reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 14 - NOTICE FILINGS FOR OFFERINGS OF COVERED SECURITIES › Section 12.11.14.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All persons, whether natural or legal entities, that transact
				  business in the state of New Mexico as a broker-dealer, an investment adviser,
				  or an issuer of securities, and their representatives and
				  agents.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 14 - NOTICE FILINGS FOR OFFERINGS OF COVERED SECURITIES › Section 12.11.14.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-13C-605
				  A NMSA 1978 authorizes the director to adopt, amend and repeal rules necessary
				  or appropriate to carry out the provisions of the New Mexico Uniform Securities
				  Act, Sections
				  58-13C-101
				  to 701 NMSA 1978, hereinafter referred to in this Chapter 11 as the "New Mexico
				  Uniform Securities Act".
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 14 - NOTICE FILINGS FOR OFFERINGS OF COVERED SECURITIES › Section 12.11.14.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 1, 2010, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 14 - NOTICE FILINGS FOR OFFERINGS OF COVERED SECURITIES › Section 12.11.14.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
To implement new rules and revise existing rules to better
				  reflect the realities of current financial, commercial and regulatory
				  principles and practices affecting the securities markets.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 14 - NOTICE FILINGS FOR OFFERINGS OF COVERED SECURITIES › Section 12.11.14.9 - NOTICE FILING PROCEDURES FOR RULE 506OFFERINGS

Current through Register Vol. 35, No. 13, July 16, 2024
Pursuant to Section
				  58-13C-302 C, an
				  issuer offering a security that is a covered security under Section 18(b)(4)(D)
				  of the Securities Act of 1933 shall file with the director no later than 15
				  days after the first sale of such federal covered security in this state the
				  following: a notice on SEC form D and a fee of $350. If the notice filing is
				  late but within 10 days after the due date, the fee accompanying the late
				  filing shall be $700. If the notice filing is more than 10 days after the due
				  date, the fee accompanying the late filing shall be $1050. For purposes of this
				  rule, the securities and exchange commission "form D" is defined as the
				  document, as adopted by the securities and exchange commission and in effect on
				  September 1, 1996, as may be amended by the securities and exchange commission
				  from time to time, entitled "form D: notice of sale of securities pursuant to
				  Regulation D, Section 4(6), and/or uniform limited offering exemption,"
				  including part E and the appendix. A notice filing shall be considered filed
				  with the New Mexico securities division as of the date on which it is received
				  by the New Mexico securities division.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 14 - NOTICE FILINGS FOR OFFERINGS OF COVERED SECURITIES › Section 12.11.14.10 - INDUSTRIAL REVENUE BONDS

Current through Register Vol. 35, No. 13, July 16, 2024
Municipal securities which are covered securities pursuant to
				  Section 18(b)(4)(C) of the Securities Act of 1933 shall file a notice prior to
				  any offer or sale of such security in this state on form U-1, uniform
				  application to register securities, unless the securities meet the requirements
				  of the exemption pursuant to Section
				  58-13C-201 A.
				  The form U-1 shall be stamped "notice filing" and shall be accompanied by the
				  appropriate fee calculated pursuant to Section
				  58-13C-305
				  B, which shall be based on the amount estimated to be sold in this
				  state.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 14 - NOTICE FILINGS FOR OFFERINGS OF COVERED SECURITIES › Section 12.11.14.11 - NON-ISSUER TRANSACTIONS BY BROKER DEALERS IN VOLUNTARY REGISTERED COMPANIES SECURITIES

Current through Register Vol. 35, No. 13, July 16, 2024
A security will not be considered to be a federal covered
				  security pursuant to Section 18(b)(4)(A) of the Securities Act of 1933, unless
				  the issuer is current in its reporting pursuant to Section 13 and 15(d) of the
				  Securities Exchange Act of 1934.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 15 - FRAUDULENT PRACTICES › Section 12.11.15.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All persons that transact business in New Mexico as a
				  broker-dealer, an investment adviser or an issuer of securities, and their
				  agents and representatives.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 15 - FRAUDULENT PRACTICES › Section 12.11.15.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-13C-605
				  A NMSA 1978 authorizes the director to adopt, amend and repeal rules necessary
				  or appropriate to carry out the provisions of the New Mexico Uniform Securities
				  Act, Sections
				  58-13C-101
				  to 701 NMSA 1978, hereinafter referred to in this Chapter 11 as the "New Mexico
				  Uniform Securities Act".
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 15 - FRAUDULENT PRACTICES › Section 12.11.15.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
To implement new rules and revise existing rules to better
				  reflect the realities of current financial, commercial and regulatory
				  principles and practices affecting the securities markets.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 15 - FRAUDULENT PRACTICES › Section 12.11.15.8 - APPLICATION OF PROCEEDS

Current through Register Vol. 35, No. 13, July 16, 2024
An issuer of securities or any person who is an officer,
				  director or controlling person of the issuer is deemed to employ a "device,
				  scheme or artifice to defraud" the purchasers of the securities within the
				  meaning of Section
				  58-13C-501 A of
				  the New Mexico Uniform Securities Act if the person applies, authorizes or
				  causes to be applied any material part of the proceeds from the sale of the
				  securities in any material way contrary to the purposes specified in the
				  prospectus used in the offering of the securities and not reasonably related to
				  the business of the issuer as described in the prospectus.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 15 - FRAUDULENT PRACTICES › Section 12.11.15.9 - STOCK DISTRIBUTION

Current through Register Vol. 35, No. 13, July 16, 2024
A person authorizing or causing the distribution of
				  securities as a stock dividend by a corporation other than the issuer, without
				  registration of the securities under the New Mexico Uniform Securities Act or
				  the federal Securities Act of 1933, is deemed to employ a "device, scheme or
				  artifice to defraud" the purchasers of the securities in broker-dealer
				  transactions, within the meaning of Section
				  58-13C-501 A of
				  the New Mexico Uniform Securities Act, if:
A. the issuer of the securities was organized
				or the securities were acquired for the purpose of distribution or in
				connection therewith, either by the distributing corporation or by any person
				in control of, controlled by, or under common control with, the distributing
				corporation; or
B. the issuer has
				nominal assets or income at the time of the distribution and the person has
				reason to believe that the distribution will be followed by transactions in
				securities effected by broker-dealers.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 15 - FRAUDULENT PRACTICES › Section 12.11.15.10 - SECURITIES TRANSFERS

Current through Register Vol. 35, No. 13, July 16, 2024
An issuer of outstanding securities, registered under the New
				  Mexico Uniform Securities Act or exempt from registration, or any controlling
				  person of the issuer, is deemed to employ a "device, scheme or artifice to
				  defraud" the purchasers of the securities within the meaning of Section
				  58-13C-501 A if
				  the issuer fails to provide adequate facilities for the transfer and delivery
				  of the securities to the purchasers thereof without unreasonable delay, either
				  directly or through its transfer agent for the securities.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 15 - FRAUDULENT PRACTICES › Section 12.11.15.11 - BROKER-DEALER ACTIVITIES

Current through Register Vol. 35, No. 13, July 16, 2024
The terms "device, scheme or artifice to defraud" within the
				  meaning of Subsection A of Section
				  58-13C-501 of
				  the New Mexico Uniform Securities Act and "an act, practice or course of
				  business that operates or would operate as a fraud or deceit upon another
				  person" within the meaning of Section
				  58-13C-501 C are
				  defined to include the failure to comply with the requirements of 17 C.F.R.
				  240.15(g), as well as the activities described in 17 C.F.R. 240.15(c)1 - 1
				  through 240.15(c)1 - 9.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 15 - FRAUDULENT PRACTICES › Section 12.11.15.12 - MARKET MANIPULATION

Current through Register Vol. 35, No. 13, July 16, 2024
Without limiting the general applicability of Section
				  58-13C-501 of
				  the New Mexico Uniform Securities Act, a person is deemed to employ a "device,
				  scheme or artifice to defraud" within the meaning of Section
				  58-13C-501 A or
				  "an act, practice or course of business that operates or would operate as a
				  fraud or deceit upon another person" within the meaning of Section
				  58-13C-501 C if
				  the person directly or indirectly:
A.
				quotes a fictitious price with respect to a security;
B. effects 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
				with respect to the market for the security;
C. enters 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 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;
D. enters 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 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;
E. effects, alone or with one or more other
				persons, a series of transactions in a security to:
(1) create active trading, actual or
				apparent, in that security; or
(2)
				raise or depress the price of the security, in each case for the purpose of
				inducing the purchase or sale of that security or of other securities of the
				same or another issuer by others; or
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 15 - FRAUDULENT PRACTICES › Section 12.11.15.13 - INSIDE INFORMATION

Current through Register Vol. 35, No. 13, July 16, 2024
A. An
				issuer or any person who is an officer, director or affiliate of an issuer or
				any other person whose relationship to the issuer gives him access, directly or
				indirectly, to material information about the issuer not generally available to
				the public is deemed to employ a "device, scheme or artifice to defraud" within
				the meaning of Section
				58-13C-501 A or
				"an act, practice or course of business that operates or would operate as a
				fraud or deceit upon another person" within the meaning of Section
				58-13C-501 C,
				who purchases or sells any security of the issuer in this state at a time when
				he knows material information about the issuer gained from such relationship,
				which information:
(1) would significantly
				affect the market price of that security;
(2) is not generally available to the public;
				and
(3) is not intended to be
				available to the public unless he has reason to believe and believes that the
				person selling to or buying from him is also in possession of the
				information.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 16 - FORMS › Section 12.11.16.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All persons, whether natural or legal entities, that transact
				  business in New Mexico as a broker-dealer, an investment adviser or an issuer
				  of securities, and their representatives and agents.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 16 - FORMS › Section 12.11.16.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-13C-605
				  A NMSA 1978 authorizes the director to adopt, amend and repeal rules necessary
				  or appropriate to carry out the provisions of the New Mexico Uniform Securities
				  Act, Sections
				  58-13C-101
				  to 701 NMSA 1978, hereinafter referred to in this Chapter 11 as the "New Mexico
				  Uniform Securities Act".
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 16 - FORMS › Section 12.11.16.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
To implement new rules and revise existing rules to better
				  reflect the realities of current financial, commercial and regulatory
				  principles and practices affecting the securities markets.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 16 - FORMS › Section 12.11.16.8 - FORMS RELATING TO REGISTRATION OF SECURITIES

Current through Register Vol. 35, No. 13, July 16, 2024
The forms set forth in this part 16 are prescribed for
				  registration or exemption matters under the New Mexico Uniform Securities Act.
				  For exemptions where no form is prescribed, a letter setting forth details and
				  claiming the exemption is acceptable.
A.
Form U-1, uniform application to
				register securities
, shall be used for registrations by filing,
				coordination and qualification.
B.
Form U-2, uniform consent to service of process
, shall be used
				for all securities registrations.
C.
Form U-2A, uniform corporate
				resolution
, shall be used for all corporate securities
				registrations.
D.
Form U-7,
				small company offerings registration
, may be used for all registrations
				of securities from small corporate offerings.
E.
Security escrow agreement
may be used in connection with escrow of promotional shares as set forth in
				12.11.9.13 NMAC.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 16 - FORMS › Section 12.11.16.9 - FORMS RELATING TO EXEMPTION FROM REGISTRATION OF SECURITIES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Form
				202X, notice of claim of exemption
pursuant to Section
				58-13C-202 X,
				shall be used to give notice of intent to claim the exemption afforded by
				Section
				58-13C-202 X
				for offerings of issuers seeking no more than $2,500,000 from the sale of
				securities and shall include the following:
(1) general information regarding the company
				claiming the exemption including:
(a) name
				and mailing address of company;
(b)
				type of entity (corporation, limited partnership, limited liability company,
				limited liability partnership or other);
(c) date and place of creation
				(incorporation, organization, filing or date of partnership
				agreement);
(d) term of the entity
				(if applicable);
(e) purpose or
				objective of business;
(f) address
				where books and records, stock certificates or capital accounts are kept and by
				whom;
(g) name, address and
				telephone number of person who should be contacted about the notice of claim of
				exemption;
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 17 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS › Section 12.11.17.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Regulation and Licensing Department - New Mexico Securities
				  Division.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 17 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS › Section 12.11.17.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All persons that engage in providing advice as to value of or
				  the advisability of investing in, purchasing or selling
				  securities.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 17 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS › Section 12.11.17.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-13C-605
				  A NMSA 1978 authorizes the director to adopt, amend and repeal rules necessary
				  or appropriate to carry out the provisions of the New Mexico Uniform Securities
				  Act, Sections
				  58-13C-101
				  to 701 NMSA 1978, hereinafter referred to in this Chapter 11 as the "New Mexico
				  Uniform Securities Act".
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 17 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS › Section 12.11.17.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 1, 2010, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 17 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS › Section 12.11.17.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
To prohibit use of certifications and professional
				  designations in such a way as to mislead investors regarding whether the user
				  has special expertise in advising or serving senior citizens or retirees in
				  connection with the offer and sale of securities.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 17 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS › Section 12.11.17.8 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
The use of a senior-specific certification or designation by
				  any person in connection with the offer, sale, or purchase of securities, or
				  the provision of advice as to the value of or the advisability of investing in,
				  purchasing, or selling securities, either directly or indirectly or through
				  publications or writings, or by issuing or promulgating analyses or reports
				  relating to securities, that indicates or implies that the user has special
				  certification or training in advising or servicing senior citizens or retirees,
				  in such a way as to mislead any person is prohibited and, in addition, shall be
				  a dishonest and unethical practice in the securities, commodities, investment,
				  franchise, banking, finance, or insurance business within the meaning of
				  Section
				  58-13C-412
				  C(13). The prohibited use of such certifications or professional designations
				  includes, but is not limited to, the following:
A. use of a certification or professional
				designation by a person who has not actually earned or is otherwise ineligible
				to use such certification or designation;
B. use of a non-existent or self-conferred
				certification or professional designation;
C. use of a certification or professional
				designation that indicates or implies a level of occupational qualifications
				obtained through education, training or experience that the person using the
				certification or designation does not have; and
D. use of a certification or professional
				designation that was obtained from a designating or certifying organization
				that:
(1) is primarily engaged in the business
				of instruction in sales or marketing;
(2) does not have reasonable standards or
				procedures for assuring the competency of its designees or
				certificants;
(3) does not have
				reasonable standards or procedures for monitoring and disciplining its
				designees or certificants for improper or unethical conduct; or
(4) does not have reasonable continuing
				education requirements for its designees or certificants in order to maintain
				the designation or certificate.
[The text of this rule is consistent with the model rule on
				  use of senior-specific certifications and professional designations adopted by
				  NASAA on 3-20-2008.]
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 17 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS › Section 12.11.17.9 - DESIGNATIONS AWARDED BY RECOGNIZED DESIGNATED OR CERTIFYING ORGANIZATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
There is a rebuttable presumption that a designating or
				  certifying organization is not disqualified solely for purposes of Subsection D
				  of
				  12.11.17.8
				  NMAC when the organization has been accredited by:
A. the American national standards institute;
				or
B. the national commission for
				certifying agencies; or
C. an
				organization that is on the United States department of education's list
				entitled
accrediting agencies recognized for Title IV purposes
and the designation or credential issued therefrom does not primarily
				apply to sales or marketing.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 17 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS › Section 12.11.17.10 - FACTORS TO BE CONSIDERED TO DETERMINE WHETHER A TERM IS A SENIOR-SPECIFIC CERTIFICATION OR PROFESSIONAL DESIGNATION

Current through Register Vol. 35, No. 13, July 16, 2024
In determining whether a combination of words (or an acronym
				  standing for a combination of words) constitutes a certification or
				  professional designation indicating or implying that a person has special
				  certification or training in advising or servicing senior citizens or retirees,
				  factors to be considered shall include:
A. use of one or more words such as "senior,"
				"retirement," "elder," or like words, combined with one or more words such as
				"certified," "registered," "chartered," "adviser." "specialist," "consultant,"
				"planner," or like words, in the name of the certification or professional
				designation; and
B. the manner in
				which those words are combined.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 17 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS › Section 12.11.17.11 - EXCEPTION FOR CERTAIN JOB TITLES

Current through Register Vol. 35, No. 13, July 16, 2024
For purposes of this section, financial services regulatory
				  agency includes, but is not limited to, an agency that regulates
				  broker-dealers, investment advisers, or investment companies as defined under
				  the Investment Company Act of 1940. For purposes of this part, a certification
				  or professional designation does not include a job title within an organization
				  that is licensed or registered by a state or federal financial services
				  regulatory agency, when that job title:
A. indicates seniority or standing within the
				organization; or
B. specifies an
				individual's area of specialization within the organization.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 17 - USE OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS › Section 12.11.17.12 - APPLICATION OF PART NOT EXCLUSIVE

Current through Register Vol. 35, No. 13, July 16, 2024
Nothing in this part shall limit the director's authority to
				  enforce existing provisions of law.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 18 - TRAINING AND REPORTING GUIDELINES UNDER THE PROTECTING VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION ACT › Section 12.11.18.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Regulation and Licensing Department - New Mexico Securities
				  Division.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 18 - TRAINING AND REPORTING GUIDELINES UNDER THE PROTECTING VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION ACT › Section 12.11.18.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All persons, whether natural or legal entities, that transact
				  business in New Mexico as a broker-dealer, an agent, an investment advisor, an
				  investment adviser representative, or who serve in a supervisory, compliance or
				  legal capacity for a broker-dealer or investment adviser.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 18 - TRAINING AND REPORTING GUIDELINES UNDER THE PROTECTING VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION ACT › Section 12.11.18.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Subsection A of Section
				  58-13C-605
				  NMSA 1978 authorizes the director to adopt rules necessary or appropriate to
				  carry out the New Mexico Uniform Securities Act. Subsection A of Section
				  58-13D-7 NMSA
				  1978 instructs the director to promulgate, by rule, training guidelines that
				  broker-dealers and investment advisors may use to comply with the requirements
				  of the Protecting Vulnerable Adults from Financial Exploitation Act, Section
				  58-13D-1
				  to 8 NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 18 - TRAINING AND REPORTING GUIDELINES UNDER THE PROTECTING VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION ACT › Section 12.11.18.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
September 11, 2018, unless a later date is cited at the end
				  of a section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 18 - TRAINING AND REPORTING GUIDELINES UNDER THE PROTECTING VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION ACT › Section 12.11.18.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
To provide training guidelines to broker-dealers and
				  investment advisers who shall provide training concerning the financial
				  exploitation of vulnerable adults to its employees who are required to be
				  registered in New Mexico as agents or investment adviser representatives and
				  who have contact with eligible adults and access to account information on a
				  regular basis and as part of their job.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 18 - TRAINING AND REPORTING GUIDELINES UNDER THE PROTECTING VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION ACT › Section 12.11.18.8 - TRAINING AND REPORTING GUIDELINES UNDER THE PROTECTING VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION ACT

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				standardized training curriculum for training provided pursuant to the
				Protecting Vulnerable Adults from Financial Exploitation Act shall include
				adequate detail and explanation regarding:
(1) The agencies to which disclosures must be
				made, including:
(a) agency contact
				information;
(b) the designated
				functions and respective roles of the agencies; and
(c) how to make a required disclosure to each
				agency;
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 12 - COMMODITIES › Part 1 - GENERAL PROVISIONS › Section 12.12.1.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
A. Short
				title:These rules shall be known and may be cited as "Commodity Code
				Rules."
B. Authority:
(1) Introduction.Pursuant to the authority
				granted by the Model State Commodity Code, the director promulgates the
				following rules in order to carry out the provisions of the code.
(2) Public interest and investor
				protection.The director finds that the rules contained herein are in the public
				interest, necessary and appropriate for the protections of investors, and
				consistent with the purposes of the code.
(3) Severablility.If any provision of these
				rules be invalid, such invalidity shall not affect other provisions which can
				be given effect without the invalid provision, and to this end the provisions
				of these rules are declared severable.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 12 - COMMODITIES › Part 1 - GENERAL PROVISIONS › Section 12.12.1.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
These rules shall become effective on October 3, 1986. [Filed
				  October 22, 1986]
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 12 - COMMODITIES › Part 1 - GENERAL PROVISIONS › Section 12.12.1.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
In the code, and unless the context otherwise
				  requires:
A. "financial institution"
				for purposes of Section
				58-13A-2
				NMSA 1978 means an institution which is regulated, supervised and examined for
				protection of depositors by an official or agency of a state or the United
				States and is insured by the federal depository insurance corporation, the
				federal savings and loan insurance corporation or the national credit union
				share insurance fund;
B. "futures
				contract" means an agreement for the purchase or sale of a commodity for
				delivery in the future at a price that is agreed upon when the contract is
				initiated, and which is undertaken primarily to assume or shift price risk
				without transferring title to the underlying commodity. In order to constitute
				a futures contract both parties are obligated to fulfill t]he contract at the
				specified price. Future contracts which contain provisions for delivery may be
				fulfilled by making or taking delivery or by offset.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 12 - COMMODITIES › Part 1 - GENERAL PROVISIONS › Section 12.12.1.8 - COMMODITY CODE INDEX

Current through Register Vol. 35, No. 13, July 16, 2024
A. Chapter
				1 - Title and authority [now 12.12.1.3 NMAC]
(1) CC 86-101 Short title [now Subsection A
				of Section 12.12.1.3]
(2) CC 86-102
				Authority [now Subsection B of Section 12.12.1.3 NMAC]
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 12 - COMMODITIES › Part 1 - GENERAL PROVISIONS › Section 12.12.1.9 - EXEMPT TRANSACTIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A financial institution shall not be deemed to be a
				  depository for purposes of Section 58-13A-5(2)(A) NMSA 1978 if it is holding
				  the precious metals for collateral or acting in any manner as the financing
				  agent for the purchaser of the commodity. A depository for purposes of Section
				  58-13A-5 NMSA
				  1978 may hold the metals for safekeeping purposes only.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 12 - COMMODITIES › Part 1 - GENERAL PROVISIONS › Section 12.12.1.10 - ADMINISTRATIVE PROCEDURE

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Administrative conferences:
(1) Any person
				entitled to a hearing pursuant to Section
				58-13A-20
				NMSA 1978 may submit a written request to the director for an informal
				conference to discuss an order issued or proposed to be issued by the director.
				A request for an informal conference will not affect a person's right to a
				formal hearing pursuant to Section
				58-13A-20
				NMSA 1978 provided that a proper request for a hearing is made pursuant to that
				Section. However, any person requesting an informal conference with the
				director must specifically waive in writing the time deadlines for setting a
				formal 58-14A-24(B). Upon the granting of an informal conference the formal
				hearing will be indefinitely postponed pending the outcome of the informal
				conference. A person who has formerly waived the right to have a hearing set
				may reinstate a request for a formal hearing by written notice to the
				director.
(2) The director may, in
				his discretion, grant a request for an informal conference for the purpose of
				settlement or simplification of the issues. Evidence of conduct or statements
				made in informal conferences is not admissible to prove either liability or a
				violation of this act or the rules thereunder. This rule does not require the
				exclusion of any evidence otherwise discoverable merely because it is presented
				in the course of compromise negotiations. This rule does not require exclusion
				when the evidence is offered for another purpose, such as proving bias or
				prejudice of a witness, negativing a contention of undue delay or proving an
				effort to obstruct a criminal investigation or prosecution.
(3) If consistent with Section
				58-13A-20
				NMSA 1978, the director may dispose of proceedings pending pursuant to that
				section by stipulation, agreed settlement, consent order or default.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division, Regulation and Licensing
				  Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87501. Telephone No.
				  (505) 827-7100
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Sections
				  58-1-51
				  and
				  58-1-54
				  NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
December 15, 1995[unless a later date is cited at the end of
				  a section].
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of Part 1 [now 12.15.1 NMAC] is to establish
				  the framework within which a New Mexico lending institution or its affiliate
				  may plan a program and obtain licensure for the distribution and sale of
				  annuities products in order to: bring about parity between state and
				  federally-chartered lending institutions; promote public convenience and
				  advantage in the sale of annuities by state-chartered lending institutions;
				  provide uniformity in the disclosure of annuities products to assist the public
				  to distinguish between a deposit product that is insured by the federal deposit
				  insurance corporation ("FDIC") or by the national credit union administration
				  ("NCUA") and an annuity that is not insured by the FDIC or NCUA; and ensure
				  that lending institutions, affiliates and/or annuity agents market annuities in
				  a safe and sound manner.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. "Affiliate"
				means a person that directly or indirectly is controlled by, is under common
				control with or controls another person as defined in Section 59A-37-2 NMSA
				1978.
B. "Annuity" means a contract
				under which an obligation is assumed by the issuer to make periodic payments
				for a specific term or terms where the making or continuance of all or some
				such payments or the amount of any such payment is dependent upon continuance
				of human life. This definition is found in Section 59A-20-2 NMSA 1978.
				"Annuity" also includes variable contracts as provided in Section 59A-20-30
				NMSA 1978.
C. "Annuity agent"
				means an individual who is appropriately licensed and registered, if
				applicable, to sell annuities in the state of New Mexico.
D. "Bank holding company" means any company
				which has control over any bank or over another company that is or becomes a
				bank holding company as defined by Section
				58-1-2 B
				NMSA 1978.
E. "Lending institution"
				means any institution whose primary business is accepting deposits and lending
				money from a place of business in the state, including banks, savings and loan
				associations and credit unions but does not include insurance companies as
				defined by Section 59A-12-10(C)1 NMSA 1978.
F. "Person" means an individual, corporation,
				association, partnership, joint stock company, trust, unincorporated
				organization or any similar entity or combination of entities as defined in
				Section 59A-37-2F NMSA 1978.
G.
				"Third-party provider" means insurance companies, securities broker dealers,
				insurance brokerages and agencies and all other authorized nonbank providers,
				whether or not an affiliate of the lending institution, of annuities and
				variable contract products.
H.
				"Underwrite" means to directly insure, undertake, guarantee or assume liability
				for annuity contracts as a principal in whole or in part.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.8 - ANNUITY SALES

Current through Register Vol. 35, No. 13, July 16, 2024
A. A lending
				institution or its affiliate may engage in the sale of annuities subject to the
				following.
(1) All lending
				institution/affiliate employees who are engaged in the sale of annuities must
				be licensed to the extent required by the Insurance Code Section 59A-12-6 NMSA
				1978.
(2) The lending
				institution/affiliate must provide and retain a copy of the disclosure and
				written statement signed by the purchaser of the annuity as provided by Section
				13 of this regulation [now 12.15.1.13 NMAC].
(3) The lending institution may provide to
				affiliates and/or third-party providers only customer name, address, telephone
				number and types of products owned. It may not share confidential information,
				such as specific or aggregate dollar amounts of investments, deposit balances,
				net worth, etc., without the customer's prior acknowledgment and written
				consent. The written consent will be on a form specified by the financial
				institutions division. This does not limit the lending institution's obligation
				to provide information to the insurer in the sale of an annuity
				product.
(4) the lending
				institution may not underwrite annuities.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.9 - LICENSING PROCEDURES

Current through Register Vol. 35, No. 13, July 16, 2024
Annuity agents as defined in this regulation must be licensed
				  by the New Mexico department of insurance to sell annuities.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.10 - LENDING INSTITUTION RESPONSIBILITY

Current through Register Vol. 35, No. 13, July 16, 2024
The lending institution has on-going responsibility to ensure
				  that the annuities sales program is in compliance with the provisions of this
				  regulation and is consistent with the institution's strategies and
				  objectives.
A. The lending institution
				shall establish a policy addressing the management of the sale of annuities.
				Such policy must contain provisions to ensure compliance with the limitations
				and restrictions enumerated in this regulation. The compliance function should
				be independent of the operating sales program and report directly to the
				lending institution's board of directors or a designated committee thereof. The
				policy shall specifically prohibit the lending institution from selling or
				providing to any person other than a third party provider the name of an
				individual that has purchased annuities through that lending institution
				without the customer's prior acknowledgment and written consent.
B. The lending institution shall formulate,
				prior to engaging directly in the sale of annuities or prior to entering into
				an agreement with a third party provider, written objectives, and strategies to
				achieve those objectives, and shall designate an senior officer to be
				responsible for oversight of the on-premises annuities sales program. Policy
				objectives, including the process for selecting and continuing review of the
				contracted third party provider, and strategies to achieve those objectives
				should be reviewed at least annually by the lending institution's board of
				directors.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.11 - ADVERTISING AND PROMOTION

Current through Register Vol. 35, No. 13, July 16, 2024
The promotion and sale of annuities must be effected in such
				  a manner as to avoid confusion between federally-insured deposit products
				  offered by the lending institution and the non-federally insured annuities
				  sold.
A. Advertisements or other
				promotional material must be accurate and not misleading or
				deceptive.
B. Advertising materials
				prepared by the annuity agent or third party provider may be included in
				mailings by the lending institution/affiliate.
C. Advertisements and promotional materials
				regarding annuities sold on the premises of the lending institution must
				include the disclosures enumerated in Section 13.3 [now Subsection C of
				12.15.1.13 NMAC].
D. Any marketing
				efforts engaged in, or marketing materials distributed by, the annuity agent or
				third party provider relating to the sale of annuities must first receive the
				prior approval of the lending institution/affiliate.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.12 - ADEQUATE SEPARATION OF FACILITIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. The space utilized by the annuity agent to
				transact business with the public must be distinct from the area where retail
				deposits are taken in such a manner as to prevent confusion in the public's
				mind between the lending institution and the annuity agent.
B. The space utilized by the annuity agent to
				transact business with the public must be separately identified through the use
				of signs, labeling, etc. so that the public will understand that it is doing
				business with an annuity agent and not the federally insured lending
				institution.
C. The space utilized
				by the annuity agent shall contain the disclosure notice, conspicuously posted,
				required in Section 13 [now 12.15.1.13 NMAC].
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.13 - DISCLOSURES

Current through Register Vol. 35, No. 13, July 16, 2024
A lending institution/affiliate or any third-party provider
				  that sells or arranges for the sale of annuities on the premises of a lending
				  institution shall:
A. conspicuously
				post a notice that is clearly visible to anyone who may purchase annuities that
				annuities are not deposit accounts insured by a federal deposit insuring
				agency;
B. orally inform a
				prospective purchaser of annuities that annuities are not deposit accounts
				insured by a federal deposit insuring agency;
C. provide a written disclosure to the
				customer containing the following statements before a sale of annuities is
				completed:
(1) annuities are not lending
				institution deposits and are not insured by its federal deposit insuring agency
				(FDIC, NCUA);
(2) annuities are not
				obligations of, or guaranteed by, the lending institution; and
(3) annuities may involve investment risks,
				including possible loss of principal.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 1 - ANNUITIES › Section 12.15.1.14 - FEDERAL/STATE REGULATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
It is recognized that the federal deposit insurance
				  corporation, the federal reserve system, the comptroller of the currency, the
				  national credit union administration, the office of thrift supervision and the
				  financial institutions division have promulgated, or may, in the future,
				  promulgate regulations governing the manner in which a lending institution or
				  any of its affiliates and an annuity agent may engage in the sale of annuities.
				  It is further recognized that there may exist differences in scope and coverage
				  between this regulation and those promulgated by federal regulatory agencies.
				  It is not the intent of this regulation to permit any practice which is not
				  permitted by the appropriate state or federal agency. To the contrary, besides
				  any other restriction or limitation stated herein, each lending institution or
				  any of its affiliates and each annuity agent must fully comply with the
				  regulations of the applicable state or federal regulatory
				  agency.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 2 - APPROVAL OF FORMS FOR DISCLOSURE OF INFORMATION BY LENDERS AND CREDITORS › Section 12.15.2.1 - ISSUING AGENCY

Current through Register Vol. 35, No. 13, July 16, 2024
Financial Institutions Division, Regulation and Licensing
				  Department, 725 St. Michael's Drive, Santa Fe, New Mexico 87504. Telephone No.
				  (505) 827-7100
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 15 - FINANCIAL INSTITUTIONS - GENERAL › Part 2 - APPROVAL OF FORMS FOR DISCLOSURE OF INFORMATION BY LENDERS AND CREDITORS › Section 12.15.2.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
All banks chartered by the state of New
				  Mexico.