North Carolina Administrative Code › Title 18 - SECRETARY OF STATE › Chapter 06 - SECURITIES DIVISION › Subchapter A - RECODIFIED RULES › Section .1400 - REGISTRATION OF DEALERS AND SALESMEN › Section 06A .1415 - REGISTRATION OF PARTNERS/EXECUTIVE OFFICERS/DIRECTORS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Any partner, executive officer, director,
				  or a person occupying a similar status or performing similar functions who
				  represents a registered dealer in effecting or attempting to effect purchases
				  or sales of securities shall be registered as a salesman pursuant to Paragraph
				  (b) of this Rule.
(b) Automatic
				  salesman registration for partners, executive officers or directors of a
				  registered dealer or a person occupying a similar status or performing similar
				  functions shall be obtained by filing an original or amended Form BD and any
				  appropriate schedule thereto, providing the required disclosures regarding the
				  registrant, and a written notice to the Securities Division identifying the
				  registrant and that the registrant will engage in the activities as described
				  in Paragraph (a) of this Rule; provided, however, if such information is
				  currently on file with the administrator then the written notice only is
				  required to be filed. Automatic registration shall lapse where a material
				  change in the information reported on Form BD or any schedule thereto regarding
				  the registrant has occurred and has not been reported to the Securities
				  Division by filing an original or amended Form BD or the appropriate schedule
				  thereto with current information within 10 business days of the material
				  change. The dealer shall timely inform the Securities Division in writing when
				  any registrant under this Paragraph ceases to engage in the activities
				  described in Paragraph (a) of this Rule for the purposes of termination of the
				  automatic salesman registration. Annual renewal is automatic upon renewal of
				  the dealer registration.
(c)
				  Failure to maintain a current automatic registration pursuant to Paragraph (b)
				  of this Rule for those persons described in Paragraph (a) of this Rule may
				  result in violation of
				  G.S.
				  78A-36.
(d) Automatic registration may be denied,
				  revoked, suspended, restricted or limited or the registrant censured as
				  provided by
				  G.S.
				  78A-39. Nothing in this Rule shall limit the
				  administrator's authority to institute administrative proceedings against a
				  dealer, or an applicant for dealer registration due to the qualifications of or
				  disclosures regarding a person described in Paragraph (a) of this
				  Rule.
(e) A salesman shall not be
				  registered with more than one dealer regardless of whether registration is
				  accomplished or contemplated under this Rule or Rule .1402 of this
				  Section.
(f) For the purposes of
				  this Rule "Executive Officer" shall mean the chief executive officer, the
				  president, the principal financial officer, each vice president with
				  responsibility involving policy making functions for a significant aspect of
				  the dealer's business, the secretary, the treasurer, or any other person
				  performing similar functions with respect to any organization whether
				  incorporated or unincorporated.
Authority
					 G.S.
					 78A-2(9);
					 78A-36(a);
					 78A-36(b);
					 78A-37(a);
					 78A-49(a);
Eff. January 1, 1984;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. December 6,
					 2016.