reglab/statecodes huggingface dataset:
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 303 - REGISTRATION PROCEDURE › Section 303.015 - Notice filing for Federally covered advisers

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Format.
Federally
				  covered advisers required to file notice under section 303(a)(iii) of the act
				  (70
				  P.S. §
											1-303(a)(iii))
				  shall file the uniform application for investment adviser registration, Form
				  ADV or successor form as filed with the Securities and Exchange
				  Commission.
(b)
Initial
				  filing.
Before the Federally covered adviser conducts advisory
				  business in this Commonwealth, the Federally covered adviser shall file a
				  completed Form ADV accompanied by the notice filing fee required under section
				  602(d.1) of the act (70 P.S. §
											1-602(d.1))
				  with the Department or with IARD.
(c)
Renewals.
Every
				  Federally covered adviser conducting advisory business in this Commonwealth
				  annually shall pay a notice filing fee set forth in section 602(d.1) of the act
				  to the Department or to IARD.
The provisions of this §
												303.015 issued under sections
						303(a)-(e) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S.
						§§
													1-303(a)-(e)
						and 1-609(a)); amended under section 202.C of the Department of Banking and
						Securities Code (71 P.S. §
													733-202.C);
						section 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
This section cited in 10 Pa. Code §
												603.031 (relating to public
						inspection of records).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 303 - REGISTRATION PROCEDURE › Section 303.016 - Considered as abandoned

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
General rule.
The Department may consider as abandoned an
				  application for registration as a broker-dealer, agent, investment adviser or
				  investment adviser representative which has been on file with the Department
				  for a minimum of 6 consecutive months if the applicant failed to do any of the
				  following:
(1) Respond within 60 days after
				  written notice sent by first class mail to the applicant's last known address
				  in the Department's files warning the applicant that the application will be
				  considered abandoned.
(2) Respond
				  to any request for additional information required under the act.
(3) Complete the showing required for action
				  on the application.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 303 - REGISTRATION PROCEDURE › Section 303.021 - Registration and notice filing procedures for successors to a broker-dealer, investment adviser or Federally covered adviser

Current through Register Vol. 54, No. 28, July 13, 2024
(a) If a broker-dealer is formed or proposed
				  to be formed to succeed to, and continue the business of, a broker-dealer
				  registered under section 301 of the act (70 P.S. §
											1-301) and as a broker or dealer under
				  section 15(b) of the Securities Exchange Act of 1934 (15 U.S.C.A. §
											77o(b)) (successor
				  broker-dealer), and the decision is for either of the following reasons:
(1) Based solely on a change in the
				  predecessor's date or state of incorporation, form of organization or
				  composition of a partnership, the successor broker-dealer shall comply with the
				  requirements of Rule 15b1-3(a) promulgated under the Securities Exchange Act of
				  1934 (15 U.S.C.A.
				  §§
												78a-78qq), except that
				  the successor broker-dealer shall file the amendments to Form BD with the
				  Department.
(2) For reasons other
				  than a change in the predecessor's date or state of incorporation, form of
				  organization or composition of a partnership, the successor broker-dealer shall
				  comply with the requirements of Rule 15b1-3(b) promulgated under the Securities
				  Exchange Act of 1934, except that the successor shall file Form BD with the
				  Department.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 303 - REGISTRATION PROCEDURE › Section 303.031 - Examination requirement for agents

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An individual may not be registered as an
				  agent under the act unless the individual meets the requirements of subsections
				  (b) and (c).
(b) The applicant
				  receives a passing grade on the securities examination for principals or
				  registered representatives administered by FINRA or the Securities and Exchange
				  Commission within 2 years before the date of filing an application for
				  registration. The Department considers the requirements of this subsection met
				  if any of the following apply:
(1) The
				  applicant previously has passed the examination and has not had a lapse in
				  employment with a broker-dealer for a period exceeding 2 years.
(2) The applicant has received a waiver of
				  the examination requirement by FINRA.
(3) The applicant has received notice from
				  the Department waiving the examination requirement.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 303 - REGISTRATION PROCEDURE › Section 303.032 - Examination requirements for investment advisers and investment adviser representatives

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Examination requirements.
To be registered as an investment
				  adviser or investment adviser representative under the act, an individual shall
				  meet one of the following examination requirements:
(1) The individual, on or after January 1,
				  2000, and within 2 years immediately before the date of filing an application
				  with the Department, received a passing grade on The Uniform Investment Adviser
				  Law Examination (Series 65), or successor examination.
(2) The individual, on or after January 1,
				  2000, and within 2 years immediately before the date of filing an application
				  with the Department, received a passing grade on the:
(i) General Securities Representative
				  Examination (Series 7) administered by FINRA.
(ii) Uniform Combined State Law Examination
				  (Series 66) or successor examinations.
(3) The individual, on or after January 1,
				  2000:
(i) Received a passing grade on either
				  the Series 65 examination or passing grades on both the Series 7 and Series 66
				  examinations.
(ii) Has not had a
				  lapse in registration as an investment adviser or investment adviser
				  representative in any state other than this Commonwealth for a period exceeding
				  2 years immediately before the date of filing an application with the
				  Department.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 303 - REGISTRATION PROCEDURE › Section 303.041 - Broker-dealer capital requirements

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Except as set forth in subsection (e),
				  every broker-dealer registered under section 301 of the act (70 P.S. §
											1-301) shall maintain net capital of $25,000
				  with an aggregate indebtedness not exceeding 1500% of its net
				  capital.
(b) As a condition of the
				  right to continue to transact business, every broker-dealer registered under
				  the act that is not registered as a broker-dealer with the Securities and
				  Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C.A. §§
											78a-78qq) immediately shall notify the
				  Department if the broker-dealer's aggregate indebtedness exceeds 1500% of its
				  net capital or if its total net capital is less than the minimum
				  required.
(c) Within 24 hours after
				  transmitting the notice required under subsection (b), the broker-dealer shall
				  file a report of its financial condition with the Department including the
				  following:
(1) A proof of money balances of
				  ledger accounts in the form of a trial balance.
(2) A computation of net capital and
				  aggregate indebtedness as those terms are used in this section and a
				  computation of the ratio of aggregate indebtedness to net capital.
(3) An analysis of the aggregate market value
				  of fully paid securities in customers' security accounts which are not
				  segregated.
(4) A proof of ledger
				  net credit balances of moneys borrowed from banks, trust companies and from
				  other financial institutions, and from others, which are fully or partially
				  secured by securities carried for the account of a customer.
(5) A computation of the aggregate amount of
				  customers' ledger debit balances.
(6) A computation of the aggregate amount of
				  customers' ledger credit balances.
(7) A statement as to the approximate number
				  of customer accounts.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 303 - REGISTRATION PROCEDURE › Section 303.042 - Investment adviser capital requirements

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Net worth requirements
.
(1) An investment adviser registered under
				  section 301 of the act (70 P.S. §
												1-301) with its principal place of business
				  in a state other than this Commonwealth shall meet all of the following net
				  worth requirements:
(i) The same as imposed
				  by that state if the investment adviser is:
(A) Currently licensed as an investment
				  adviser in the state in which it maintains its principal place of
				  business.
(B) In compliance with
				  that state's net worth requirements.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 303 - REGISTRATION PROCEDURE › Section 303.051 - Surety bonds

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A surety
				  bond shall be:
(1) Filed with the Department
				  on Uniform Surety Bond Form (Form U-SB) or successor form.
(2) Subject to the claims of all clients
				  regardless of the client's state of residence.
(3) Issued by a person licensed to issue
				  surety bonds in this Commonwealth.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 304 - POSTREGISTRATION PROVISIONS › Section 304.011 - Broker-dealer required records

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Books and records.
(1) Every
				  broker-dealer registered under section 301 of the act (70 P.S. §
												1-301) shall make and keep the records
				  required to be maintained as described in Rule 17a-3 (17 CFR
				  240.17a-3) (relating to records to be made by
				  certain exchange members, brokers and dealers) adopted under the Securities
				  Exchange Act of 1934 (15
				  U.S.C.A. §§
												78a-78qq).
(2) If a broker-dealer registered under the
				  act and not registered as a broker or dealer with the Securities and Exchange
				  Commission fails to make and keep current the books and records required under
				  this section, the broker-dealer shall:
(i)
				  Notify the Department immediately.
(ii) File a report with the Department,
				  within 24 hours after filing the notice with the Department, stating what steps
				  have been taken and are being taken to fully comply with this
				  section.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 304 - POSTREGISTRATION PROVISIONS › Section 304.021 - Broker-dealer required financial reports

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A broker-dealer registered under the act
				  but not registered as a broker or dealer with the Securities and Exchange
				  Commission under the Securities Exchange Act of 1934 (15 U.S.C.A. §§
											78a-78qq) shall file annually with the
				  Department a report which includes a statement of financial condition as of the
				  end of its fiscal year and an income statement for the year then
				  ended.
(b) The annual report of
				  financial condition filed under this section shall be prepared in accordance
				  with generally accepted accounting principles and accompanied by an auditor's
				  report containing an unqualified opinion of an independent certified public
				  accountant. The accountant shall submit as a supplementary opinion comments,
				  based on the audit, as to material inadequacies found to exist in the
				  accounting system, the internal accounting controls and procedures taken for
				  safeguarding securities and shall indicate corrective action taken or
				  proposed.
(c) A broker-dealer
				  registered under the act and registered as a broker or dealer with the
				  Securities and Exchange Commission shall provide the Department, within 5 days
				  of receipt of a written or electronic request, a copy of any financial
				  statement, financial report or other financial information required under
				  Securities and Exchange Commission rules or the rules of a National securities
				  association or National securities exchange of which the applicant is a
				  member.
(d) The report required
				  under subsection (a) shall be filed within 120 days following the end of the
				  broker-dealer's fiscal year.
The provisions of this §
												304.021 amended under sections
						304(a), (d) and (e) and 609(a) of the Pennsylvania Securities Act of 1972
						(70
						P.S. §§
													1-303(a), (d) and
						(e) and
						1-609(a)); section 202.C of
						the Department of Banking and Securities Code (71 P.S. §
													733-202.C); and section 9(b) of the Takeover
						Disclosure Law (70 P.S. §
													79(b)).
This section cited in 10 Pa. Code §
												603.031 (relating to public
						inspection of records).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 304 - POSTREGISTRATION PROVISIONS › Section 304.022 - Investment adviser required financial reports

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An investment adviser registered under
				  section 301 of the act (70 P.S. §
											1-301) that has custody of client funds or
				  securities or requires prepayment of advisory fees 6 months or more in advance
				  and in excess of $1,200 per client shall file with the Department an audited
				  balance sheet as of the end of its fiscal year with the following conditions:
(1) The balance sheet shall be prepared in
				  accordance with generally accepted accounting principles and contain an
				  unqualified opinion of an independent certified public accountant.
(2) The accountant shall submit, as a
				  supplementary opinion, comments based on the audit as to material inadequacies
				  found to exist in the accounting system, the internal accounting controls and
				  procedures for safeguarding securities and funds, and shall indicate corrective
				  action taken or proposed.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 304 - POSTREGISTRATION PROVISIONS › Section 304.041 - Examinations of broker-dealers and investment advisers

Current through Register Vol. 54, No. 28, July 13, 2024
(a) In the conduct of an examination
				  authorized under section 304(d) of the act (70 P.S. §
											1-304(d)), every
				  broker-dealer and investment adviser registered under the act:
(1) Shall honor all requests by
				  representatives of the Department to have physical access to all areas of the
				  office which is the subject of the examination.
(2) Shall permit the Department to review and
				  examine the files in the physical place where the files routinely are
				  maintained on request.
(3) May
				  accompany the representatives of the Department themselves or through a
				  representative of the broker-dealer or investment adviser.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 304 - POSTREGISTRATION PROVISIONS › Section 304.051 - Broker-dealer compensation

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A
				  broker-dealer registered under the act may not charge or receive commissions or
				  other compensation in connection with the purchase or sale of
				  securities.
(b) The prohibition
				  contained in subsection (a) does not apply if the compensation is:
(1) Fair and reasonable.
(2) Determined on an equitable
				  basis.
(3) Adequately disclosed to
				  each customer in writing at or before final confirmation.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 304 - POSTREGISTRATION PROVISIONS › Section 304.052 - Investment adviser compensation

Current through Register Vol. 54, No. 28, July 13, 2024
No investment adviser registered under the act may charge
					 or receive commissions or other compensation in connection with the giving of
					 investment advice unless the compensation is fair and reasonable and is
					 determined on an equitable basis.
The provisions of this §
												304.052 amended under sections
						304(a), (b) and (e) and 609(a) of the Pennsylvania Securities Act of 1972
						(70
						P. S. §§
													1-304(a), (b) and
						(e) and
						1-609(a)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 304 - POSTREGISTRATION PROVISIONS › Section 304.061 - Free credit balances

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A
				  broker-dealer registered or required to register under the act may not use
				  funds arising out of a free credit balance carried for the account of a
				  customer in connection with the operation of the business of the
				  broker-dealer.
(b) The prohibition
				  contained in subsection (a) does not apply if the broker-dealer has established
				  adequate procedures under which each customer for whom a free credit balance is
				  carried will be given or sent a written statement which:
(1) Informs the customer of the amount due to
				  the customer by the broker-dealer on the date of the statement.
(2) Contains a written notice that:
(i) Funds are not segregated and may be used
				  in the business of the broker-dealer.
(ii) Funds are payable on the demand of the
				  customer.
(iii) Is sent no less
				  than once every 3 months together with or as a part of the customer's statement
				  of account.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 304 - POSTREGISTRATION PROVISIONS › Section 304.071 - Business continuity and succession planning

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An investment adviser registered or
				  required to be registered with the Department shall establish, implement and
				  maintain written procedures relating to a business continuity and succession
				  plan.
(b) The investment adviser
				  shall base the business continuity and succession plan on the facts and
				  circumstances of the investment adviser's business model including the size of
				  the firm, type of services provided and the number of locations of the
				  investment adviser.
(c) The
				  business continuity and succession plan must provide for at least the
				  following:
(1) Protection, backup and
				  recovery of books and records.
(2)
				  Alternate means of communicating notice to customers, key personnel, employees,
				  vendors, regulators and service providers, including third-party custodians,
				  about issues such as:
(i) A significant
				  business interruption.
(ii) The
				  death or unavailability of key personnel.
(iii) Other disruptions or cessation of
				  business activities.
(3)
				  Office relocation if a temporary or permanent loss of a principal place of
				  business occurs.
(4) Assignment of
				  duties to a qualified responsible person if the death or unavailability of key
				  personnel occurs.
(5) Otherwise
				  minimizing service disruptions and client harm that could result from a sudden
				  significant business interruption.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 305 - DENIAL, SUSPENSION, REVOCATION AND CONDITIONING OF REGISTRATION › Section 305.011 - Supervision of agents, investment adviser representatives and employees

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Every
				  broker-dealer and investment adviser registered under section 301 of the act
				  (70
				  P.S. §
											1-301) shall exercise diligent
				  supervision over the securities activities and securities related activities of
				  its agents, investment adviser representatives and employees by:
(1) Establishing and maintaining written
				  procedures and a system for applying and enforcing those written procedures
				  which are reasonably designed to:
(i) Achieve
				  compliance with the act and this title.
(ii) Detect and prevent any violations of
				  statutes, rules, regulations or orders described in any of the following:
(A) Section 305(a)(v) and (ix) of the act
				  (70
				  P.S. §
														1-305(a)(v) and
				  (ix)).
(B) The Conduct Rules of FINRA.
(C) An applicable fair practice or ethical
				  standard promulgated by the Securities and Exchange Commission or by a National
				  securities exchange.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 305 - DENIAL, SUSPENSION, REVOCATION AND CONDITIONING OF REGISTRATION › Section 305.012 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												305.012 amended under sections
						305(a) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P. S.
						§§
													1-305(a) and
						1-609(a)); reserved under
						section 202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 305 - DENIAL, SUSPENSION, REVOCATION AND CONDITIONING OF REGISTRATION › Section 305.019 - Dishonest and unethical practices

Current through Register Vol. 54, No. 28, July 13, 2024
(a) Every person registered under section 301
				  of the act (70 P.S. §
											1-301) is a
				  fiduciary and shall:
(1) Act primarily for
				  the benefit of its customers.
(2)
				  Observe high standards of commercial honor and just and equitable principals of
				  trade in the conduct of their business.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 305 - DENIAL, SUSPENSION, REVOCATION AND CONDITIONING OF REGISTRATION › Section 305.020 - Use of senior specific certifications and professional designations

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
General
				  rule
. The use of a senior specific certification or designation by a
				  person in connection with the offer, sale or purchase of securities, or the
				  provision of advice as to the value of or the advisability of investing in,
				  purchasing or selling securities, either directly or indirectly or through
				  publications or writings, or by issuing or promulgating analyses or reports
				  relating to securities, that indicates or implies that the user has special
				  certification or training in advising or servicing senior citizens or retirees,
				  in a way as to mislead any person is a dishonest and unethical practice in the
				  securities business within the meaning of section 305(a)(ix) of the act
				  (70
				  P.S. §
											1-305(a)(ix)).
(b)
Prohibitions
. The
				  prohibited use of senior specific certification or professional designation
				  includes the use of:
(1) A certification or
				  professional designation by a person who has not actually earned or is
				  otherwise ineligible to use the certification or designation.
(2) A nonexistent or self-conferred
				  certification or professional designation.
(3) A certification or professional
				  designation that indicates or implies a level of occupational qualifications
				  obtained through education, training or experience that the person using the
				  certification or professional designation does not have.
(4) A certification or professional
				  designation that was obtained from a designating or certifying organization to
				  which any of the following applies:
(i) Is
				  primarily engaged in the business of instruction in sales or marketing, or
				  both.
(ii) Does not have reasonable
				  standards or procedures for assuring the competency of its designees or
				  certificants.
(iii) Does not have
				  reasonable standards or procedures for monitoring and disciplining its
				  designees or certificants for improper or unethical conduct.
(iv) Does not have reasonable continuing
				  education requirements for its designees or certificants to maintain the
				  designation or certificate.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart C - Registration of Broker-Dealers, Agents, Investment Advisers and Investment Adviser Representatives and Notice Filings by Federally Covered Advisers › Chapter 305 - DENIAL, SUSPENSION, REVOCATION AND CONDITIONING OF REGISTRATION › Section 305.061 - Withdrawal of registration or notice filing

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
Investment adviser
. To
				  withdraw from registration as an investment adviser registered under section
				  301 of the act (70 P.S. §
											1-301) because
				  the investment adviser has:
(1) Become a
				  Federally covered adviser subject to exclusive registration with the Securities
				  and Exchange Commission, the investment adviser shall file an amendment to the
				  uniform application for investment adviser registration (Form ADV) or successor
				  form thereto with the Department or with IARD.
(2) Stopped transacting business in this
				  Commonwealth as an investment adviser, the investment adviser shall file a
				  notice of withdrawal from registration as an investment adviser form (Form
				  ADV-W) or a successor form with the Department or with IARD.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart D - Fraudulent and Prohibited Practices › Chapter 401 - SALES AND PURCHASES › Section 401.020 - Professional responsibility

Current through Register Vol. 54, No. 28, July 13, 2024
For the purposes of any action or proceeding initiated by
					 the Department, under
					 2
					 Pa.C.S. §
											503 (relating to discipline),
					 1 Pa. Code §
										31.28 (relating to suspension and
					 disbarment) or under any other applicable rules of practice adopted by the
					 Department, the phrase "act, practice or course of business" as used in this
					 chapter shall include a statement, opinion, report or service by an attorney,
					 accountant, engineer, appraiser or other professional person who examines,
					 gives or produces a statement, opinion, report or service if the professional
					 person knew or in the exercise of reasonable care should have known that the
					 statement, opinion, report or service materially aided or abetted a violation
					 of the act or the regulations adopted thereunder.
The provisions of this §
												401.020 amended under section
						202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
This section cited in 10 Pa. Code §
												609.010 (relating to use of
						prospective financial statements).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart D - Fraudulent and Prohibited Practices › Chapter 401 - SALES AND PURCHASES › Section 401.030 - Underwriting commitment letters and letters of intent

Current through Register Vol. 54, No. 28, July 13, 2024
(a) It shall be unlawful for any person to
				  circulate, quote, present, publish or otherwise use any underwriting commitment
				  letter, letter of intent to underwrite, or other document evidencing the
				  present or future intent of any person to underwrite or otherwise conduct a
				  public offering of securities, whether presently or in the future, on behalf of
				  any issuer when such circulation, quotation, presentation, publication or other
				  use is intended to fraudulently induce prospective public investors to purchase
				  the securities of that issuer or any related issuer, except that this section
				  shall not be applicable to customary disclosures to institutional investors or
				  to the employes of a commercial bank or other financial institution for the
				  purpose of the issuer's obtaining financing from such institution or to
				  disclosures among underwriters or prospective members of an underwriting
				  group.
(b) Nothing in subsection
				  (a) shall be deemed to prevent the normal disclosure of an underwriting
				  agreement in a prospectus issued pursuant to a registration statement under the
				  Securities Act of 1933 (15
				  U.S.C.A. §§
											77a-77z-3), or this
				  act.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart D - Fraudulent and Prohibited Practices › Chapter 404 - PROHIBITED ACTIVITIES; INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 404.011 - Investment adviser brochure disclosure

Current through Register Vol. 54, No. 28, July 13, 2024
(a) An investment adviser's failure to
				  provide an advisory client or prospective advisory client with the disclosure
				  required under this section shall constitute a fraudulent, deceptive or
				  manipulative act, practice or course of business, within the meaning of section
				  404 of the act (70 P.S. §
											1-404).
(b) An investment adviser registered under
				  section 301 of the act (70 P.S. §
											1-301) shall offer and deliver to each client
				  and prospective client a current firm brochure and one or more supplements as
				  required under this section which must contain the information required under
				  Part 2 of Form ADV (17 CFR
				  279.1) (relating to Form ADV, for application
				  for registration of investment adviser and for amendments to such registration
				  statement).
(c) An investment
				  adviser shall deliver to each client and prospective client all of the
				  following:
(1) A current firm
				  brochure.
(2) The current brochure
				  supplements for each investment adviser representative who will provide
				  advisory services to a client.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart D - Fraudulent and Prohibited Practices › Chapter 404 - PROHIBITED ACTIVITIES; INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES › Section 404.013 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												404.013 issued under sections
						404(a) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S.
						§§
													1-404(a) and
						1-609(a)); reserved under
						section 202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart E - Enforcement › Chapter 501 - CIVIL LIABILITIES › Section 501.011 - Criminal referrals

Current through Register Vol. 54, No. 28, July 13, 2024
(a) The
				  Department may:
(1) Take action as it
				  considers necessary to institute a prosecution or obtain a conviction for
				  offenses as set forth in section 511 of the act (70 P.S. §
												1-511).
(2) Refer the evidence as is available
				  concerning any violation of the act or of any rule or order thereunder or any
				  other applicable statute to the appropriate authorities, Federal and State, who
				  may, with or without the reference, institute appropriate criminal
				  proceedings.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart E - Enforcement › Chapter 504 - TIME LIMITATIONS ON RIGHTS OF ACTION › Section 504.060 - Rescission offers

Current through Register Vol. 54, No. 28, July 13, 2024
(a) A person
				  proposing to make an offer under section 504(d) or (e) of the act
				  (70
				  P.S. §
											1-504(d) and
				  (e)) shall follow the procedure for the
				  registration of securities by qualification, as described in sections 206 and
				  207 of the act (70 P.S. §§
											1-206
				  and 1-207).
(1) The forms required to be filed and time
				  periods for Department action are those applicable to registration by
				  qualification and a person shall note at the top of Form R that the offer is a
				  rescission offer.
(2) The
				  Department may, on petition by the proposed offeror, waive or modify any
				  requirement for the registration if it finds the requirement burdensome and not
				  necessary for the protection of investors.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart E - Enforcement › Chapter 513 - RESCISSION ORDERS › Section 513.010 - Rescission orders

Current through Register Vol. 54, No. 28, July 13, 2024
When the Department, under section 513 of the act
					 (70
					 P.S. §
											1-513), orders an issuer or
					 control person of an issuer to effect a rescission offer, the rescission offer
					 shall be effected in accordance with §
										504.060(a)
					 (relating to rescission offers) unless the Department, by order, otherwise
					 requires.
The provisions of this §
												513.010 amended under section
						202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 601 - ADMINISTRATION › Section 601.010 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												601.010 reserved under section
						202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 601 - ADMINISTRATION › Section 601.020 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												601.020 reserved under section
						202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 601 - ADMINISTRATION › Section 601.030 - Access to confidential information

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
General rule
. The
				  Department may, on a showing that the information is needed, provide
				  confidential information in its possession to any of the following persons if
				  the person receiving the confidential information provides assurances of
				  confidentiality as the Department considers appropriate:
(1) A Federal, state, local or foreign
				  government or any political subdivision, authority, agency or instrumentality
				  of the government.
(2) A
				  self-regulatory organization.
(3) A
				  foreign financial regulatory authority as defined in section 3(a)(52) of the
				  Securities Exchange Act of 1934 (15 U.S.C.A. §
												78c(a)(52)).
(4) The Securities Investor Protection
				  Corporation or any trustee or counsel for a trustee appointed under section
				  5(b) of the Securities Investor Protection Act of 1970 (15 U.S.C.A. §
												78ee e(b)).
(5) A trustee in bankruptcy.
(6) A trustee, receiver, master, special
				  counsel or other person that is appointed by a court of competent jurisdiction
				  or as a result of an agreement between the parties in connection with
				  litigation or an administrative proceeding involving allegations of violations
				  of the act, if the trustee, receiver, master, special counsel or other person
				  is specifically designated to perform particular functions with respect to, or
				  as a result of, the litigation or proceeding or in connection with the
				  administration and enforcement by the Department of the act.
(7) A duly authorized agent, employee or
				  representative of any of the persons listed in this
				  subsection.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 602 - RESERVED › Section 602.022 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												602.022 amended under sections
						203(d), (o) and (p), 205, 206, 301, 303, 504, 603(a) and 609 of the
						Pennsylvania Securities Act of 1972 (70 P.S. §§
													1-203(d), (o) and (p),
						1-205,
						1-206,
						1-301,
						1-303,
						1-504,
						1-603(a) and 1-609); and
						section 4 of the Takeover Disclosure Law (70 P.S. §
													74); reserved under section 202.C of the
						Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 602 - RESERVED › Section 602.060 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												602.060 amended under sections
						602(f) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P. S.
						§§
													1-602(f) and
						1-609(a)); reserved under
						section 202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 603 - ADMINISTRATIVE FILES › Section 603.011 - Filing requirements

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				  Except as set forth in subsection (f), documents and other communications to be
				  filed with the Department shall be filed in the Harrisburg office of the
				  Department.
(b) If mailed, all
				  documents and communications shall be sent registered or certified mail,
				  postage prepaid, return receipt requested.
(c) The Department will consider a completed
				  and properly executed document or communication to be filed on
				  receipt.
(d) Unless the filings and
				  request are accompanied by the required fees or charges as provided by the act
				  and this section, the Department will not:
(1)
				  Accept for filing a notice, statement, form or other document.
(2) Grant a request for copies of
				  documents.
(3) Take
				  action.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 603 - ADMINISTRATIVE FILES › Section 603.031 - Public inspection of records

Current through Register Vol. 54, No. 28, July 13, 2024
(a) During the regular business hours of the
				  Department, members of the public may, on written request to do so, inspect at
				  the Department's Harrisburg office documents which are public records. The
				  written request required under this subsection must set forth the public
				  records to be inspected.
(b) The
				  Department may withhold from public inspection those records which it
				  determines are excluded from the definition of "public records" in section 102
				  of the Right-to-Know Law (65 P.S. §
											67.102), and any successor statute.
(c) A request for the confidential treatment
				  of information contained in a statement, application, notice or report
				  submitted to the Department may accompany the statement, application, notice or
				  report and specify the reasons for the request.
(1) Material which is the subject of the
				  request should be separated from other parts of the filing.
(2) On proper showing, the Department will
				  treat as confidential the material which is the subject of the
				  request.
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 603 - ADMINISTRATIVE FILES › Section 603.040 - Charges for Department services

Current through Register Vol. 54, No. 28, July 13, 2024
The following fees will be charged by the Department and
					 remitted to the General Fund of the Commonwealth:
(1) Photocopies of documents on file with the
				  Department-50¢ per page.
(2)
				  Certification of documents on file with the Department-$5 per
				  certification.
(3) Facsimile
				  transmission of copies of documents on file with the Department-$2 per
				  page.
The provisions of this §
												603.040 issued under sections
						603(d) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S.
						§§
													1-603(d) and
						1-609(a)); amended under
						section 202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 604 - RESERVED › Section 604.010 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												604.010 reserved under section
						202.C of the Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 604 - RESERVED › Section 604.011 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												604.011 issued under section 604
						of the Pennsylvania Securities Act of 1972 (70 P.S. §
													1-604); reserved under section 202.C of the
						Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 604 - RESERVED › Section 604.012 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												604.012 issued under section 604
						of the Pennsylvania Securities Act of 1972 (70 P.S. §
													1-604); reserved under section 202.C of the
						Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).
Pennsylvania Code › Title 10 - BANKING AND SECURITIES › Part VII - Securities › Subpart F - Administration › Chapter 604 - RESERVED › Section 604.016 - Reserved

Current through Register Vol. 54, No. 28, July 13, 2024
The provisions of this §
												604.016 amended under sections
						203(d), (o) and (p), 205, 206, 301, 303, 504, 603(a) and 609 of the
						Pennsylvania Securities Act of 1972 (70 P.S. §§
													1-203(d), (o) and (p),
						1-205,
						1-206,
						1-301,
						1-303,
						1-504,
						1-603(a) and 1-609); and
						section 4 of the Takeover Disclosure Law (70 P.S. §
													74); reserved under section 202.C of the
						Department of Banking and Securities Code (71 P.S. §
													733-202.C); section 609(a) of the
						Pennsylvania Securities Act of 1972 (70 P.S. §
													1-609(a)); and section 9(b)
						of the Takeover Disclosure Law (70 P.S. §
													79(b)).