branch office managers, provided the offices are
				located in Georgia.
(d) Change in
				the type of entity or general plan of the broker-dealer business, method of
				operation or type of securities in which it is dealing or trading.
(e) Insolvency, either in the sense that
				liabilities exceed assets or in the sense that obligations cannot be met as
				they mature.
(f) Change with the
				net liquid capital or bond requirements, including dissolution, liquidation or
				noncompliance.
(g) Termination of
				business or discontinuance of activities as a broker-dealer.
(h) The broker-dealer or applicant is the
				subject of an order, a proceeding or an institution of a proceeding by or in
				any civil court, criminal court or administrative agency involving any aspect
				of the securities business, any felony or a U.S. Post Office fraud
				order.
(i) The report required by
				Subsection (1)(i) above shall be accompanied by a copy of any notice, order,
				pleading, indictment, accusation or similar legal document that such
				broker-dealer, agent or principal has received in the case.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-5 - BROKER-DEALERS AND AGENTS › Rule 590-4-5-.10 - Fees

Current through Rules and Regulations filed through June 27, 2024
(1) A person
				required to pay a filing or notice fee under Section
				 10-5-39 shall
				transmit the fee through CRD.
(2)
				In addition to the above fees, each applicant shall pay any and all processing
				costs or charges imposed by CRD incident to the registration or
				renewal.
(3) Each applicant shall
				pay a $5.00 processing fee made payable through CRD. No portion of the
				processing fee is refundable. Applications will not be accepted, and thus will
				not be considered filed by the Commissioner, until registrants have paid the
				processing fee. The fee shall be effective for applications filed after
				December 31, 2021.
O.C.G.A. §§
											10-5-35,   10-5-39,   10-5-70,   10-5-74.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-5 - BROKER-DEALERS AND AGENTS › Rule 590-4-5-.11 - Broker-Dealer Post-Registration Requirements

Current through Rules and Regulations filed through June 27, 2024
Financial Requirements. Any broker-dealer that is not
				 registered with the SEC, is not a member of FINRA, or is not a member of any
				 national securities exchange registered with the SEC must have sufficient
				 assets to meet its obligations as they mature. A broker-dealer will be
				 considered to have sufficient assets to meet its obligations as they mature
				 if:
(a) In the case of a broker-dealer
				who proposes to buy and sell securities or hold securities for the account of
				customers:
1. Has not less than $15,000 net
				worth and not less than $15,000 in liquid assets; or
2. Is subject to, and in compliance with, the
				net capital rules of the SEC; or
3.
				Is exempt from the net capital rules of the SEC by virtue of membership in an
				exchange and is in compliance with the net capital rules of the
				exchange;
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-5 - BROKER-DEALERS AND AGENTS › Rule 590-4-5-.13 - Expiration and Renewal of Registration

Current through Rules and Regulations filed through June 27, 2024
(1) All broker-dealer and agent registrations
				expire at midnight on December 31 of each year.
(2) All procedures, renewal schedules and fee
				collection methods announced by the CRD shall be applicable to registration
				renewals processed through the CRD for broker-dealers or agents.
(3) Except as otherwise provided in
				Subsection (4) below, all renewal applications must be filed with all necessary
				information and required filing fees no earlier than October 1st and no later
				than December 31st of each year.
(4) An application for renewal registration
				as a broker-dealer or agent shall be filed consistent with instructions from
				FINRA as operators of the CRD, shall contain the fee required by the Act and
				shall contain such amendments to the initial registration as may be required by
				the applicable provisions of the Act or these Rules.
(5) Agents or broker-dealers who are
				registered through the CRD shall submit an annual renewal fee directly through
				the CRD. Any agent or broker-dealer bond or evidence of the continuation of an
				agent or broker-dealer bond shall be sent directly to the
				Commissioner.
(6) Unless otherwise
				provided by the Commissioner, renewal of registration as a broker-dealer or
				agent shall be effective when the Commissioner has received notice from the CRD
				that all fees have been paid and when the required bond has been filed with the
				Commissioner.
(7) During the period
				after the broker-dealer registration has expired (January 1) and before the
				effectiveness of the renewal application, the broker-dealer shall have no
				authority to transact securities business in Georgia.
O.C.G.A. Secs.
				  10-5-35,   10-5-39,   10-5-70,   10-5-74.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-5 - BROKER-DEALERS AND AGENTS › Rule 590-4-5-.14 - Multiple Registration

Current through Rules and Regulations filed through June 27, 2024
(1) An individual may apply to be registered
				as an agent for more than one broker-dealer by the filing of a separate U-4
				application through CRD by each registered broker-dealer and the payment of
				separate application fees, as required, through CRD. The Commissioner may deny
				the multiple registration applications if he or she determines that it is not
				in the best interests of the public. By having the multiple registration
				applications submitted on his or her behalf, the agent affirmatively represents
				that he or she will make all disclosures to his or her clients and the affected
				broker-dealers regarding actual or potential conflicts of interests.
(2) Each broker-dealer that employs a
				multiple registered agent shall comply with the requirements of CRD regarding
				the multiple registration of agents.
(3) Nothing in this Rule shall relieve the
				broker-dealer for whom an agent is actually acting of the responsibilities
				imposed by the Act and the Rules for the transactions of each agent.
O.C.G.A. Secs.
				  10-5-31,   10-5-35,   10-5-70,   10-5-74.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-5 - BROKER-DEALERS AND AGENTS › Rule 590-4-5-.15 - Cross Border Transaction

Current through Rules and Regulations filed through June 27, 2024
(1) A broker-dealer that is registered in
				Canada or other foreign jurisdiction and that does not have a place of business
				in Georgia may effect transactions in securities with, or for, or attempt to,
				effect the purchase or sale of any securities by:
(a) An individual from Canada or other
				foreign jurisdiction who is temporarily present in Georgia and who maintains
				his/her domicile in Canada or other foreign jurisdiction and with whom the
				qualifying broker-dealer had a bona fide customer relationship before the
				individual entered the United States;
(b) An individual from Canada or other
				foreign jurisdiction who is present in Georgia and whose transactions are in a
				self-directed tax advantaged retirement plan of which the individual is the
				holder or contributor in that foreign jurisdiction; or
(c) An individual who is present in Georgia,
				with whom the broker-dealer customer relationship arose while the individual
				was temporarily or permanently resident in Canada or the other foreign
				jurisdiction.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.01 - Applicability and Scope of Rules

Current through Rules and Regulations filed through June 27, 2024
(1) The Rules of this Chapter 590-4-6 shall
				govern all hearings arising under the Act.
(2) All hearings will be conducted before the
				Commissioner, the Assistant Commissioner, a referee appointed by the
				Commissioner, or an Administrative Law Judge designated by the Office of State
				Administrative Hearings. Hearings held by an Administrative Law Judge shall be
				subject to the policies, rules, and procedures of the Office of State
				Administrative Hearings. For the purposes of these Rules "the Hearing Officer"
				shall refer to the Commissioner or the Assistant Commissioner of Securities for
				the State of Georgia, and unless the context requires otherwise, to a referee
				or an Administrative Law Judge.
(3)
				The Hearing Officer shall afford a liberal construction of these Rules where
				respondents in a case are not represented by counsel. Moreover, at the
				discretion of the Hearing Officer, the procedural requirements of these Rules
				may be relaxed in appropriate cases where such relaxation will facilitate the
				resolution of the matter without prejudice to the parties and will not be
				inconsistent with the requirements of the Georgia Administrative Procedure Act
				("APA") or other applicable statute.
(4) Procedural questions arising at any stage
				of the proceeding that are not addressed in the APA, any other applicable law,
				or these Rules shall be resolved at the discretion of the Hearing Officer, as
				justice requires. The Hearing Officer may consult and utilize the Civil
				Practice Act, Code Section Title 9, Chapter 11, and the Uniform Rules for the
				Superior Courts in the exercise of his or her discretion.
(5) In the event any requirement of these
				Rules conflicts with, or is supplemented by, an applicable state or federal
				statute or a federal rule governing hearings, the requirement of the
				conflicting or supplementing state or federal statute or the federal rule shall
				be applied by the Hearing Officer either on the Hearing Officer's own
				initiative or on the written notice or motion of any party.
O.C.G.A. Secs.
				  10-5-10,   10-5-16,   10-5-70,   10-5-71,   10-5-73,   10-5-74,   44-3-4,   44-3-6,   50-13-13.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.02 - Filing and Submission of Documents

Current through Rules and Regulations filed through June 27, 2024
(1) All submissions authorized or required to
				be filed with the Hearing Officer under the Act and these Rules shall be filed
				on 81/2 by 11 inch paper with the Hearing Officer's Clerk ("Clerk").
				Submissions shall be deemed filed on the date on which they are received by the
				Clerk, or the official postmark date such document was mailed, properly
				addressed to the Clerk with postage prepaid, whichever date comes first. At the
				Hearing Officer's discretions submissions may also be filed by facsimile, email
				or other approved electronic means designated by the Hearing Officer.
(2) The office hours of the Clerk shall be
				8:00 a.m. to 5:00 p.m., Monday through Friday, except State legal
				holidays.
(3) All submissions shall
				be signed by the person making the submission, or by said person's attorney or
				other authorized agent or representative, and shall state the name, address,
				telephone number and the representative capacity of the person making the
				submission. The signature of an attorney or party shall constitute a
				certification that the signer has read the submission and that it is not
				interposed for delay or any improper purpose.
(4) All legal authority referred to, or in
				any way relied upon, in any submission that is not already a part of the record
				shall be included in full and may not be incorporated by reference. This
				requirement does not apply to published decisions of the Georgia appellate
				courts, the Official Code of Georgia Annotated, Georgia Laws, Georgia Rules and
				Regulations or any federal statutes or regulations.
(5) Failure to comply with this Rule, or any
				other requirement of the Act and these Rules relating to the form or content of
				submissions to be filed, may result in the exclusion from the record, and the
				consideration by the Hearing Officer, of the non-complying submission. If, on
				motion by any party or on the Hearing Officer's own motion, the Hearing Officer
				determines that a submission fails to meet any filing requirement of the Act or
				these Rules, the Hearing Officer may direct the Clerk to notify the party that
				the filing has been rejected and refer to the applicable Rule(s) upon which the
				rejection is based. A party whose submission has been rejected shall have ten
				(10) days from the date of objection within which to conform the submission to
				the applicable Rule(s) and refile the submission.
O.C.G.A. Secs.
				  10-5-10,   10-5-16,   10-5-70,   10-5-71,   10-5-73,   10-5-74.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.03 - Computation of Time

Current through Rules and Regulations filed through June 27, 2024
(1) Computation of any period of time
				referred to in Chapter 6 of these Rules shall begin with the first day
				following the day on which the act that initiates such period of time occurs.
				When the last day of the period so computed is a day on which the office of the
				Hearing Officer's Clerk is closed, the period shall run until the end of the
				following business day.
(2)
				Whenever a party has the right, or is required, to do some act or take some
				action within a prescribed period after the service of notice or other paper,
				other than process, issued by a court or the Hearing Officer upon the party by
				another party within a period prescribed by these Rules and not otherwise
				specified by law, three days shall be added to that prescribed period if the
				notice or paper is served by mail.
O.C.G.A. Secs.
				  10-5-10,   10-5-16,   10-5-70,   10-5-71,   10-5-73,   10-5-74.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.04 - Changes of Time

Current through Rules and Regulations filed through June 27, 2024
For good cause shown, the Hearing Officer may change, either
				 on the Hearing Officer's own motion or on the motion of any party, any time
				 limit prescribed or allowed by these Rules. The Hearing Officer shall notify
				 all parties of any determination to change any time limit.
O.C.G.A. Secs.
				  10-5-10,   10-5-16,   10-5-70,   10-5-71,   10-5-73,   10-5-74.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.05 - Burden of Proof; Admissibility of Copies of Records

Current through Rules and Regulations filed through June 27, 2024
(1) The burden of
				proof in all administrative matters shall be as follows:
(a) In any case involving the imposition of
				civil penalties, an administrative enforcement order, or the revocation,
				suspension, amendment, or non-renewal of a registration, the holder of the
				registration or the person from whom civil penalties are sought, or against
				whom an order is issued, shall bear the burden as to any affirmative defenses
				he, she, or it raises;
(b) Any
				party challenging the issuance, revocation, suspension, amendment, or
				non-renewal of a registration who is not the registrant shall bear the
				burden;
(c) Any applicant for a
				registration that has been denied shall bear the burden. Any registrant that
				appeals the conditions, requirements, or restrictions placed on a registration
				shall bear the burden; and
(d) In
				any case involving the imposition of civil penalties, an administrative
				enforcement order, or the revocation, suspension, amendment, or non-renewal of
				a registration, the registrant or the person from whom civil penalties are
				sought, or against whom an order is issued, shall bear the burden of proving
				any exemption or exception from a definition.
(e) A person claiming an exemption,
				exception, preemption, or exclusion has the burden to prove the applicability
				of the claim.
(f) The Hearing
				Officer may, on his or her own motion or on motion of any party and by notice
				to the parties at least three (3) days prior to the hearing where practicable,
				but in any event before the start of the hearing, determine that the law or
				justice requires a different placement of the burden of proof.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.06 - Amendments to Pleadings

Current through Rules and Regulations filed through June 27, 2024
The Hearing Officer may require or permit any party to file a
				 Charging Document (which may be a Notice of Opportunity for Hearing and
				 Proposed Order or some other document) or an Answer to a Charging Document. In
				 the event any such pleading is required by the Hearing Officer, any party may
				 amend such a pleading without leave of the Hearing Officer until the tenth
				 (10th) day prior to the date set for hearing on the
				 matter, or until the entry of a prehearing order, whichever occurs first.
				 Thereafter, a party may amend his, her, or its pleadings only by written
				 consent of the adverse party or by leave of the Hearing Officer for good cause
				 shown. If an amendment is made to any pleading to which a response or reply is
				 required, a response or reply to such amendment shall be filed within seven (7)
				 days after service of the amendment, unless otherwise ordered by the Hearing
				 Officer.
O.C.G.A. Secs.
				  10-5-10,   10-5-16,   10-5-70,   10-5-71,   10-5-73,   10-5-74.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.07 - Notice of Hearing

Current through Rules and Regulations filed through June 27, 2024
(1) As soon as practicable after the receipt
				of a request for a hearing, either by the Respondent or the Commissioner's
				staff ("Staff"), and the filing of any responsive pleading(s), the Hearing
				Officer shall issue a notice of hearing, which shall include:
(a) The time, place, and nature of the
				hearing;
(b) The legal authority
				and jurisdiction pursuant to which the hearing was requested;
(c) The specific laws and rules
				involved;
(d) A short and plain
				statement of the matters asserted;
(e) The right of parties to subpoena
				witnesses and documentary evidence, to be represented by legal counsel, and to
				respond, and present evidence on, all issues involved; and
(f) The potential consequences of a failure
				by any Respondent to attend a hearing.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.08 - Ex Parte Communications

Current through Rules and Regulations filed through June 27, 2024
(1) Commencing with the filing of a request
				for a hearing, no person shall communicate ex parte with the Hearing Officer
				relating to the merits of the proceeding without the knowledge and consent of
				all other parties to the matter until the matter is no longer pending in any
				administrative or judicial forum; provided that:
(a) Where circumstances require, ex parte
				communications for scheduling, administrative, or procedural requirements or
				purposes, or emergencies that do not deal with substantive matters or issues on
				the merits of the case are authorized; if:
1.
				The Hearing Officer reasonably believes that no party will gain procedural or
				tactical advantage as a result of the ex parte communication, and
2. If appropriate under the circumstances,
				the Hearing Officer makes provision promptly to notify all other parties of the
				substance of the ex parte communication and allows all other parties an
				opportunity to respond; and
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.09 - Service

Current through Rules and Regulations filed through June 27, 2024
(1) A party filing
				any submission under this Rule shall simultaneously serve a copy of the
				submission upon each party of record. Service shall be made by mail or personal
				delivery, or, in the discretion of the Hearing Officer, by facsimile, email or
				other electronic media. Service by mail shall be complete upon mailing by first
				class mail, with proper postage affixed, to a party's address of record.
				Service by electronic means, if permitted, shall be effective upon
				delivery.
(2) Every submission
				shall be accompanied either by an acknowledgment of service from the person
				served, or his, her, or its authorized agent for service, or by a certificate
				of service stating the date, place and manner of service and the name and
				address of the persons served.
(3)
				The Clerk shall maintain, and upon request furnish to parties of record in a
				matter, a list containing the name, service address, and telephone number of
				each other party or his, her, or its attorney or duly authorized
				representative.
O.C.G.A. Secs.
				  10-5-10,   10-5-16,   10-5-70,   10-5-71,   10-5-73,   10-5-74.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.10 - Consolidation and Severance

Current through Rules and Regulations filed through June 27, 2024
(1) In proceedings involving common issues of
				law or fact, whenever it appears to the Hearing Officer that a joint hearing
				would serve to expedite or simplify consideration of those issues and that no
				party would be prejudiced thereby, the Hearing Officer may, upon motion of any
				party or the Hearing Officer, consolidate such proceedings for hearing on any
				or all of the common issues in such proceedings.
(2) Whenever the Hearing Officer determines
				that it would be more conducive to an expeditious, full and fair hearing for
				any party or issue to be heard in separate proceedings, the Hearing Officer
				may, upon motion of any party or the Hearing Officer, sever the party or issue
				for such separate hearing.
O.C.G.A. Secs.
				  10-5-10,   10-5-16,   10-5-70,   10-5-71,   10-5-73,   10-5-74.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.11 - Substitution of Parties; Intervention

Current through Rules and Regulations filed through June 27, 2024
(1) The Hearing Officer may, upon motion,
				permit substitution of parties, as justice requires.
(2) Any person seeking to intervene shall
				file a motion stating the specific grounds upon which intervention is sought
				and attaching a pleading setting forth the claim or defense for which
				intervention is sought. In order to avoid undue delay or prejudice to the
				adjudication of the rights of the original parties, the Hearing Officer may
				limit the factual or legal issues that may be raised by an
				intervenor.
O.C.G.A. Secs.
				  10-5-10,   10-5-16,   10-5-70,   10-5-71,   10-5-73,   10-5-74,   50-13-14.
Compilation of Rules and Regulations of the State of Georgia › Department 590 - RULES OF OFFICE OF SECRETARY OF STATE › Chapter 590-4 - COMMISSIONER OF SECURITIES › Subject 590-4-6 - RULES GOVERNING ADMINISTRATIVE HEARINGS › Rule 590-4-6-.12 - Prehearing Conferences

Current through Rules and Regulations filed through June 27, 2024
(1) Each person subject to an order issued by
				the Commissioner under Section
				 10-5-73 or  any other applicable provision of the Act or the subject of a Notice of
				Proposed Order and Opportunity for Hearing under any provision of the Act, may
				request a pre-hearing conference with the Commissioner or the Commissioner's
				staff in lieu of or prior to a hearing as specified in Section
				 10-5-73(b).
(2) The Commissioner's receipt of a request
				for a pre-hearing conference will toll, until the date that the pre-hearing
				conference is scheduled, the running of the time for requesting and setting a
				hearing as specified in Section
				 10-5-73(b).
				In determining the number of days that have run, neither the day on which the
				request for a pre-hearing conference is received by the Commissioner nor the
				day on which the conference is scheduled shall be counted.
(3) The pre-hearing conference shall begin
				with a telephonic or in-person meeting between the Commissioner or the
				Commissioner's staff and the party requesting the pre-hearing conference. The
				party requesting the pre-hearing conference may be represented by counsel who
				may appear at the pre-hearing conference in the requesting party's
				stead.
(4) The pre-hearing
				conference may remain open until the matter is resolved or the Commissioner
				terminates the pre-hearing conference. The Commissioner may terminate the
				pre-hearing conference by order or written correspondence.
(5) A hearing conducted under any provision
				of the Georgia Uniform Securities Act of 2008 may be preceded by a pre-hearing
				conference if the parties so agree.
O.C.G.A. Secs.
				  10-5-10,   10-5-16,   10-5-71,   10-5-73,  and
				  10-5-74.