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-.03 - Termination or Withdrawal of Registration

Current through Rules and Regulations filed through June 27, 2024
(1) If the Commissioner determines that a
				registrant or applicant for registration is no longer in existence, has ceased
				to act as a broker-dealer or agent, is the subject of an adjudication of
				incapacity, is subject to the control of a committee, conservator or guardian,
				or cannot reasonably be located, the Commissioner may issue an order that
				requires the registration to be canceled or terminated or the application to be
				denied or may cancel or terminate the registration or applicant's status on the
				CRD. The Commissioner may reinstate a canceled or terminated registration, with
				or without a hearing, and may make the registration retroactive.
(2) The entry of such an order by the
				Commissioner shall constitute a final order, shall be deemed to be in the
				public interest and shall not be deemed to constitute findings of fact or
				conclusions of law related to other persons. The entry of such an order shall
				not be deemed to be a waiver or estoppel on the part of the Commissioner from
				proceeding in individual actions against any persons who may have violated the
				Act, nor shall such an order prevent the Commissioner from bringing individual
				actions against any persons who have violated the Act or Rules, if such
				violation was not known to the Commissioner at the time the order was
				issued.
(3) No broker-dealer or
				issuer shall employ any agent who is not registered as required by the Act, and
				each such broker-dealer or issuer shall promptly notify the Commissioner of its
				termination of such agent's employment. The registration of such agent shall
				automatically be terminated from the time of termination of employment. Said
				notification may be accomplished by filing the necessary documents with the
				CRD. If the agent is not registered with the CRD, notification shall be
				accomplished by filing a Uniform Termination Notice for Securities Industry
				Registration (U-5 Form) with the Commissioner. As used herein, the word
				"promptly" means that the U-5 Form should be filed as soon as possible,
				consistent with the time period specified in the CRD filing
				procedures.
(4) To withdraw a
				broker-dealer registration, a broker-dealer that is a FINRA member must submit
				a Form BDW (Uniform Request for Broker-Dealer Withdrawal) to the CRD. Non-FINRA
				member broker-dealers must submit Form BDW to the Commissioner's
				office.
(5)
Effective
				Date
. Every notice of withdrawal filed pursuant to this Rule shall
				become effective sixty (60) days after the filing with CRD, or within such
				shorter period of time as the Commissioner may determine. If, prior to the
				effective date of any notice of withdrawal, the Commissioner has instituted a
				proceeding to suspend or revoke registration or to impose terms or conditions
				upon withdrawal pursuant to Section
				 10-5-41 of  the Act, the notice of withdrawal shall not become effective except at such
				time, and upon such terms and conditions, as the Commissioner deems necessary
				or appropriate considering the public interest or the protection of
				investors.
O.C.G.A. Secs.
				  10-5-9,   10-5-10,   10-5-37,   10-5-38,   10-5-70,   10-5-74.