Rule 590-4-5-.11. Broker-Dealer Post-Registration Requirements

Financial Requirements. Any broker-dealer that is not registered with the SEC, is not a member of FINRA, or is not a member of any national securities exchange registered with the SEC must have sufficient assets to meet its obligations as they mature. A broker-dealer will be considered to have sufficient assets to meet its obligations as they mature if: (a) In the case of a broker-dealer who proposes to buy and sell securities or hold securities for the account of customers: 1. Has not less than $15,000 net worth and not less than $15,000 in liquid assets; or 2. Is subject to, and in compliance with, the net capital rules of the SEC; or 3. Is exempt from the net capital rules of the SEC by virtue of membership in an exchange and is in compliance with the net capital rules of the exchange; (b) In the case of a broker-dealer who proposes only to sell securities and will not hold securities for the account of customers, has not less than $5,000 net worth and not less than $5,000 in liquid assets. Cite as Ga. Comp. R. & Regs. R. 590-4-5-.11
Authority: O.C.G.A. Secs. 10-5-40, 10-5-70, 10-5-74.
History. Original Rule entitled "Broker-Dealer Post-Registration Requirements" adopted. F. Nov. 18, 2011; eff. Dec. 8, 2011.