1. A. Scope. This regulation governs applications for initial registration as a broker-dealer in Maryland.

2. B. National Association of Securities Dealers (NASD) Members. An applicant that is already a member of, or has applied for membership in, the NASD shall:

   1. (1) File with the Central Registration Depository System (CRD) the information required by Form BD (Uniform Application for Broker-Dealer Registration) and the fee required by the Maryland Securities Act, Corporations and Associations Article, §11-407, Annotated Code of Maryland; and
   2. (2) File with the Commissioner other information the Commissioner may reasonably require.

3. C. Non-NASD Members.

   1. (1) An applicant that is not a member of, or has not applied for membership in, the NASD shall file with the Commissioner an application upon Form BD (Uniform Application for Broker-Dealer Registration).

   2. (2) The application shall contain:

      1. (a) A financial statement prepared in accordance with 17 CFR §240.17a-5(d) (SEC Rule 17a-5(d), Annual Filing of Audited Financial Statements), which is incorporated by reference, as of a date within 90 days of the date on which the statement is filed;
      2. (b) If the applicant is a corporation, a resolution authorizing the filing of the application;
      3. (c) The fee required by the Maryland Securities Act, Corporations and Associations Article, §11-407, Annotated Code of Maryland;
      4. (d) A statement or certificate showing compliance with, or exemption from, the examination requirement of Regulation .06 of this chapter; and
      5. (e) Other information the Commissioner may reasonably require.

4. D. Completion of Filing. An application for initial registration as a broker-dealer is not considered filed for purposes of the Maryland Securities Act, Corporations and Associations Article, §11-405, Annotated Code of Maryland, until:

   1. (1) The applicant has complied with the examination requirement of Regulation .06 of this chapter;
   2. (2) The required fee and all required submissions have been received by the Commissioner;
   3. (3) If the applicant is seeking membership in the NASD, the applicant is approved as a member of the NASD; and
   4. (4) The applicant has submitted any other information the Commissioner has requested.

Authority: Corporations and Associations Article, §11-203, Annotated Code of Maryland

Effective date: June 1, 19652

Regulations .01—.06 and new Regulations .01—.10 adopted effective January 17, 1994 (21:1 Md. R. 26)

Regulation .01B, D amended effective June 15, 1998 (25:12 Md. R. 944)

Regulation .04B, D amended effective June 15, 1998 (25:12 Md. R. 944)

Regulation .08B, C amended effective June 15, 1998 (25:12 Md. R. 944)