- (a) Capital requirements for broker-dealer — General requirement. All broker-dealers registered under the Arkansas Securities Act, Arkansas Code § 23-41-101 et seq., shall at all times have and maintain net capital of no less than the required amount for each broker-dealer as established by United States Securities and Exchange Commission rule 17 C.F.R § 240.15c3-1, promulgated pursuant to the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., which is hereby incorporated by reference.
(b) Capital requirements for investment advisers.
- (1) Except as otherwise provided in the Arkansas Securities Act or in this part, each registered investment adviser shall at all times have and maintain not less than the minimum net capital required by Arkansas Code § 23-42-303(a) of the Arkansas Securities Act.
- (2) Net capital for purposes of this subsection shall mean the net worth of an applicant or registrant calculated in accordance with generally accepted accounting principles.
- (3) The provisions of this section shall not apply to an investment adviser whose principal place of business is located in a state other than Arkansas, provided that the investment adviser is registered or licensed as an investment adviser in that state and is in compliance with the net capital requirements of that state.