reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47 - RULES OF LEGALIZED GAMES OF CHANCE › Subchapter 20 - CONDUCT OF CASINO NIGHTS › Section 13:47-20.41 - Rules of the game three card poker

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following words and terms as used for the game of three card poker shall have the following meanings:
"Ante and Play" means one of the two games a player may play in three card poker. In this game, a player plays against the dealer. The player places an initial ante bet and then has the option of placing a second "play" bet if he or she believes the hand is strong enough to beat the dealer's hand.
"Ante bonus" means an amount the player wins if he or she is playing Ante and Play and has either a straight flush, three of a kind or a straight.
"Flush" means a combination of three cards of the same suit.
"Pair" means a combination of two cards of the same denomination.
"Pair Plus" means one of the two games in three card poker. In this game, a player bets that he or she will have a winning combination in his or her hand. The player in this game does not play against the dealer or any other player.
"Qualifying hand" means that the dealer has at least a queen in his or her hand. If the dealer does not have a queen or better, the player wins.
"Straight" means a combination of three cards of any suit in sequence.
"Straight flush" means a combination of three cards of the same suit in sequence.
"Three of a kind" means a combination of three cards of the same denomination.
(b) Three card poker shall be played with a standard 52 card deck and at a table that is large enough to accommodate a dealer and up to eight players. Any equipment used to conduct a game of three card poker shall be owned by the licensee or rented from an equipment supplier approved by the Control Commission and maintained in accordance with 13:47-20.15(a).
(c) A player has the option of playing either:
1. Pair Plus;
2. Ante and Play; or
3. Both Pair Plus and Ante and Play.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.1 - Application for registration for FINRA members

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any person who is a member of the Financial Industry Regulatory Authority (FINRA), desiring to transact business in the State of New Jersey as a broker-dealer shall file an application with the Bureau of Securities (the Bureau) by filing the application with the Central Registration Depository (CRD) on the form designated as Form BD, Uniform Application for Broker-Dealer Registration, or any successor form to the Form BD prescribed by the CRD for filing a broker-dealer application. The requisite registration fee shall be submitted with the application filed with the CRD in the amount of $ 450.00 for a one-year registration term. Failure to pay the registration fee as above, within the billing time limits established by the Bureau or by the CRD, shall be a ground for immediate revocation of the registration. The applicant shall supplement the application filed with the CRD by directly filing with the Bureau the Broker-Dealer Supplement and any additional information that the Chief of the Bureau of Securities of the State of New Jersey (the Bureau Chief) requires. The 30-day time period for review of an application will not commence until the applicant files all documents or material facts specified and required. The following additional information shall be filed with the Bureau for all broker-dealer applications and no application shall be deemed complete until all of the following are properly submitted, unless the requirements are waived by the Bureau Chief:
1. A consent to service of process executed by the applicant as set forth in 13:47A-7.1. A fully completed and executed Execution Page of the Form BD, Uniform Application for Broker-Dealer Registration, or a successor form as prescribed by the CRD, shall satisfy this requirement;
2. A consent to service of process executed by each officer, director, general partner, or limited partner of the applicant who is to act as an agent in the State of New Jersey, as set forth in N.J.A.C. 13:47A-7.1. A fully completed and executed Form U2, Uniform Consent to Service of Process, for each person, or a fully completed and executed Individual/Applicant's Acknowledgement and Consent section of Form U4, Uniform Application for Securities Industry Registration or Transfer, or a successor form, shall satisfy this requirement;
3. Certified financial statements as set forth in 13:47A-1.3 and 1.5;
4. Any additional information requested by the Bureau Chief.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.2 - Application for registration for persons not eligible for registration via the CRD

Current through Register Vol. 56, No. 14, July 15, 2024
Any person desiring to transact business in the State of New Jersey who is not a member of FINRA or who is not otherwise eligible to register via the CRD pursuant to N.J.A.C. 13:47A-1.1, shall file all of the information required by N.J.A.C. 13:47A-1.1 and in the same form required by that section directly with the Bureau at its current office address. The application shall be accompanied by a check or money order payable to the State of New Jersey, Bureau of Securities, in the amount of $ 450.00.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.3 - Financial reports to supplement application

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the limitations of Section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. §
										78o ), an application for registration as a broker-dealer must be supplemented by a concurrent filing directly with the Bureau of a certified statement of the applicant's financial condition as of a date within 60 days of the application; provided, however, if the applicant has been engaged in business for one year or more preceding the date of the application, a certified financial statement as of the end of its last fiscal period, along with an unaudited balance sheet as of a date within 60 days of the application may be submitted directly to the Bureau concurrently with the filing of the application for registration. The concurrent filing will be considered to be a necessary part of the registration application, whether the application is filed via the CRD for FINRA members, or directly with the Bureau for non-FINRA members.
(b) The balance sheet must be signed by a principal or officer of the applicant listed on Schedule A of the Form BD and must be notarized.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.5 - Preparation and contents of financial statements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the limitations of Section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. §
										78o ), financial statements and reports required of registered broker-dealers under 49:3-47 et seq., including the financial statement filed with the application for initial registration, shall consist of a balance sheet supported by an analysis of the trading and investment inventories and shall be prepared by a certified public accountant or a public accountant who shall be in fact independent.
(b) Subject to the limitations of Section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. §
										78o ), complete copies of the Financial and Operational Combined Uniform Single (FOCUS) Report, Form X-17A-5, as filed with the Securities and Exchange Commission, or copies of the New York Stock Exchange Financial Questionnaire (Form FQ) may be filed to comply with the requirements of this section.
(c) Subject to the limitations of Section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. §
										78o ), the analysis of the trading and investment inventories required by (a) above shall have attached thereto, and made a part thereof, a statement under oath by the broker-dealer which shall set forth those securities within said trading and investment inventories which have not been registered under the Securities Act of 1933 ( 15 U.S.C. §§
										77a et seq., the "1933 Act"), or which are not subject to, or are exempted from the registration requirements of the 1933 Act and the rules and regulations promulgated thereunder other than by reason of section 3(a) of the 1933 Act and the rules and regulations promulgated under section 3(a) of the 1933 Act.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.6 - Minimum net capital

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No registration as a broker-dealer shall be issued unless the applicant has a minimum net capital or has posted with the Bureau a surety bond in the amount of the minimum net capital. The minimum net capital shall be as required by Section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. §
										78o ) and rules promulgated thereunder.
(b) Computation of net capital shall be in accordance with rules promulgated by the Securities and Exchange Commission, unless the Bureau Chief prescribes otherwise by rule or order.
(c) Reporting of net capital by a broker-dealer shall be made as part of the application for registration with the CRD in the case of broker-dealers eligible for such registration. If the CRD registration form does not provide for reporting of net capital as set forth in this section, or if the registration is filed directly with the Bureau of Securities because CRD registration is not available to the applicant, then the reporting of net capital shall be made by a supplemental filing made directly to the Bureau of Securities concurrently with the broker-dealer application.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.7 - Bonds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the limitations of Section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. §
										78o ) and rules promulgated thereunder, the bonds required to be filed under 13:47A-1.6 (Minimum net capital) shall provide for suit thereon by third parties for any cause of action under 49:3-71, for loss and damages, and shall be on the Uniform Security Bond, Form U-SB, as set forth in 13:47A-11.5. The bond shall be for a term of two years, but the right to bring an action under the bond for losses sustained while it was in force shall continue for two years from the date of the sale upon which the action is based.
(b) The bond may provide for termination provided, however, that 90 days' notice thereof is served in writing upon the Bureau Chief; and provided further, that the right to bring an action for losses sustained while it was in force shall continue for two years from the date of the sale upon which the action is based.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.8 - Cash or securities in lieu of bond

Current through Register Vol. 56, No. 14, July 15, 2024
In lieu of the bonds required by 13:47A-1.6 (Minimum net capital), the applicant may deposit cash or securities with the Bureau Chief, and the amount thereof shall be determined by the Bureau Chief having due regard for the amount of the bond required and the nature of the securities furnished. No securities other than those listed on the New York Stock Exchange or the American Stock Exchange or designated or approved for designation upon notice of issuance as a National Market System security on the National Association of Securities Dealers' Automated Quotation System will be accepted, except that mutual funds may be accepted in certain cases, in the discretion of the Bureau Chief.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.9 - Change of status; submission of form

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A registered broker-dealer who is registered with New Jersey via the CRD shall file an amendment with the CRD on the amendment form prescribed by the CRD whenever there is any change to any information previously reported.
(b) A registered broker-dealer that is registered pursuant to 13:47A-1.2 (registrants not eligible for registration via the CRD and therefore registered directly with the Bureau) shall file directly with the Bureau at its current office address, a complete and updated Form BD or the amended pages, if a complete Form BD is already on file at the Bureau, whenever there is any change to any information previously reported.
(c) Any amendment shall be filed no later than 30 days after the occurrence requiring the change. The amendment filed with the CRD shall be accompanied by the fee, if any, prescribed by the CRD for amendments. There shall be no fee for those amendments required to be filed directly with the Bureau.
(d) For a registered broker-dealer that has had any changes occur regarding the answers in its original or amended Form BD application as to arrests, convictions of any crime, disciplinary actions by any administrative body, restraints, injunctions, suspension, revocations, denials, or judgments, as to the registrant or any partner, officer, or director, shall file an amendment with the CRD; or if not a member of FINRA, shall file the amendment directly with the Bureau, fully disclosing the details of the changes within 30 days of the occurrence requiring the change. Such amendment shall be accompanied by the fee, if any, prescribed by the CRD or the Bureau for amendments. In the event that the CRD amendment form does not allow for full detailed disclosure of the details of the changes, as required by the Uniform Securities Law (1997), 49:3-47 et seq., and this chapter, the registrant shall make full detailed disclosure of the changes by a supplemental filing directly to the Bureau at its current office address.
(e) A registered broker-dealer, if a corporation or partnership, shall file with the Bureau or the CRD, whichever is applicable, the fingerprints of each officer, director, controlling person, (as defined on the Form BD), or partner who commences any employment or affiliation with said registered broker-dealer no later than five days after the commencement of such employment or affiliation, and written consent from each for a criminal history record background check to be performed pursuant to 49:3-56(p). Those persons exempt from filing a fingerprint card with the Securities and Exchange Commission pursuant to Rule 17f-2 promulgated under the Securities Exchange Act of 1934 ( 17 CFR 240.17f-2 ) or its successor rule shall be exempt from filing fingerprints with the Bureau pursuant to this subsection.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.10 - Maintenance of books and records

Current through Register Vol. 56, No. 14, July 15, 2024
All broker-dealers shall keep at their principal place of business, open to inspection of the Bureau of Securities of the State of New Jersey, all books and records required to be kept by the Securities and Exchange Commission or by the Bureau of Securities.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.10A - Maintenance of sales and advertising material (broker-dealers)

Current through Register Vol. 56, No. 14, July 15, 2024
Subject to the limitations of Section 15 of the Securities Exchange Act of 1934 ( 15 U.S.C. § 78 o), all broker-dealers shall keep on file, in each branch and sales office, for a period of three years, copies of any prospectus, circular, form letter, advertisement, sales script, or prepared text used in that branch or sales office in the course of soliciting prospective investors, and any other sales or advertising material intended for distribution or communication to prospective investors by mail, telephone, or any other medium, including electronic and social media, or for the use or training of persons making such communications. Any material required to be maintained pursuant to this section may be maintained in electronic form, either at the branch or sales office or at a central location, provided that such electronically stored material can, upon demand, be retrieved and provided to the Bureau within two working days.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.11 - Withdrawal of broker-dealer registration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A broker-dealer registered in New Jersey via the CRD shall file a Uniform Request for Broker-Dealer Withdrawal, Form BDW, or any successor form to the Form BDW prescribed by the CRD when it desires to withdraw its registration as a broker-dealer in the State of New Jersey. Such request for withdrawal will become effective 30 days after filing with the CRD.
(b) A broker-dealer registered in New Jersey by direct filing with the Bureau because it is not eligible for registration via the CRD shall file directly with the Bureau a Form BDW when it desires to withdraw its registration as a broker-dealer in the State of New Jersey. Such request will become effective 30 days after filing with the Bureau.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.12 - Display of name

Current through Register Vol. 56, No. 14, July 15, 2024
The name of the registered broker-dealer shall appear on the door or window of any branch or sales office being operated within the State of New Jersey.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 1 - BROKER-DEALERS › Section 13:47A-1.13 - Application for successor

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A broker-dealer registered in New Jersey via the CRD shall file the forms or amendments as required by the CRD to effectuate registration in New Jersey of a successor to the registered broker-dealer. The filing shall be accompanied by the fee, if any, prescribed by the CRD for such filings.
(b) A broker-dealer registered in New Jersey by direct filing with the Bureau of Securities because it is not eligible for registration via the CRD may file directly with the Bureau an application on a Form BD, Uniform Application for Broker-Dealer Registration, accompanied by all of the information required by 13:47A-1.1 and in the same form as required by that section to effectuate the registration of a successor. Such application shall be marked "SUCCESSOR APPLICATION" in the upper right-hand corner by the registrant, and shall be accompanied by a consent to service of process executed by the applicant. A fully completed and executed Execution Page of the Form BD, Uniform Application for Broker-Dealer Registration, or a successor form as prescribed by the CRD shall satisfy this requirement. There shall be no filing fee for the successor application.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.2 - Capital requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the limitations of Section 222 of the Investment Advisers Act of 1940 ( 15 U.S.C. § 80b- 18a ), no registration as an investment adviser shall be granted to a person who has custody of clients' funds or securities unless the applicant has a minimum capital of $ 35,000 or has posted a surety bond in the amount of $ 35,000, except that investment advisers having custody solely due to:
1. A direct fee deduction who are complying with the terms described under Rule 206(4)-2 ( 17 CFR 275.206(4)-2 ) and 13:47A-6.3(a)56 ii(3) and related books and records requirements, as described in 13:47A-2.6, shall not be required to comply with the net worth or bonding requirements set forth in this section or 13:47A-2.3; or
2. Advising pooled investment vehicles who are complying with the terms described under Rule 206(4)-2(a)5 or 206(4)-2(b)4 ( 17 CFR 275.206(4)-2(a)(5) or 275.206(4)-2(b)(4) ) and 13:47A-6.3(a)56 ii(2) or (4) and related books and records requirements, as described in N.J.A.C. 13:47A-2.6, shall not be required to comply with the net worth or bonding requirements set forth in this section or N.J.A.C. 13:47A-2.3.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.3 - Bonds

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the limitations of Section 222 of the Investment Advisers Act of 1940 ( 15 U.S.C. § 80b- 18a ), the bond required to be filed under 13:47A-2.2 (Capital requirements) shall provide for suit thereon by third parties for damage sustained as a result of misuse or misapplication of clients' funds or securities and shall be in the Uniform Surety Bond, Form U-SB, as set forth in 13:47A-11.5. The bond shall be for a term of two years, but the right to file claims thereunder for losses sustained while it was in force shall continue for two years from the time the aggrieved party knew or should have known of the existence of his or her cause of action.
(b) Such bond shall provide for termination; provided, however, that 90 days notice thereof is served in writing upon the Chief of the Bureau of Securities and; provided further, that the right to bring an action for losses sustained while it was in force shall continue for two years from the time the aggrieved party knew or should have known of the existence of his cause of action.
(c) Such bond may be written by any surety company licensed to do business in the State of New Jersey.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.4 - Cash or securities in lieu of bond

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the limitations of Section 222 of the Investment Advisers Act of 1940 ( 15 U.S.C. § 80b- 18a ), in lieu of the bond required by 13:47A-2.2 (Capital requirements), the applicant may deposit cash or securities with the Bureau Chief, and the amount thereof shall be determined by the Bureau Chief having due regard for the amount of the bond required and the nature of the securities furnished.
(b) No securities other than those listed on the New York Stock Exchange or the NYSE MKT LLC or designated or approved for designation upon notice of issuance as a NASDAQ Global Select Market security will be accepted, except that mutual funds may be accepted in certain cases, in the discretion of the Bureau Chief.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.5 - Change of status; submission of form

Current through Register Vol. 56, No. 14, July 15, 2024
A registered investment adviser who is registered with New Jersey via the IARD shall file an amendment within 30 days with the IARD on the amendment form prescribed by the IARD, or, for hardship cases, shall file directly with the Bureau a revised and updated Form ADV, so as to have a complete and current Form ADV on file with the Bureau, whenever there is any change to any information previously reported on the Form ADV. No filing fee is required for any amendment, unless the IARD prescribes otherwise.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.6 - Maintenance of books and records

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For purposes of this section, as referenced in Rule 204-2 ( 17 CFR 275.204-2 ):
1. "Financial statements" shall mean a balance sheet prepared in accordance with generally accepted accounting principles, an income statement, a cash flow statement, and a net worth/capital computation, if applicable, as required by 13:47A-2.2.
2. "Other communication" shall include communications by electronic media and social media.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.7 - Withdrawal of investment adviser registration

Current through Register Vol. 56, No. 14, July 15, 2024
A registered investment adviser shall file with the IARD or the Bureau a Form ADV-W, Notice of Withdrawal from Registration as Investment Adviser, as set forth in 13:47A-11.9, when it desires to withdraw its registration as an investment adviser in the State of New Jersey. Such request for withdrawal will become effective 30 days after filing with the Bureau.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.8 - Application for successor

Current through Register Vol. 56, No. 14, July 15, 2024
A registered investment adviser may file an application with the Bureau on the Uniform Application for Investment Adviser Registration, Form ADV, as set forth in 13:47A-11.2, for the registration of a successor. Such application shall be marked "SUCCESSOR APPLICATION" in the upper right-hand corner by the registrant for paper filings only. There is no filing fee for the successor application.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.9 - "Investment advisory services" defined

Current through Register Vol. 56, No. 14, July 15, 2024
"Investment advisory services" is defined as the giving of continuous advice to clients as to the investment of funds on the basis of individual needs of each client, as distinguished from continuous advice of any nature which is not based on consideration of all relevant factors; for example, the nature and amount of other assets, investment and insurance, and the nature and extent of the personal and family obligations of each client. For interpretive purposes, the Bureau follows SEC Release No. IA-770 and SEC Release No. IA-1092.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.10 - Performance fee compensation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The provisions of 49:3-53(b)(1)  shall not prohibit any investment adviser registered as an investment adviser pursuant to 49:3-56(a)  from entering into, performing, renewing or extending an investment advisory contract which provides for compensation to the investment adviser on the basis of a share of the capital gains upon, or the capital appreciation of, the funds or any portion of the funds of a client, provided that the conditions of this section are met and all conditions of Rule 205-3 ( 17 CFR 275.205-3 ) under the Investment Advisers Act of 1940, 15 U.S.C. §§
										80b-1 et seq., which are not in conflict with the conditions set forth in this section are satisfied.
(b) The client entering into the contract subject to this section must be a natural person or a company as defined in Rule 205-3, who the registered investment adviser (and any person acting on the investment adviser's behalf) entering into the contract reasonably believes, immediately prior to entering into the contract, is a natural person or a company as defined in Rule 205-3. The net worth of a natural person or a company shall be as set forth and determined pursuant to Rule 205-3 of the Investment Advisers Act of 1940.
(c) Nothing in this section shall prevent the renegotiation, for the purposes of changing the method of compensation in compliance with this section, of an investment advisory contract between a registered investment adviser and the client of such investment adviser provided both parties agree to the new or additional terms.
(d) Nothing in this section relieves a client's representative from any of the obligations under 49:3-47 et seq. including, but not limited to, the obligation to register with the Bureau pursuant to 49:3-56(a)  and the obligation to comply with 49:3-52 and 49:3-53.
(e) For purposes of this section, a business development company, as defined by section 2(a)(48) of the Investment Company Act of 1940 ( 15 U.S.C. § 80a- 2(a)(48) ), shall not be prohibited by 49:3-53(b)(1)  or by this section from paying or receiving performance based fee compensation, provided the business development company is allowed to pay or receive performance based fee compensation pursuant to Federal law and SEC regulations.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.11 - Notice filing of Federally registered investment advisers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any person doing business in New Jersey who is registered or required to be registered as an investment adviser under Section 203 of the Investment Advisers Act of 1940 ( 15 U.S.C. §
										80b-3 ), as amended, or is not exempted from making a notice filing by N.J.S.A. 49:3-56(g), shall file the following items with the Bureau, unless such person is not within the State definition of "investment adviser," set forth in N.J.S.A. 49:3-49(g):
1. In connection with an initial notice filing with the Bureau by the applicant, the applicant shall make a written notice filing in the form of the current Form ADV, or a successor form, as filed with the Securities and Exchange Commission, and file with the Bureau a check made payable to the State of New Jersey, Bureau of Securities in the amount of $ 375.00;
2. Registration shall be effective from the date of effectiveness until the following December 31;
3. An investment adviser shall file, promptly, any amendments to the Form ADV, in accordance with the timing schedule set forth in the instructions to the Form ADV; and
4. All filings required by this section shall be filed with the Bureau electronically through the IARD, unless the applicant has been granted a hardship exemption by the U.S. Securities and Exchange Commission, in which case, the filings shall be made directly to the Bureau.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.12 - Supervision

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Duty of reasonable supervision. Every investment adviser registered by the Bureau shall reasonably supervise employees who give investment advice with a view toward preventing violations of the New Jersey Uniform Securities Law, and other Federal and/or state securities laws. Final responsibility for proper supervision shall rest with the investment adviser. In determining whether an investment adviser registered by the Bureau has reasonably supervised, the following factors will be taken into consideration:
1. The investment adviser has established written policies and procedures and a system for applying the policies and procedures, with consideration for the size and number of locations of the investment adviser, that would reasonably be expected to prevent and detect, insofar as practicable, any violation by its investment adviser representatives or other persons, employed by or associated with, the investment adviser;
2. The investment adviser has reasonably discharged the duties and obligations incumbent on the investment adviser by reason of the established written policies and procedures and the system for applying the policies and procedures without reasonable cause to believe that there was not compliance with the policies and procedures and systems; and
3. Any additional information, as needed by the Bureau, to make a determination.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.13 - Investment adviser brochure rule

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Definitions. For the purpose of this section, the following phrases shall have the following meanings, unless the context clearly indicates otherwise:
1. "Contract for impersonal advisory services" means any contract relating solely to the provision of investment advisory services:
i. By means of written material or oral statements that do not purport to meet the objectives or needs of specific individuals or accounts;
ii. Through the issuance of statistical information containing no expression of opinion as to the investment merits of a
particular security; or
iii. Any combination of the services in (a)1i or ii above.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 2 - INVESTMENT ADVISERS › Section 13:47A-2.14 - NJ Bureau of Securities Investor Protection Information Form

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An investment adviser, registered or required to be registered pursuant to 13:47A-2.1, shall furnish each advisory client with the NJ Bureau of Securities Investor Protection Information Form:
1. At the time of entering into any advisory contract with such client; and
2. Annually, within 120 days of the end of the investment adviser's fiscal year.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 3 - AGENTS › Section 13:47A-3.1 - Agents of broker-dealers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any person desiring to act in the State of New Jersey as an agent of a non-FINRA member broker-dealer registered in New Jersey directly with the Bureau or as an agent of an issuer shall file a complete and accurate application with the Bureau on the Uniform Application for Securities Industry Registration or Transfer, Form U4, as set forth in N.J.A.C. 13:47A-11.3. Such application shall be accompanied by:
1. A consent to service of process executed by the applicant. A fully executed Individual/Applicant's Acknowledgement and Consent section of Form U4, Uniform Application for Securities Industry Registration or Transfer, will satisfy this requirement;
2. The applicant's fingerprints and written consent for a criminal history record background check to be performed pursuant to 49:3-56(p); and
3. A check or money order made payable to the State of New Jersey, Bureau of Securities, in the amount of $ 125.00. Issuers of securities under N.J.S.A. 49:3-50(b) need not register as agents or qualify as issuers. However, a pattern of N.J.S.A. 49:3-50(b)(12)  of ferings by the same person or group of persons may raise a presumption that the person or persons are acting as an unregistered broker-dealer requiring broker-dealer registration of the issuer and its agents.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 3 - AGENTS › Section 13:47A-3.2 - Change of status; agents; submission of form

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A registered agent shall file an amendment with the CRD, by filing or updating a Form U4, Uniform Application for Securities Industry Registration or Transfer, or its successor form, along with the fee, if any, prescribed by the CRD, whenever there is any change to the information previously reported on the Form U4. The amendment(s) must be filed within 30 days of the occurrence requiring the change. Whenever an agent commences employment with a broker-dealer or issuer, the agent must file the amendment within five days of the commencement of employment. For agents of non-FINRA member broker-dealers, the amendments shall be filed directly with the Bureau.
(b) Whenever an agent terminates employment with a broker-dealer registered in New Jersey via the CRD, the broker-dealer shall file with the CRD or Bureau, as appropriate, the Form U5, Uniform Termination Notice for Securities Industries Registration, within 30 days of the termination. For agents of non-FINRA member broker-dealers, the Form U5, Uniform Termination Notice for Securities Industries Registration, shall be filed directly with the Bureau.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 3 - AGENTS › Section 13:47A-3.3 - Issuer-agent registration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any issuer that is effecting or attempting to effect purchases or sales of securities other than through a registered broker-dealer shall register someone as an "agent," unless exempted or excluded from agent registration pursuant to (b) below. Only a natural person can be registered as an agent.
(b) Agent registration is not required for an individual who represents an issuer in effecting transactions exempted by 49:3-50(a)(1)  (securities issued or guaranteed by the United States, a state, or political subdivision thereof); 49:3-50(a)(2)  (Canadian and other foreign government securities); 49:3-50(a)(3)  (bank securities); 49:3-50(a)(11)  (employee benefit plans); 49:3-60.1(b)  (certain Federally covered securities); all of the transactional exemptions under 49:3-50(b); effecting transactions with existing employees, partners, or directors of the issuer, if no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this State; or for an individual representing a broker-dealer in effecting transactions in this State limited to those transactions described in paragraph (2) of subsection (h) of section 15 of the "Securities Exchange Act of 1934," 15 U.S.C. § 78 o(h)2; and such other persons not otherwise within the intent of this subsection (b), as the Bureau Chief may by rule or order designate.
(c) For the purposes of the exclusion from the definition of "agent" in 49:3-49(b)3, the phrase "existing employees, partners or directors of the issuer," shall include persons occupying those positions with subsidiaries of which the parent issuer owns at least 80 percent of the stock of the subsidiary.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 3 - AGENTS › Section 13:47A-3.4 - General partners

Current through Register Vol. 56, No. 14, July 15, 2024
A natural person acting on behalf of the general partner of a partnership in connection with the offer or sale of the partnership's securities, which general partner is a corporation, partnership or other entity, shall be deemed to be an individual representing the issuer within the meaning of 49:3-49(b).
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 3A - INVESTMENT ADVISER REPRESENTATIVES › Section 13:47A-3A.1 - Registration of investment adviser representatives

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to the provisions of Section 203A of the Investment Advisers Act of 1940 ( 15 U.S. C. §
										80b-3a ), any person, who has a place of business located in this State, who desires to act in the State of New Jersey as an investment adviser representative of an investment adviser registered in New Jersey with the Bureau or registered with the Securities and Exchange Commission, and any person doing business in this State who desires to act in the State of New Jersey as an investment adviser representative of an investment adviser registered in New Jersey with the Bureau, shall file an application with an original signature, with the Bureau on the Uniform Application for Securities Industry Registration or Transfer, Form U4, as set forth in N.J.A.C. 13:47A-11.3, and a consent to service of process executed by the applicant. A fully executed Domestic Investment Adviser Execution Page of the Form ADV, Uniform Application for Investment Adviser Registration, will satisfy the consent to service of process requirement. The Form U4 may be filed with the Bureau by filing the Form U4 electronically with the CRD and designating in the Form U4 that the applicant intends to apply for registration in New Jersey. For a Form U4 filed electronically with the Bureau via the CRD such Form U4 shall have the requisite electronic signatures as required by the CRD. An application shall be accompanied by:
1. The applicant's fingerprints and written consent for a criminal history record background check to be performed pursuant to 49:3-56(p). (Applicants currently registered as an agent of a broker-dealer through the CRD need not supply fingerprints directly to the Bureau if they have been supplied to FINRA as part of the applicant's agent filing with the CRD.); and
2. A fee of $ 130.00 shall be assessed for each initial application. The fee may be paid to the Bureau electronically through the CRD, or it may be paid by check or money order made payable to the State of New Jersey, Bureau of Securities if the application was filed directly with the Bureau. In accordance with N.J.S.A. 49:3-58(a)(2)(i), an application is incomplete unless and until the applicant pays the registration fee as provided above within the billing time limits established by the Bureau or by the CRD.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 3A - INVESTMENT ADVISER REPRESENTATIVES › Section 13:47A-3A.2 - Change of status; submission of form

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A registered investment adviser representative shall file with the Bureau an amendment to Form U4 within 30 days, whenever there is any change to the information previously reported on the Form U4.
(b) Whenever a registered investment adviser representative terminates employment with an investment adviser registered in New Jersey, or with the U.S. Securities and Exchange Commission if the investment adviser has a place of business in this State, the investment adviser shall file with the Bureau Form U5, Uniform Termination Notice for Securities Industries Registration, within 30 days of the termination.
(c) A Form U4 or Form U5, or amendments thereto, may be filed with the Bureau by electronically filing them with the CRD, as applicable.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 4 - EXAMINATIONS › Section 13:47A-4.1 - Examinations for broker-dealers and investment advisers

Current through Register Vol. 56, No. 14, July 15, 2024
No officer, director, partner or individual affiliated with a broker-dealer or investment adviser applying for registration in this State who will participate in management either as investment adviser or in the offering or selling of securities either within or from this State, shall be so registered unless he or she has taken and successfully passed a securities examination approved by the Bureau Chief and offered by an independent self-regulatory organization of the securities industry registered with the Securities and Exchange Commission, or taken and successfully passed a securities examination given by a state whose examination is recognized by the Bureau of Securities of the State of New Jersey.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 4 - EXAMINATIONS › Section 13:47A-4.2 - Examinations for agents

Current through Register Vol. 56, No. 14, July 15, 2024
(a) No person shall be registered as an agent unless he or she has either successfully passed a securities examination or securities examinations approved by the Bureau Chief pursuant to 49:3-57(f)(1), the General Securities Representative Examination (Series 7) and the Uniform Securities Agent State Law Examination (Series 63), or their successor exams, or has been granted a waiver by the Bureau Chief. Individuals acting in the capacity of an agent are required to take and pass the examinations required by FINRA for the type of activity the individual intends to perform prior to performing the corresponding activities. Individuals acting in a supervisory capacity are required to take and pass the appropriate supervisory examinations required by FINRA prior to performing the corresponding activities.
(b) Any person whose registration has been terminated for a period of two or more years preceding the date of receipt by the Bureau of a new application for registration shall be required to pass the examinations set forth in (a) above unless granted a waiver by the Bureau Chief pursuant to 13:47A-4.4(a).
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 47A - BUREAU OF SECURITIES › Subchapter 4 - EXAMINATIONS › Section 13:47A-4.3 - Examination requirements for investment adviser representatives

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An individual applying to be registered as an investment advisor or investment adviser representative shall provide the Bureau Chief with proof of having obtained a passing score on one of the following examinations, and which has not expired after two years of non-affiliation in a registered capacity, or of holding one of the following certifications:
1. The Uniform Investment Adviser Law Examination (Series 65 examination);
2. The General Securities Representative Examination (Series 7 examination) and the Uniform Combined State Law Examination (Series 66 examination);
3. The Certified Financial Planner (CFP) certification awarded by the Certified Financial Planner Board of Standards, Inc.;
4. The Chartered Financial Consultant (ChFC) certification awarded by the American College of Financial Services, Bryn Mawr, Pennsylvania;
5. The Personal Financial Specialist (PFS) certification awarded by the American Institute of Certified Public Accountants;
6. The Chartered Financial Analyst (CFA) certification awarded by the Institute of Chartered Financial Analysts; or
7. The Chartered Investment Counselor (CIC) certification awarded by the Investment Adviser Association.