New Mexico Administrative Code › Title 12 - TRADE, COMMERCE AND BANKING › Chapter 11 - SECURITIES › Part 1 - GENERAL PROVISIONS › Section 12.11.1.7 - DEFINITIONS

Current through Register Vol. 35, No. 13, July 16, 2024
The definitions in this section apply throughout the New
				  Mexico Uniform Securities Act and the rules in Title 12 Chapter 11 NMAC unless
				  the context otherwise requires.
A.
"Affiliate"
means a person who directly or indirectly through one
				or more intermediaries, controls, is controlled by or is under common control
				with another person.
B.
"Bank"
as defined in Section
				58-13C-102
				B(3) is limited to institutions whose deposits or share accounts are insured to
				the maximum amount authorized by statute by the federal deposit insurance
				corporation, the national credit union share insurance fund or a successor
				authorized by federal law.
C.
"Branch office"
means any location where one or more agents or
				investment adviser representatives regularly conducts the business of effecting
				or attempting to effect transactions in any security, or transacting investment
				advisory business, or is held out as such, excluding:
(1) any location that is established solely
				for customer service and/or back office type functions where no sales
				activities are conducted and that is not held out to the public as a branch
				office;
(2) any location that is
				the agent's or investment adviser's primary residence, provided that:
(a) only one agent or investment adviser
				representative, or multiple such agents or representatives who reside at that
				location and are members of the same immediate family, conduct business at the
				location;
(b) the location is not
				held out to the public as an office and the associated person does not meet
				with customers at the location;
(c)
				neither customer funds nor securities are handled at that location;
(d) the agent or investment adviser
				representative is assigned to a designated branch office, and such designated
				branch office is reflected on all business cards, stationery, advertisements
				and other communications to the public by such agent or investment adviser
				representative;
(e) the agent's or
				investment adviser's correspondence and communications with the public are
				subject to the firm's supervision;
(f) electronic communications (e.g., e-mail)
				are made through the firm's electronic system;
(g) all orders are entered through the
				designated branch office or an electronic system established by the firm that
				is reviewable at the branch office;
(h) written supervisory procedures pertaining
				to supervision of sales activities conducted at the residence are maintained by
				the firm; and
(i) a list of the
				residence locations is maintained by the firm;
(3) any location, other than a primary
				residence, that is used for securities business for less than 30 business days
				in any one calendar year, provided that such location complies with the
				provisions of Subparagraphs (a) through (h) of Paragraph (2) of this
				subsection;
(4) any office of
				convenience, where agents or investment adviser representatives occasionally
				and exclusively by appointment meet with customers, which is not held out to
				the public as an office; and
(5) a
				temporary location established in response to the implementation of a business
				continuity plan;
(6)
				notwithstanding the exclusions provided in Paragraphs (1) through (5) of this
				subsection, any location that is responsible for supervising the activities of
				persons associated with the member at one or more non-branch locations of the
				member is considered to be a branch office.