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Broker-dealer Registration Applications only Considered "Filed" When Automatic Registration of Agents is Complete

By Jim Hamilton

Broker-dealer registration applications are not considered "filed" in Massachusetts until the broker-dealer applicants have, in addition to complying with other conditions, either: (1) automatically registered any agent who is a partner, officer or director, or a person occupying a similar status or performing similar functions; or (2) waived automatic registration for any person not seeking automatic registration by submitting a duly executed affidavit in a form approved by the Securities Division.

The affidavit can be found at http://www.state.ma.us/sec/. Once there, click on Securities Division followed by Licensing and Registration and go to Forms at the bottom of this section. For the policy statement, after clicking on Securities Division go to other topics (the last of the four boldface headings in the list) and click on policy statements.

Full post as published by Jim Hamilton's World of Securities Regulation on February 24, 2011 (boomark / email).