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Securities & Investment Regulation
OTHER PFR AGENCIES
Maine.gov> PFR Home > Securities Home Page > Instructions for NASD Broker-Dealer and Agent Licensing
Instructions for FINRA Broker-Dealer and Agent Licensing
On December 31, 2005, a new statute, the Maine Uniform Securities Act (the "Act"), took effect and replaced existing state securities law. The adoption of the new Act required the State of Maine Office of Securities (the "Office") to promulgate new rules and to amend or repeal its existing rules, which also took effect on December 31, 2005.
Chapter 504: Broker-Dealer and Agent Licensing is a new rule that outlines the licensing procedures and other requirements for broker-dealers and agents licensed with the Office.
The following information outlines basic instructions for NASD broker-dealer and agent licensing.
Application for Licensure
Initial application. The application for initial licensure pursuant to Section 16406(1) of the Act shall be made by a broker-dealer completing Form BD or an agent completing Form U4, in accordance with the form instructions, and by filing the form with the Central Registration Depository (the"CRD").
Completion of filing. An application for initial licensure or a renewal is not considered filed for purposes of Section 16406 of the Act until all required forms have been completed and filed, all required fees have been paid, and all additional information and records requested by the administrator under Section 16406 have been received.
Agent Examination Requirements
Rule Chapter 504 requires that every individual applicant for a license shall take and pass:
A licensed agent who has passed only one or more of FINRA's limited representative examinations shall be deemed to be licensed in Maine only for those business activities for which those examinations would qualify the agent under FINRA rules, and it shall be unlawful for that person to effect any other securities transactions in Maine as an agent.
Requirements Inapplicable To Currently Licensed Agents
Agent Training Required Prior to Licensing
Change in Ownership or Control
Rule Chapter 511: Change of Ownership or Control of a Broker-Dealer or Investment Adviser may require broker-dealers to file a new licensing application when their ownership or control changes substantially. This chapter requires a new application when the ownership or control of a broker-dealer has changed by more than 45% within a 10-year period. Please review the full text of the rule to determine applicability and for specific filing requirements.
Registration as a foreign corporation is not a condition imposed by the Maine Uniform Securities Act for licensing as a broker-dealer. However, as a foreign corporation you may be subject to registration with the Secretary of State. Any questions concerning foreign corporation registration should be directed to:
Secretary of State
Questions related to broker-dealer and agent licensing should be directed to Billie-Jo Pyska. Questions related to the agent training seminar should be directed to Dana Faucher. MAINE OFFICE OF SECURITIES Tel: (207) 624-8551
Other Links and Telephone Numbers
U.S. Securities and Exchange Commission (SEC)
North American Securities Administrators Association, Inc. (NASAA)
Last Updated: January 11, 2013
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