Michigan Administrative Code › Department - Licensing and Regulatory Affairs › Corporations, Securities, and Commercial Licensing › Securities › Securities › Part 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS › Section R. 451.4.8 - Application for registration of Michigan investment market

Current through Vol. 24-12, July 15, 2024
Rule 4.8.
In addition to the requirements of section 455 of the
						act, MCL 451.2455, an application for registration of a Michigan investment
						market must include all of the following:
(a) The applicants primary street
					 address.
(b) The name, title, and
					 telephone number of a contact employee.
(c) The name and address of counsel for the
					 applicant.
(d) The date the
					 applicants fiscal year ends.
(e)
					 The applicants form of incorporation or organization, for example, corporation,
					 limited liability company, or partnership; and, a certificate of good standing
					 from the jurisdiction in which the applicant is incorporated or
					 organized.
(f) A copy of the
					 constitution, articles of incorporation or organization with all subsequent
					 amendments and existing bylaws.
(g)
					 A copy of the corresponding rules of the Michigan investment market. Rules
					 drafted pursuant to this subrule must address, at a minimum, price transparency
					 across all trading platforms upon which a security is traded, assurance of best
					 price execution, clearance and settlement of transactions, custody of funds and
					 securities, cybersecurity, business continuity, and safekeeping of issuer and
					 customer information.
(h) A copy of
					 all written rulings, settled practices having the effect of rules, and
					 interpretations of the governing board or other committee of the applicant in
					 respect of any provisions of the constitution, bylaws, rules, or trading
					 practices of the applicant which are not included in subdivision (g) of this
					 rule.
(i) Proof of compliance with
					 sections 5, 6, and 15 of the securities exchange act of 1934,
					 15
					 U.S.C. §
												78a, et seq., such as an SEC
					 no-action letter.
(j) For each
					 subsidiary or affiliate of the applicant, and for any entity with whom the
					 applicant has contractual or other agreement relating to the operation of an
					 electronic trading system to be used to effect transactions on the Michigan
					 investment market, all of the following must be submitted:
(i) Name and address of
					 organization.
(ii) Form of
					 organization, for example, corporation, limited liability company, or limited
					 partnership.
(iii) Name of the
					 state in which the organization was formed, and the date of
					 formation.
(iv) Brief description
					 of the nature and extent of the affiliation.
(v) Brief description of the business or
					 functions. The description should include responsibilities with respect to
					 operation of the Michigan investment market, the execution, reporting,
					 clearance, or settlement of transactions in connection with operation of the
					 Michigan investment market, or both.
(vi) A copy of the constitution.
(vii) A copy of the articles of incorporation
					 or organization, including all amendments.
(viii) A copy of existing bylaws or
					 corresponding rules or instruments.
(ix) The name and title of the present
					 officers, governors, members of all standing committees, or persons performing
					 similar functions.
(x) An
					 indication of whether such business or organization ceased to be associated
					 with the applicant during the previous year, and a brief statement of the
					 reasons for termination of the association.