A surety bond, as required by Arkansas Code § 23-42-305 of the Arkansas Securities Act, Arkansas Code § 23-42-101 et seq., for a registered broker-dealer, investment adviser, or agent of the issuer shall be maintained and in effect at all times as follows:

1. (1) A broker-dealer shall satisfy the fidelity bond requirements imposed by FINRA;

2. (2)

   1. (A) An investment adviser that has custody of customer funds or securities shall have a surety bond in the amount of fifty thousand dollars ($50,000).
   2. (B) An investment adviser that has custody solely due to direct fee deduction and that complies with the terms described under 23 CAR § 300-309(b)(2)(C)(i) – (iii) and related books and records requirements, shall not be required to comply with this bonding requirement; and
3. (3) An agent of the issuer shall maintain a surety bond in the amount of twenty-five thousand dollars ($25,000).