New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 10 - SMALL COMPANY OFFERING REGISTRATION (SCOR) › Section 12.11.10.21 - DISQUALIFICATION

Current through Register Vol. 35, No. 13, July 16, 2024
SCOR shall not be available for the securities of any company
				  if the company or any of its officers, directors, 10 percent stockholders or
				  members, promoters or any selling agents of the securities to be offered, or
				  any officer, director or partner of such selling agent:
A. has filed a registration statement which
				is the subject of a currently effective registration stop order entered
				pursuant to any federal or state securities law within five years prior to the
				filing of the application for registration hereunder;
B. has been convicted within five years prior
				to the filing of the application for registration hereunder of any felony or
				misdemeanor in connection with the offer, purchase, or sale of any security or
				any felony involving fraud or deceit, including, but not limited to, forgery,
				embezzlement, obtaining money under false pretenses, larceny, or conspiracy to
				defraud;
C. is currently subject to
				any federal or state administrative enforcement order or judgment entered
				within five years prior to the filing of the application for registration
				hereunder or is subject to any federal or state administrative enforcement
				order or judgment in which fraud or deceit, including, but not limited to,
				making untrue statements of material facts and omitting to state material
				facts, was found and the order or judgment was entered within five years prior
				to the filing of the application for registration hereunder;
D. is subject to any federal or state
				enforcement order or judgment which prohibits, denies, or revokes the use of
				any exemption from registration in connection with the offer, purchase, or sale
				of securities;
E. is currently
				subject to any order, judgment or decree of any court of competent jurisdiction
				temporarily, preliminarily or permanently restraining or enjoining such party
				from engaging in or continuing to engage in any conduct or practice involving
				fraud or deceit in connection with the purchase or sale of any security or
				involving the making of any false filing with any state entered within five
				years prior to the filing of the application for registration
				hereunder;
F. the prohibitions of
				Subsections A, B, C and D of this section shall not apply if the person subject
				to the disqualification is duly licensed or registered to conduct securities
				related business in the jurisdiction in which the administrative order or
				judgment was entered against such person or if the broker-dealer employing such
				party is registered in this state and the form BD filed with this state
				discloses the order, conviction, judgment, or decree relating to such person;
				no person disqualified under this section may act in a capacity other than that
				for which the person is licensed or registered;
G. any disqualification caused by this
				section is automatically waived if the securities administrator or agency which
				created the basis for disqualification determines upon a showing of good cause
				that it is not necessary under the circumstances that registration be denied;
				or
H. if any of the circumstances
				in Subsections B, C or E of this section have occurred more than five years
				from the date of the application for registration hereunder, these
				circumstances must be described in response to question 118 of form U-7, Other
				Material Factor.