Delaware Securities Act
Statutory Authority: 6 Delaware Code,Sections 7325(b) (6 Del. C. §7325(b))
600 Registration of Broker-Dealers
Order Adopting Rules and Regulations Pursuant to the Delaware Securities Act
On April 1, 2003, the Division of Securities of the Delaware Department of Justice (“Division”) published in the Delaware Register of Regulations proposed revisions to the Rules and Regulations Pursuant to the Delaware Securities Act. The proposed revisions were held open for public comment until May 1, 2003.
Summary of Evidence and Information Submitted
During the thirty day comment period, no evidence or information was provided to the Division regarding the proposed revisions.
Findings of Fact
The Commissioner determines that the adoption of the proposed revisions to the Rules and Regulations Pursuant to the Delaware Securities Act is appropriate.
Decision to Adopt the Proposed Revisions
Wherefore, It is Hereby Ordered, pursuant to 6 Del.C. 7325 and 29 Del.C. 10118, the the proposed revisions to the Rules and Regulations Pursuant to the Delaware Securities Act, in the form attached hereto as Exhibit A, are adopted to be effective ten (10) days following publication of this order in the Delaware Register of Regulations.
SO ORDERED THIS 9TH DAY OF JULY, 2003.
James B. Ropp, Securities Commissioner
Part F. Broker-Dealers, Broker-Dealer Agents, and Issuer Agents
§600 Registration of Broker-Dealers
(a) A person applying for a license as a broker-dealer in Delaware shall make application for such license on Form BD (Uniform Application for Broker-Dealer Registration). Amendments to such applications shall also be made on Form BD.
(b) An applicant who is registered or registering under the Securities Exchange Act of 1934 shall file its application, together with the fee required by Section 7314 of the Act, with the NASD Central Registration Depository ("CRD") and shall file with the Commissioner such other information as the Commissioner may reasonably require.
(c) An applicant who is not registered or registering under the Securities Exchange Act of 1934 shall file its application; the fee required by Section 7314 of the Act; and an audited financial statement prepared in accordance with 17 C.F.R. §240.17a-5(d) with the Commissioner, together with such other information as the Commissioner may reasonably require.
(d) A broker-dealer registered with the Commissioner shall register at least one agent] with the Commissioner. Except for a broker-dealer that is a sole proprietorship or the substantial equivalent, a broker-dealer registered with the Commissioner shall register with the Commissioner at least on broker-dealer agent.
(e) Registration expires at the end of the calendar year. Any broker-dealer may renew its registration by filing with the NASD CRD, or with the Commissioner in the case of a broker-dealer not registered under the Securities Exchange Act of 1934, such information as is required by the NASD, together with the fee required by Section 7314 of the Act.
1 DE Reg 1978 (6/1/98)