Delaware Securities Act
Order Adopting Rules and Regulations Pursuant to the Delaware Securities Act
Registration of Broker-Dealer Agents
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
§601 Registration of Broker-Dealer Agents
(a) A person applying for a license as a broker-dealer agent in Delaware shall make application for such license on Form U-4 (Uniform Application for Securities Industry Registration or Transfer). Amendments to such application shall also be made on Form U-4.
(b) An applicant for registration as an agent for a broker-dealer that is a member of the NASD shall file his or her application, together with the fee required by Section 7314 of the Act, with the NASD CRD and shall file with the Commissioner such other information as the Commissioner may reasonably require.
(c) Any applicant for registration as an agent for a broker-dealer that is not an NASD member shall file his or her application, together with the fee required by Section 7314 of the Act, with the Commissioner, together with such other information as the Commissioner may reasonably require.
(d) Any applicant for a broker-dealer agent license must also successfully complete the Uniform Securities Agent State Law Examination (Series 63 or 66) administered by the NASD. The Commissioner may waive the exam requirement upon good cause shown.
(e) (d) Registration expires at the end of the calendar year. Any broker-dealer agent may renew its registration by filing with the NASD CRD, or with the Commissioner in the case of a broker-dealer agent employed by 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)