Broker-dealer/Agent Registration Requirements

(1) Registration Expiration Date. Every registration of a broker-dealer, agent, investment adviser, investment adviser representative, or issuer-agent expires on the last day of the calendar year, unless renewed or terminated at an earlier date. (2) Prohibition Against Dual Registration. No person may be registered concurrently as an agent of more than one broker-dealer or issuer. The Director may waive this requirement if he or she determines that it would not interfere with effective supervision of the agent by the broker- dealer or issuer and it is in the public interest. (3) Boston Stock Exchange. (Reserved) (4) Automatic Registration as Agent for Executive Officers, Directors or Partners. Each executive officer, director, partner, or a person occupying a similar status performing similar functions is presumed to be acting as an agent and thus registered automatically, pursuant to M.G.L. c. 110A, § 202(a), when the broker-dealer is registered. If any such person does not desire automatic registration because he or she does not meet the definition of an agent, he or she must file with the Division an affidavit stating that he performs no activity for the broker-dealer that would require him or her to register as an agent. (5) Scope of Activity Permitted by Registration. A broker-dealer’s registration permits only such activity in types of business indicated on the Form BD, unless such activity constitutes 1% or less of the broker-dealer’s revenue from its securities business. An agent’s registration permits only activity that is conducted within the scope of the agency relationship, and activity for which the appropriate examination has been passed. Any activity that occurs outside of that permitted by the registration, shall be considered in violation of M.G.L. c. 110A, § 201(a), unless the person is separately registered or appropriately exempt to conduct such activity.