Texas Vernon's Texas Civil Statutes - Article 581-13. Method And Condition Of Registration Required For Dealer, Agent, Investment Adviser, Or Investment Adviser Representative
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Art. 581-13. METHOD AND CONDITION OF REGISTRATION REQUIRED
FOR DEALER, AGENT, INVESTMENT ADVISER, OR INVESTMENT ADVISER
REPRESENTATIVE. A. A dealer or investment adviser to be registered
must submit a sworn application therefor to the Commissioner, which
shall be in such form as the Commissioner may determine and which
shall state:
(1) The principal place of business of the applicant
wherever situated;
(2) The location of the principal place of business and all
branch offices in this state, if any;
(3) The name or style of doing business and the address of
the applicant;
(4) The names, residences and the business addresses of all
persons interested in the business as principal, officer, director
or managing agent, specified as to each his capacity and title; and
(5) The general plan and character of business of such
applicant and the length of time during and the places at which the
applicant has been engaged in the business.
B. An application filed by a dealer or investment adviser
shall also contain such additional information as to the
applicant's previous history, record, associations and present
financial condition as may be required by the Commissioner, or as is
necessary to enable the Commissioner to determine whether the sale
of any securities proposed to be issued or dealt in by such
applicant would result in fraud.
C. Each application shall be accompanied by certificates or
other evidences satisfactory to the Commissioner establishing the
good reputation of the applicant, his directors, officers,
copartners or principals.
D. The Commissioner shall require as a condition of
registration for all registrations granted after the effective date
of this Subsection D that the applicant (and, in the case of a
corporation or partnership, the officers, directors or partners to
be licensed by the applicant) pass successfully a written
examination to determine the applicant's qualifications and
competency to engage in the business of dealing in and selling
securities as a dealer or agent, or rendering services as an
investment adviser or investment adviser representative. This
condition may be waived as to any applicant or class of applicants
by action of the State Securities Board.
E. Not later than the 30th day after the date a person takes a
registration examination under this Act, the Board shall notify the
person of the results of the examination. If the examination is
graded or reviewed by a testing service:
(1) the Board shall notify the person of the results of the
examination not later than the 14th day after the date the Board
receives the results from the testing service; and
(2) if notice of the examination results will be delayed for
longer than 90 days after the examination date, the Board shall
notify the person of the reason for the delay before the 90th day.
F. The Board may require a testing service to notify a person
of the results of the person's examination. If requested in writing
by a person who fails a registration examination administered under
this Act, the Board shall furnish the person with an analysis of the
person's performance on the examination.
G. If the applicant is a corporation organized under the laws
of any other state or territory or government or shall have its
principal place of business therein, it shall accompany the
application with a copy of its Articles of Incorporation and all
amendments thereto, certified by the proper officer of such state
or government or of the corporation, and its regulations and by
laws.
H. If a limited partnership, either a copy of its Articles of
Copartnership or a verified statement of the plan of doing
business.
I. If an unincorporated association or organization under the
laws of any other state, territory or government, or having its
principal place of business therein, a copy of its Articles of
Association, Trust Agreement or other form of organization.
J. It shall be the duty of the Commissioner to prepare a
proper form to be used by the applicant under the terms of this
Section, and the Commissioner shall furnish copies thereof to all
persons desiring to make application to be registered as a dealer or
investment adviser.
K. The Commissioner may accept some or all of the
examinations administered by securities self-regulatory
organizations to fulfill the examination requirements of
Subsection D.
Acts 1957, 55th Leg., p. 575, ch. 269, Sec. 13; Acts 1963, 58th
Leg., p. 473, ch. 170, Sec. 9.
Amended by Acts 1983, 68th Leg., p. 2688, ch. 465, Sec. 1, eff.
Sept. 1, 1983; Subsec. K amended by Acts 1995, 74th Leg., ch. 228,
Sec. 8, eff. Sept. 1, 1995. Amended by Acts 2001, 77th Leg., ch.
1091, Sec. 2.10, eff. Sept. 1, 2001.
Article: 581-8 581-9 581-10 581-10-1 581-11 581-12 581-12-1 581-13 581-13-1 581-14 581-15 581-17 581-18 581-19 581-20
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Last modified: August 10, 2007
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