13 CRR-NY 10.2NY-CRR

OFFICIAL COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 13. DEPARTMENT OF LAW
CHAPTER II. SECURITIES TRANSACTIONS AND PERSONNEL
SUBCHAPTER A. SECURITIES—GENERAL
PART 10. BROKERS, DEALERS AND SALESPERSONS
13 CRR-NY 10.2
13 CRR-NY 10.2
10.2 Central registration for NASD member broker-dealers and salespersons of NASD members.
(a) All broker-dealers who are members of, or have applied for membership in, the National Association of Securities Dealers, Inc. shall file initial broker-dealer registrations directly within the Central Registration Depository (CRD) system.
(b) A salesperson employed by a firm that is a member of the National Association of Securities Dealers, Inc. and engaged in the sale of securities in the State of New York, shall file forms U-4 and U-5 through the Central Registration Depository system.
(c) The Central Registration Depository system shall be maintained by NASDAQ, Inc., a subsidiary of the National Association of Securities Dealers, Inc., pursuant to an agreement with, and under the guidelines established by, the North American Securities Administrators Association, Inc. The alternative method of filing set forth in General Business Law, section 359-e.13, and this Part shall be in effect so long as the Department of Law of the State of New York is a participant in the Central Registration Depository system.
(d) Filings through the Central Registration Depository shall be made on an annual basis for a period ending on the 31st day of December following the date of filing. The registration of an NASD member broker-dealer who has filed with the Department of Law on form M-1 or form B- D prior to December 31, 1984, expires on December 31, 1984. The CRD broker-dealer and salesperson renewal invoice will go out to firms on December 1, 1984 and renewal fees for the State of New York will be required to be paid through the NASD. No refund of fees previously paid to the Department of Law shall be made. All previously filed broker-dealer statements due to be renewed during the period of October 4, 1984 through December 30, 1984 shall continue to be effective for a period of 90 days following the expiration date, or until December 31, 1984, whichever shall come first.
(e) Filings through the Central Registration Depository system shall be forwarded to Membership Department, National Association of Securities Dealers, Inc., 1735 K Street NW, Washington, DC 20006, with appropriate fees. Checks for filings through the Central Registration Depository system shall be made payable to the National Association of Securities Dealers, Inc. These fees shall be known as in lieu filing fees. Only current forms U-4 and U-5 will be accepted for filing by the CRD to register, amend information or terminate a salesperson's registration. Only current forms BD and BDW, or any other form agreed to and in use by the CRD, will be accepted for filing by the CRD to register, amend information or terminate a broker-dealer registration.
(f) The annual fee for filing a form B-D under the alternative system is $200. The annual fee represents one-fourth the statutory fee, General Business Law, section 359-e.5, effective April 1, 1989. The initial fee for filing a form U-4 is $45, which initial fee represents one-fourth the statutory fee of $100, General Business Law, section 359-e.5, and $20 which covers the required fee for broker-dealer supplemental statements pursuant to this Part. Thereafter, the annual salesperson renewal fee will be $25 which represents one-fourth the current statutory fee of $100. Although filings shall be made by the firm on behalf of the securities salespersons, nothing in this procedure shall relieve the individual salesperson of any responsibility or liability under article 23-A of the General Business Law.
(g) Any person, including but not limited to any partner, officer, director or other principal of the broker-dealer who is not listed on the new form B-D and who shall act as a salesperson, shall register as a salesperson with the CRD on form U-4. Any person who was registered with the State of New York as a partner, officer, director, principal or salesperson between September 26, 1981 and September 26, 1983 shall not be required to take the examination as required by General Business Law, section 359-e.3(b).
(h) Filings made through the Central Registration Depository system shall be reviewed for completeness and accuracy by the Central Registration Depository system. The Department of Law may designate to the Central Registration Depository system the method of approval of applications for New York registration either by automatic approval by the Central Registration Depository, for those applications that meet all existing qualifications and edit criteria, or by individual approval of such applications on a case-by-case basis by the Department of Law. Firms submitting the filings shall be notified of deficiencies and required to correct same. Failure to correct any deficiencies on any form U-4 (salesperson's registration) within 180 days from receipt by the Central Registration Depository will result in the withdrawal of the application and will require a completely new filing. No refunds will be made for filings that are withdrawn either on a voluntary basis or as a result of the failure to correct deficiencies. All fees associated with filings made to the Central Registration Depository system will be promptly remitted to the Department of Law.
13 CRR-NY 10.2
Current through March 15, 2020
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