Michigan Compiled Laws 551-2008-4 Article 4 Broker-dealers, Agents, Investment Advisers, Investment Adviser Representatives, And Federal Covered Investment Advisers (451.2401...451.2413)

• Section 451.2401 Broker-dealer Registration; Requirements; Exemptions; Limitation On Employment Or Association; Employment Or Association With Certain Individuals Prohibited; Rule Or Order.
  (1) A person shall not transact business in this state as a broker-dealer unless the person is registered under this act as a broker-dealer...
• Section 451.2402 Agent Registration; Requirements; Exemptions; Employment Or Association; Acting As Agent For More Than 1 Broker-dealer Or Issuer; Exception.
  (1) An individual shall not transact business in this state as an agent unless the individual is registered under this act as an agent...
• Section 451.2403 Investment Advisor Registration; Requirements; Exemptions; Employment Or Association With Certain Individuals Prohibited; Exception.
  (1) A person shall not transact business in this state as an investment adviser unless the person is registered under this act as an...
• Section 451.2404 Investment Advisor Representative; Registration; Requirements; Exemption; Employment Or Association; Transacting Business For More Than 1 Investment Adviser; Referral Fees.
  (1) An individual shall not transact business in this state as an investment adviser representative unless the individual is registered under this act as...
• Section 451.2405 Federal Covered Investment Adviser; Filing Requirements; Exceptions; Notice; Effectiveness Of Filing.
  (1) Except with respect to a federal covered investment adviser described in subsection (2), a federal covered investment adviser shall not transact business in...
• Section 451.2406 Registration By Broker-dealer, Agent, Investment Adviser, Or Investment Adviser Representative; Application; Fee; Correcting Amendment; Effectiveness Of Registration; Renewal; Other Conditions Or Waivers.
  (1) A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service...
• Section 451.2407 Succession Or Change In Registration Of Broker-dealer Or Investment Adviser; Change In Organization, Name, Or Control.
  (1) A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice filing of a...
• Section 451.2408 Termination Of Employment Or Association Of Agent And Investment Adviser Representative; Notice; Other Employment Or Association; Withdrawal Of Temporary Registration; Power Of Administrator To Prevent Transfer; Cancellation Or Termination Of Registration Or Application; Reinstatement.
  (1) If an agent registered under this act terminates employment by or association with a broker-dealer or issuer, or if an investment adviser representative...
• Section 451.2409 Withdrawal Of Registration By Broker-dealer, Agent, Investment Adviser, Or Investment Adviser Representative.
  Withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative is effective 60 days after an application to withdraw is filed...
• Section 451.2410 Filing Fees.
  (1) Before October 1, 2019, a person shall pay a fee of $300.00 when initially filing an application for registration as a broker-dealer and...
• Section 451.2411 Financial Requirements; Reports; Records; Audits Or Inspections; Custody And Discretionary Authority Bond Or Insurance; Furnishing Information To Clients; Continuing Education.
  (1) Subject to section 15(h) of the securities act of 1934, 15 USC 78o, or section 222 of the investment advisers act of 1940,...
• Section 451.2412 Denial, Revocation, Suspension, Withdrawal, Restriction, Condition, Or Limitation Of Registration; Discipline; Examination; Summary Actions; Liability Of Control Person; Limitation On Proceeding.
  (1) If the administrator finds that the order is in the public interest and subsection (4) authorizes the action, an order under this act...
• Section 451.2413 Broker-dealer Acting As Finder; Prohibited Conduct.
  A broker-dealer acting as a finder shall not do any of the following: (a) Take possession of funds or securities in connection with the...

Last modified: October 10, 2016