reglab/statecodes huggingface dataset:
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 3 - NOTARIAL PROCEDURES › Section 12.9.3.15 - JOURNAL

Current through Register Vol. 35, No. 13, July 16, 2024
A. A notary public
				shall maintain a journal to sequentially chronicle all notarial acts pursuant
				to Section
				14-14A-18 NMSA 1978.
B. A current or former notary public shall
				store the journal in a secure location under the notary public's sole control
				unless a current or former notary public transmits the journal to the secretary
				of state or state records officer.
C. If a current or former notary public
				transmits the journal to the state records officer, the notary public shall
				notify the secretary of state by submitting the prescribed form within 30
				days.
D. A former employer may
				retain a copy of a notary public's journal, but it shall be clearly marked as a
				copy.
E. Electronic journal.
(1) If the journal is maintained in an
				electronic format, it shall meet all the requirements of a tangible journal and
				shall be:
(a) securely stored;
(b) recoverable in the event of a software
				malfunction or computer crash; and
(c) tamper evident.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 3 - NOTARIAL PROCEDURES › Section 12.9.3.16 - RULONA

Current through Register Vol. 35, No. 13, July 16, 2024
A. A notarial officer who is not a notary
				public is not required to follow the application process prescribed by this
				rule except that the automatic notarial officer shall provide proof of having
				successfully completed an approved training course and passing the required
				examination prior to the notarial officer's initial notarial act. If a notarial
				officer desires to be authorized to conduct remote online notarizations, the
				notarial officer shall follow the application procedures pursuant to
				12.9.4.8 NMAC.
B. A new automatic notarial officer who is
				not a notary public shall upload a copy of the notarial officer's official
				stamp to the secretary of state prior to the notarial officer's initial
				notarial act.
C. Within one year of
				the effective date of this section of this rule, an existing automatic notarial
				officer shall upload a copy of the notarial officer's official stamp to the
				secretary of state and shall provide proof of having successfully completed an
				approved training course and passing the required examination.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.2 - SCOPE

Current through Register Vol. 35, No. 13, July 16, 2024
Notaries public and other notarial officers authorized by the
				  secretary of state to perform remote online notarizations in the state of New
				  Mexico as well as remote notarization system providers.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
In accordance with Subsection H of Section 14-14A-5 and
				  Section 14-14A-26 NMSA 1978, the secretary of state has the authority to
				  promulgate rules for notarial officers to perform notarial acts for remotely
				  located individuals using communication technology.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.5 - EFFECTIVE DATE

Current through Register Vol. 35, No. 13, July 16, 2024
January 1, 2022, unless a later date is cited at the end of a
				  section.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.6 - OBJECTIVE

Current through Register Vol. 35, No. 13, July 16, 2024
The objective of the rule is to establish uniform standards
				  of performance and governance of notarial acts for remotely located individuals
				  by use of communication technology.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
"Certified
				tangible copy of an electronic record"
means an original tangible copy,
				as defined pursuant to Subsection F of 2.9.3.7 NMAC, of an electronic record
				that has been certified by a notarial officer as an accurate copy of the
				electronic record.
B.
"Credential analysis"
means an identity assessment used by a
				notarial officer to determine if an individual's government-issued
				identification card is genuine. The assessment requires the use of technology
				to confirm the security features on an identification card and confirm the
				identification card is not fraudulent.
C.
"Electronic record"
means see
				Subsection C of 12.9.3.7 NMAC.
D.
"Identity credential"
means a government issued identification
				card pursuant to the requirements of Paragraph (1) of Subsection B of Section
				14-14A-6 NMSA 1978.
E.
"Knowledge-based authentication"
means an identity assessment used by a
				notarial officer to verify the identity of an individual that is based on
				questions formulated from public or private data sources for which the
				individual has not provided prior answers.
F.
"Remote online notarization
				(RON)"
means see Subsection F of 12.9.3.7 NMAC.
G.
"Remote online notarization
				system"
means a set of applications, programs, hardware, or software
				designed to enable a notarial officer to perform notarial acts on electronic
				records involving the use of communication technology that satisfies the
				requirements outlined in this rule.
H.
"Remote online notarization system
				provider"
means a business entity that provides a remote online
				notarization system that has been approved by the secretary of state.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.8 - REMOTE ONLINE NOTARIZATION APPLICATION REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A notarial officer must submit an
				application to perform remote online notarizations (RON) on a form prescribed
				by the secretary of state and receive approval from the secretary of state
				before the notarial officer may remotely notarize a record. The notarial
				officer shall provide:
(1) the name of all
				remote online notarization systems approved for use by the secretary of state
				the notarial officer intends to use;
(2) a copy of any necessary instructions or
				techniques supplied by a remote online notarization system provider that allow
				the notarial officer's signature and official stamp to be read and
				authenticated;
(3) an explanation
				of the methods and technology by which the notarial officer will maintain and
				store the required journal, if applicable, and audio video recording;
(4) proof of having successfully completed an
				approved training course and passing the required examination. If the secretary
				of state has a record that a commissioned notary public applying for renewal
				has previously passed the required examination, a commissioned notary public
				applying for renewal is not required to re-take the training and examination
				unless:
(a) the applicant's commission has
				expired for more than one year; or
(b) there have been substantial changes to
				the statutes or rules pertaining to RONs, as determined by the secretary of
				state, since the effective date of applicant's last application date;
				and
(5) a non-refundable
				application fee of $75.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.9 - EDUCATION AND EXAMINATION PROCEDURES

Current through Register Vol. 35, No. 13, July 16, 2024
A. The secretary of state shall provide a
				remote notarization course and examination. Training may be administered in
				house or through any third-party training vendor approved by the secretary of
				state.
B. The fee for administering
				the training and examination is not included in the application fee collected
				pursuant to 12.9.4.8 NMAC.
C. An
				applicant must provide proof of passing the required examination with a score
				of eighty percent or higher.
D.
				Examination records maintained by any third-party vendor, including the
				applicant's score, shall be retained for five years.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.10 - PERFORMANCE OF REMOTE ONLINE NOTARIAL ACTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A notarial officer authorized to perform
				RONs must be physically located in New Mexico at the time the notarial act
				takes place.
B. A notarial officer
				authorized to perform RONs may perform authorized notarial acts relating to
				electronic records only if the individual personally appears before the
				notarial officer at the time of the notarization by means of communication
				technology.
C. A notarial officer
				authorized to perform RONs may make a reasonable determination regarding
				whether an individual is under duress or being coerced to complete a
				transaction. The notarial officer may:
(1)
				observe the individual's behavior for signs of being nervous, fearful,
				hesitant, distracted, distraught or uncomfortable;
(2) observe the surroundings and watch the
				behavior of others in the room who seem to make the individual
				uncomfortable;
(3) request to speak
				privately with the individual; and
(4) ask direct questions such as "are you
				signing this record of your own free will?"
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.11 - IDENTITY PROOFING

Current through Register Vol. 35, No. 13, July 16, 2024
If a notarial officer does not personally know the identity
				  of a remotely located individual pursuant to Subsection A of Section 14-14A-6
				  NMSA 1978, the notarial officer must reasonably verify the individual's
				  identity through two different types of identity proofing procedures as
				  provided in this section. The procedure shall analyze the individual's identity
				  credential against trusted third-person data sources, bind the individual's
				  identity to the individual following successful knowledge-based authentication,
				  and permit the notarial officer to visually compare the identity credential and
				  the individual. The analysis of the identity credential and the knowledge-based
				  authentication shall conform to the following requirements:
A. Credential Analysis. The analysis of an
				identity credential must use public or private data sources to confirm the
				genuineness of the identity credential presented by a remotely located
				individual and, at a minimum:
(1) use
				automated software processes to aid the notarial officer in verifying the
				identity of each remotely located individual;
(2) require the identity credential to pass
				an authenticity test, consistent with sound commercial practices that use
				appropriate technologies to confirm the integrity of visual, physical, or
				cryptographic security features and to confirm that the identity credential is
				not fraudulent or inappropriately modified;
(3) use information held or published by the
				issuing source or an authoritative source, as available and consistent with
				sound commercial practices, to confirm the validity of personal details and
				identity credential details; and
(4) enable the notarial officer to visually
				compare for consistency, the information and photograph on the identity
				credential and the remotely located individual appearing before the notarial
				officer in real time through communication technology.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.12 - COMMUNICATION TECHNOLOGY REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Communication technology shall provide:
(1) for synchronous audio-video feeds of
				sufficient video resolution and audio clarity to enable the notarial officer
				and the remotely located individual to see and speak with each other;
(2) a means for the notarial officer to
				reasonably confirm that a record before the notarial officer is the same record
				in which the remotely located individual made a statement or on which the
				remotely located individual executed a signature; and
(3) accessibility accommodations to
				facilitate communication with a remotely located individual who has a vision,
				hearing, or speech impairment.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.13 - ELECTRONIC SIGNATURE AND STAMP

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				A notarial officer authorized to perform RONs shall use the same electronic
				signature and electronic official stamp for all electronic notarial acts. A
				copy of the official stamp shall be provided to the secretary of state within
				45 days of being authorized by the secretary of state to perform RONs and prior
				to the first RON being performed.
B. A notarial officer shall select one or
				more tamper-evident technologies to perform notarial acts with respect to
				electronic records. A person may not require a notarial officer to use a
				technology that the notarial officer has not selected. The tamper-evident
				technology must be capable of:
(1) affixing
				or attaching the notarial officer's electronic signature to the electronic
				record in a manner that is capable of independent verification and renders any
				subsequent change or modification to the electronic record evident;
				and
(2) utilizing a valid digital
				certificate issued by a third-party provider that uses public key
				infrastructure (PKI) technology that is X.509 compliant or higher. A notarial
				officer shall not perform a notarial act with respect to an electronic record
				if the digital certificate:
(a) has
				expired;
(b) has been revoked or
				terminated by the issuing or registering authority;
(c) is invalid; or
(d) is incapable of authentication.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.14 - AUDIOVISUAL RECORD RETENTION AND REPOSITORIES

Current through Register Vol. 35, No. 13, July 16, 2024
A. A notarial officer authorized to perform
				RONs shall retain an audiovisual recording required under Paragraph (4) of
				Subsection C of Section 14-14A-5 NMSA 1978, on a computer, storage device, or
				online storage that protects the audiovisual recording against unauthorized
				access by password or cryptographic process. The recording must be created in
				an open file format and not include images of any record in which a remotely
				located individual made a statement or on which the remotely located individual
				executed a signature.
B. On the
				death or adjudication of incompetency of a current or former notarial officer,
				the notarial officer's personal representative or guardian or any other person
				knowingly in possession of an audiovisual recording shall:
(1) comply with the retention requirements of
				this section;
(2) transmit the
				recording to one or more repositories pursuant to Subsection C below;
				or
(3) transmit the recording on a
				data storage device to the secretary of state on an open file format that can
				be accessed and read by the secretary of state.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.15 - NOTARIAL JOURNAL TO RECORD REMOTE ONLINE NOTARIZATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. A notarial officer authorized to perform
				RONs shall adhere to the rule on journals pursuant to 12.9.3.16 NMAC.
B. In addition to the journal information
				required by Subsection C of Section 14-14A-18 NMSA 1978, the notarial officer
				must record the name of the remote online notarization system provider used for
				each remote online notarization.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.16 - CERTIFICATE OF REMOTE NOTARIAL ACT

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				An electronic certificate of a notarial act for a remote online notarization
				must clearly state that the remotely located individual signing the record
				appeared using communication technology. This requirement is met if the
				statement is substantially as follows: "This notarial act involved the use of
				communication technology."
B. A
				certified tangible copy of an electronic record shall be considered an original
				record. A certified tangible copy of an electronic record must include a
				notarial certificate substantially in the short form provided in Subsection E
				of Section 14-14A-15 NMSA 1978.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.17 - STANDARDS FOR REMOTE ONLINE NOTARIZATION SYSTEM PROVIDERS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Application. A provider must submit an
				application on a form prescribed by the secretary of state before the provider
				can provide its remote online notarization system to a notarial officer in New
				Mexico. Upon being approved as a provider, the secretary of state shall list
				the provider as active on the website of the secretary of state.
B. Criteria for approval. To be approved and
				maintain an active status, a remote online notarization system provider shall:
(1) provide the ability for an individual
				receiving notarization services to print tangible copies of all records
				notarized for that individual executed on the system;
(2) ensure that access to a notarial
				officer's electronic signature and official stamp is limited solely to the
				notarial officer and protected by the use of a password or other secure means
				of authentication;
(3)
				communication technology provided by the remote notarization system provider
				shall comply with the requirements of Section 12.9.4.12 NMAC;
(4) provide for the credential analysis and
				knowledge-based authentication assessment requirements provided for in Section
				12.9.4.11 NMAC;
(5) provide, or
				allow a notarial officer to provide, a public key certificate to satisfy the
				requirement of Paragraph 2 of Subsection B of Section 12.9.4.13 NMAC;
				and
(6) provide a storage system
				that complies with 12.9.4.14 NMAC.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.18 - NON-COMMISSIONED NOTARIAL OFFICERS

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				If a notarial officer who is not commissioned as a notary public desires to be
				authorized to conduct RONs, the notarial officer shall follow the authorization
				application procedures pursuant to 12.9.4.8 NMAC.
B. Upon approval by the secretary of state to
				perform RONs, the notarial officer shall comply with this rule and all statutes
				applicable to a notary public performing RONs.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 9 - NOTARIES PUBLIC › Part 4 - REMOTE ONLINE NOTARIZATION STANDARDS › Section 12.9.4.19 - NOTARY PUBLIC COMMISSION IN EFFECT

Current through Register Vol. 35, No. 13, July 16, 2024
A notary public with an appointment or renewal date prior to
				  the effective date of the Revised Uniform Law on Notarial Acts who desires to
				  be authorized to perform RONs shall follow the application process prescribed
				  by Subsection B of 12.9.4.8 NMAC to apply to become authorized to perform
				  RONs.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 1 - GENERAL PROVISIONS › Section 12.11.1.2 - 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 1 - GENERAL PROVISIONS › Section 12.11.1.3 - 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 1 - GENERAL PROVISIONS › Section 12.11.1.6 - 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 1 - GENERAL PROVISIONS › Section 12.11.1.9 - FINDINGS OF THE DIRECTOR

Current through Register Vol. 35, No. 13, July 16, 2024
The director finds that adoption of these rules is in the
				  public interest, appropriate for the protection of investors and consistent
				  with the purposes fairly intended by the policy and provisions of the New
				  Mexico Uniform Securities Act.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 1 - GENERAL PROVISIONS › Section 12.11.1.10 - SEVERABILITY

Current through Register Vol. 35, No. 13, July 16, 2024
If any provision of these rules shall be determined to 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 11 - SECURITIES › Part 1 - GENERAL PROVISIONS › Section 12.11.1.11 - FEES

Current through Register Vol. 35, No. 13, July 16, 2024
The fees set forth in this section do not include fees set by
				  statute or as determined elsewhere in these rules; are expressly prescribed for
				  the expenses of various matters arising pursuant to authority under the New
				  Mexico Uniform Securities Act; are chargeable to the applicant or registrant;
				  and unless otherwise provided, are payable at the time an application or notice
				  is filed. None of the fees paid are refundable.
A.
Administrative fees.
(1) The fee for processing a name change in
				registration statements on file is $50.00.
(2) The fee for processing a name change for
				a registered broker-dealer or a registered investment adviser is
				$50.00.
(3) The fee for an
				interpretative opinion, pursuant to Section
				58-13C-605
				D, or for a no action letter is $300.00.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 1 - GENERAL PROVISIONS › Section 12.11.1.12 - ADMINISTRATIVE PROCEDURE

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Application of rule.
These rules govern proceedings conducted pursuant
				to Section
				58-13C-604
				B of the New Mexico Uniform Securities Act.
B.
Service.
Service of
				subpoenas, notices of intent, summary orders, notices of opportunity for
				hearing and final orders shall be made either:
(1) personally;
(2) by certified mail, return receipt
				requested, sent to the last known address of the person; or
(3) by such other means as are reasonably
				calculated to give actual notice.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 1 - GENERAL PROVISIONS › Section 12.11.1.13 - ADOPTION OF UNIFORM FORMS

Current through Register Vol. 35, No. 13, July 16, 2024
A. The
				following uniform forms promulgated by the SEC, including subsequent
				amendments, are hereby adopted by reference for use in New Mexico:
(1)
"Form ADV"
, uniform
				application for investment adviser registration;
(2)
"Form ADV-E",
uniform
				certificate of accounting of client securities and funds in the possession or
				custody of an investment adviser;
(3)
"Form ADV-H",
uniform
				application for a temporary or continuing hardship exemption;
(4)
"Form ADV-W",
uniform
				notice of withdrawal from registration as investment adviser;
(5)
"Form BD",
uniform
				application for broker-dealer registration;
(6)
"Form BDW",
uniform request
				for broker-dealer withdrawal; and
(7)
"Form D",
notice of sale of
				securities pursuant to regulation D.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.2 - 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 an investment adviser or an issuer of securities, and
				  their agents.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.3 - STATUTORY AUTHORITY

Current through Register Vol. 35, No. 13, July 16, 2024
Section
				  58-13C-605
				  A NMSA 1978 authorizes the director to make, amend and rescind rules as are
				  necessary to carry out the provisions of the New Mexico Uniform Securities Act,
				  Sections
				  58-13C-101
				  to 701, 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 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.5 - 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 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.6 - 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 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.8 - APPLICATIONS FOR REGISTRATION

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Applications for registration by broker-dealers and agents who are members of
				FINRA shall be filed with CRD on forms established for the CRD and, in addition
				thereto, the broker-dealer shall file with the director a financial statement
				that is current within 90 days of the date the application is received by the
				division, and a completed affidavit of no sales or an explanation why such
				affidavit cannot be completed.
B.
				Applications for registration and annual reports of broker-dealers and agents
				not members of the FINRA shall be filed with the director on forms BD, U-4, and
				affidavit of no sales, as designated in 12.11.16 NMAC. If the applicant cannot
				complete the affidavit of no sales, then the applicant shall file an
				explanation why such affidavit cannot be completed.
C. An "application" for purposes of Section
				58-13C-406
				A shall include any information required by the director pursuant to Section
				58-13C-406
				A(2).
D. Annual reports required by
				the New Mexico Uniform Securities Act or rules promulgated thereunder shall be
				filed with the director on or before December 31 of each year.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.9 - REGISTRATION FEES

Current through Register Vol. 35, No. 13, July 16, 2024
A. Registration
				fees required of broker-dealers and agents who are members of FINRA shall be
				paid to CRD, in accordance with FINRA instructions. Annual renewal fees shall
				be paid no later than December 31 of each year.
B. Registration fees required of
				broker-dealers and agents who are not members of the FINRA shall be paid to the
				division. Annual renewal fees shall be paid to the division on or before
				December 31 of each year.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.10 - EXAMINATION REQUIREMENTS - AGENTS

Current through Register Vol. 35, No. 13, July 16, 2024
Each applicant for initial registration as a broker-dealer or
				  agent is required to pass with a grade of at least 70 percent, within two years
				  prior to the date the application for registration is filed in this state, the
				  uniform securities agent state law examination (series 63) or uniform combined
				  state law examination (series 66), and one of the general securities
				  examinations in Subsection A below, unless the applicant's proposed securities
				  activities will be restricted, in which case the applicant is required to pass,
				  in addition to the series 63 or series 66 examination, each examination in
				  Subsections B to I of this section that relates to the applicant's proposed
				  securities activities:
A. FINRA
				non-member general securities examination (series 2) or, in the case of
				applicants registered with FINRA, the general securities registered
				representative examination (series 7);
B. investment company products/variable
				contracts representative examination (series 6);
C. limited registered representative
				examination (series 17);
D. direct
				participation program representative examination (series 22);
E. municipal securities representative
				examination (series 52);
F.
				corporate securities representative examination (series 62);
G. government securities limited
				representative qualification examination (series 72);
H. Canada modules of the series 7 examination
				(series 37 and 38);
I. Japan module
				of the series 7 examination (series 47).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.11 - EXAMINATION REQUIREMENTS WAIVER

Current through Register Vol. 35, No. 13, July 16, 2024
The examination requirement in
				  12.11.2.10
				  NMAC is waived for any applicant who meets the criteria set forth in either
				  Subsections A or B of this section.
A.
				The applicant has been registered, within two years prior to the date the
				application for registration is filed in this state, as agents or as a
				broker-dealer under the securities law of any other state that requires passing
				the uniform securities agent state law examination or the uniform combined
				state law examination and has been registered with FINRA, within two years
				prior to the date the application for registration is filed, to engage in the
				type of business for which the applicant is applying for
				registration.
B. The applicant has
				been registered under the New Mexico Uniform Securities Act within two years
				prior to the date the application is filed as an agent or broker-dealer to
				engage in the type of business for which the applicant is seeking
				registration.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.12 - EXAMINATION REQUIREMENTS - PRINCIPAL

Current through Register Vol. 35, No. 13, July 16, 2024
Prior to issuance of an initial registration as a
				  broker-dealer, and at all times thereafter, at least one registered sales
				  representative located at the principal office of the broker-dealer, and,
				  except as provided in
				  12.11.2.24
				  NMAC, at least one sales representative located at each branch office in this
				  state, who are so identified in the registration application, shall be
				  designated to act in a supervisory capacity in each such office. Each
				  supervisor designated in accordance with this section shall meet the
				  examination requirements specified in
				  12.11.2.10
				  NMAC for applicants whose securities activities will not be restricted and
				  shall pass with a grade of at least 70 percent the examination in Subsection A
				  of this section. If the broker-dealer's proposed securities activities will be
				  restricted, the designated supervisor is required to pass each examination in
				  Subsections B to D of this section that relates to the broker-dealer's proposed
				  securities activities:
A. general
				securities principal examination (series 24);
B. investment company products/variable
				contracts principal examination (series 26);
C. direct participation programs principal
				examination (series 39);
D.
				municipal securities principal examination (series 53).
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.13 - NOT COMPLETED AND WITHDRAWN APPLICATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
Any application for registration which is not completed or
				  withdrawn within six months from the date it is initially received may be
				  deemed materially incomplete, and the director may issue an order denying the
				  registration.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.14 - AUTOMATIC EFFECTIVENESS

Current through Register Vol. 35, No. 13, July 16, 2024
Pursuant to Section
				  58-13C-406
				  C, a registration becomes automatically effective 45 days after all
				  requirements have been met and all requested information has been filed,
				  provided that no proceeding under Section
				  58-13C-412
				  has been instituted. A registration may become effective sooner than 45 days
				  after the filing of an application if:
A. the director issues a registration before
				the expiration of 45 days; or
B.
				the director transmits approval of the registration status of an agent or
				broker-dealer through the CRD of the FINRA.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.15 - SECTION 202K EXEMPTION

Current through Register Vol. 35, No. 13, July 16, 2024
Persons effecting only transactions exempt pursuant to
				  Section
				  58-13C-202 K
				  who are duly licensed New Mexico real estate agents or duly registered under
				  the New Mexico Mortgage Loan Company and Loan Broker Act are exempt from the
				  requirements of Sections
				  58-13C-401
				  A and
				  58-13C-402
				  A.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.16 - ISSUER AGENTS - SCOR OFFERINGS

Current through Register Vol. 35, No. 13, July 16, 2024
Persons acting for an issuer effecting offers and sales of
				  securities registered pursuant to 12.11.10 NMAC, Small Company Offering
				  Registration (SCOR), to whom no commissions or other similar compensation is
				  paid or given directly or indirectly for effecting such transactions are exempt
				  from the requirements of Sections
				  58-13C-401
				  A and
				  58-13C-402
				  A.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.17 - CANADIAN BROKER-DEALERS AND SALES REPRESENTATIVES EXEMPTION

Current through Register Vol. 35, No. 13, July 16, 2024
A broker-dealer and its authorized agents are exempt from the
				  registration requirements of Sections
				  58-13C-401
				  A and
				  58-13C-402
				  A if:
A. the broker-dealer and its
				authorized agents are located in Canada;
B. the broker-dealer and its authorized
				agents are licensed or registered pursuant to the laws of one or more Canadian
				provinces or territories;
C. the
				broker-dealer has no place of business in this state; and
D. the transactions in this state are limited
				to the following:
(1) transactions with a
				person who is temporarily in this state and with whom the Canadian
				broker-dealer had a bona fide broker-dealer-client relationship before the
				person entered the United States; or
(2) transactions with a person who is present
				in this state in relation to a self-directed tax advantaged retirement plan in
				Canada of which the person is the holder or contributor.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.18 - NET CAPITAL REQUIREMENTS AND AGGREGATE INDEBTEDNESS LIMITATIONS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Every
				broker-dealer, whether or not subject to Rule 15c3-1 of the Securities Exchange
				Act of 1934, shall maintain net capital in such minimum amounts as are
				designated in that rule for the activities to be engaged in by a broker-dealer
				in this state.
B. The aggregate
				indebtedness of each broker-dealer whether or not subject to rule 15c3-1 of the
				Securities Exchange Act of 1934 shall not exceed the levels prescribed in that
				rule.
C. If a broker-dealer is an
				individual, the person shall segregate from personal capital in a separate
				account an amount sufficient to satisfy the net capital requirement, and the
				amount so segregated shall be utilized solely for the business for which the
				broker-dealer is registered.
D. The
				director may by order exempt any broker-dealer from the provisions of this
				rule, either unconditionally or upon specified conditions, if by reason of the
				broker-dealer's membership on a national securities exchange or the special
				nature of its business and its financial position, and the safeguards that have
				been established for the protection of customers' funds and securities, the
				provisions are not necessary in the public interest or for the protection of
				investors.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.19 - FIDELITY BONDS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Every
				broker-dealer shall file with the director a surety bond in the amount set by
				the director, with a minimum of $100,000 and a maximum of $1,000,000, except as
				provided in Subsections B and C of 12.11.2.19 NMAC. The bond shall comply with
				the requirements of Subsection E of Section 411of the New Mexico Uniform
				Securities Act.
B. Broker-dealers
				who are members of the securities investor protection corporation will not be
				required to file the surety bond.
C. Broker-dealers who do not have custody of
				customer funds or securities will not be required to file the surety
				bond.
D. Issuer agents shall file
				with the director a surety bond in the amount set by the director, with a
				minimum of $10,000 and a maximum of $100,000.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.20 - USE OF INTERNET FOR GENERAL DISSEMINATION OF INFORMATION ON PRODUCTS AND SERVICES

Current through Register Vol. 35, No. 13, July 16, 2024
A.
				Broker-dealers and agents who use the internet to distribute information on
				available products and services through communications made on the internet
				directed generally to anyone having access to the internet and transmitted
				through internet communications shall not be considered to be "transacting
				business" in this state for purposes of Sections
				58-13C-401
				A and
				58-13C-402
				A of the New Mexico Uniform Securities Act based solely on that fact, provided
				that:
(1) the internet communication contains
				a legend in which it is clearly stated that:
(a) the broker-dealer or agent in question
				may only transact business in this state if first registered, excluded, or
				exempted from state broker-dealer or agent registration requirements;
				and
(b) follow-up, individualized
				responses to persons in this state by the broker-dealer or agent that involve
				either effecting or attempting to effect transactions in securities, or
				rendering of personalized investment advice for compensation, will not be made
				without compliance with broker-dealer or agent registration requirements, or an
				applicable exemption or exclusion;
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.21 - REPORTING REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
A. Each
				broker-dealer shall file with the director a copy of any complaint related to
				its business, transactions or operations naming the broker-dealer or any of its
				partners, officers, members, sales representatives or agents as defendants in
				any civil or criminal proceeding, or in any administrative or disciplinary
				proceeding by any public or private regulatory agency, within 20 days of the
				date the complaint is served on the broker-dealer; a copy of any answer or
				reply thereto filed by the broker-dealer within ten days of the date such is
				filed; and a copy of any decision, order or sanction made with respect to any
				such proceeding within twenty days of the date the decision, order or sanction
				is rendered.
B. Each broker-dealer
				shall file with the director a notice of transfer of control or change of name
				not less than thirty days prior to the date on which the transfer of control or
				change of name is to become effective or such shorter period as the director
				may permit.
C. Except as otherwise
				provided in this section, all material changes in the information included in a
				broker-dealer's most recent application for registration shall be set forth in
				an amendment to form BD filed with the director within thirty days after the
				change occurs.
D. Every
				broker-dealer shall file with the director the following reports concerning its
				net capital and aggregate indebtedness:
(1)
				immediate facsimile, telegraphic or written notice whenever the net capital of
				the broker-dealer is less than is required under 12.11.2.18 NMAC specifying the
				respective amounts of its net capital and aggregated indebtedness on the date
				of the notice; and
(2) a copy of
				every report or notice required to be filed by the broker-dealer pursuant to
				Rule 17a-11 of the Securities Exchange Act of 1934.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.22 - FILING DOCUMENTS WITH THE DIRECTOR

Current through Register Vol. 35, No. 13, July 16, 2024
Broker-dealers and agents may satisfy filing requirements
				  contained in these rules by filing required documents with CRD where
				  appropriate.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.23 - DENIAL, SUSPENSION AND REVOCATION

Current through Register Vol. 35, No. 13, July 16, 2024
Any order denying, suspending, revoking, canceling or
				  limiting the registration of, and any order barring, a broker-dealer or agent
				  may include such other sanctions as the director finds
				  appropriate.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 2 - BROKER-DEALERS AND AGENTS › Section 12.11.2.24 - BRANCH OFFICE SUPERVISORY REQUIREMENTS

Current through Register Vol. 35, No. 13, July 16, 2024
Every registered broker-dealer must employ at its principal
				  office and at each branch office in this state at least one person designated
				  to act in a supervisory capacity who is registered as an agent in this state
				  and has satisfied the supervisory examination requirement in
				  12.11.2.12
				  NMAC. Designated supervisors must meet the requirements of this section at the
				  time that the principal or branch office located in this state opens for
				  business. Except as provided in Subsection A of 12.11.2.24 NMAC, the designated
				  supervisor must be physically located in the office that he or she supervises.
				  After a principal or branch office located in this state opens for business, if
				  the designated supervisor no longer meets the requirements of this section, the
				  broker-dealer shall have 90 days from the first date of noncompliance to meet
				  the requirements of this section, provided that the broker-dealer notifies the
				  director in writing of the event of noncompliance within five days of such
				  event and further sets forth the method of supervision pending the replacement
				  of the designated supervisor.
A. For
				single agent branch offices, the supervisory requirement of this section shall
				be satisfied if at least one person registered in this state who meets the
				examination requirements of sections 12.11.2.10 NMAC and 12.11.2.12 NMAC is
				employed on a full-time basis by the broker-dealer, and the broker-dealer
				shall:
(1) meet the supervisory requirements
				of FINRA;
(2) conduct annual
				on-site field audits, by its compliance department, of each single agent branch
				office, including, but not limited to, an examination for compliance with books
				and records requirements, for evidence of outside business activity, and for
				evidence that such activity was properly disclosed to and approved by the
				firm;
(3) maintain in its principal
				office the results of all field audits conducted pursuant to Paragraph (2) of
				this subsection;
(4) contact
				annually either telephonically or in writing a random sampling of at least 10
				percent of the clients of each agent operating from single agent branch offices
				to determine if such agents are complying with 12.11.4.16 NMAC, including, but
				not limited to, whether agents are conducting any business with clients other
				than business that has been disclosed to the broker-dealer; if clients are
				contacted telephonically the broker-dealer shall maintain a written memorandum
				summarizing the questions asked and the clients' responses; and
(5) comply with any additional conditions
				that the director may by order impose, if the director finds the issuance of
				such order is necessary or appropriate in the public interest or for the
				protection of investors.
New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 3 - BROKER-DEALER AND AGENTS RECORDS › Section 12.11.3.2 - 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 or an issuer of securities, and their
				  agents.