New York Codes, Rules and Regulations › Title 23 - FINANCIAL SERVICES › Chapter I - Regulations of the Superintendent of Financial Services › Part 200 - VIRTUAL CURRENCIES › Section 200.4 - Application

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Application for
				a license required under this Part shall be in writing, under oath, and in a
				form prescribed by the superintendent, and shall contain the following:
(1) the exact name of the applicant,
				including any doing business as name, the form of organization, the date of
				organization, and the jurisdiction where organized or incorporated;
(2) a list of all of the applicant's
				Affiliates and an organization chart illustrating the relationship among the
				applicant and such Affiliates;
(3)
				a list of, and detailed biographical information for, each individual applicant
				and each director, Principal Officer, Principal Stockholder, and Principal
				Beneficiary of the applicant, as applicable, including such individual's name,
				physical and mailing addresses, and information and documentation regarding
				such individual's personal history, experience, and qualification, which shall
				be accompanied by a form of authority, executed by such individual, to release
				information to the Department;
(4)
				a background report prepared by an independent investigatory agency acceptable
				to the superintendent for each individual applicant, and each Principal
				Officer, Principal Stockholder, and Principal Beneficiary of the applicant, as
				applicable;
(5) for each individual
				applicant; for each Principal Officer, Principal Stockholder, and Principal
				Beneficiary of the applicant, as applicable; and for all individuals to be
				employed by the applicant who have access to any customer funds, whether
				denominated in Fiat Currency or Virtual Currency:
(i) a set of completed fingerprints, or a
				receipt indicating the vendor (which vendor must be acceptable to the
				superintendent) at which, and the date when, the fingerprints were taken, for
				submission to the State Division of Criminal Justice Services and the Federal
				Bureau of Investigation;
(ii) if
				applicable, such processing fees as prescribed by the superintendent; and
(iii) two portrait-style
				photographs of the individuals measuring not more than two inches by two
				inches;
(6) an
				organization chart of the applicant and its management structure, including its
				Principal Officers or senior management, indicating lines of authority and the
				allocation of duties among its Principal Officers or senior
				management;
(7) a current financial
				statement for the applicant and each Principal Officer, Principal Stockholder,
				and Principal Beneficiary of the applicant, as applicable, and a projected
				balance sheet and income statement for the following year of the applicant's
				operation;
(8) a description of the
				proposed, current, and historical business of the applicant, including detail
				on the products and services provided and to be provided, all associated
				website addresses, the jurisdictions in which the applicant is engaged in
				business, the principal place of business, the primary market of operation, the
				projected customer base, any specific marketing targets, and the physical
				address of any operation in New York;
(9) details of all banking
				arrangements;
(10) all written
				policies and procedures required by, or related to, the requirements of this
				Part;
(11) an affidavit describing
				any pending or threatened administrative, civil, or criminal action,
				litigation, or proceeding before any governmental agency, court, or arbitration
				tribunal against the applicant or any of its directors, Principal Officers,
				Principal Stockholders, and Principal Beneficiaries, as applicable, including
				the names of the parties, the nature of the proceeding, and the current status
				of the proceeding;
(12)
				verification from the New York State Department of Taxation and Finance that
				the applicant is compliant with all New York State tax obligations in a form
				acceptable to the superintendent;
(13) if applicable, a copy of any insurance
				policies maintained for the benefit of the applicant, its directors or
				officers, or its customers;
(14) an
				explanation of the methodology used to calculate the value of Virtual Currency
				in Fiat Currency; and
(15) such
				other additional information as the superintendent may require.