PURPOSE: This rule prescribes the information to be contained in, and the documents to accompany applications for registration as broker-dealer, broker-dealer agent, issuer agent, investment adviser, and investment adviser representative, and the notice filing requirement for federal covered investment advisers. (1) Broker-Dealer Application. The application for registration as broker-dealer shall contain the information outlined in section 409.202(a) of the Act and in this rule. National Association of Securities Dealers (NASD) members must file applications in accordance with the guidelines of the Central Registration Depository (CRD) System.

1. (A) Initial Registration. The following shall be included in an initial application for registration:

   1. 1. Form BD;
   2. 2. Form SBD-1, the Broker-Dealer Affi-

davit;

1. 3. If an NASD member, the most recent

audited financial statements or Form X-17A- 5 FOCUS Report;

1. 4. If not an NASD member, the most

recent certified financial statements;

1. 5. Designation of at least one (1) broker-

dealer agent to be registered in Missouri; and

1. 6. Payment of the filing fee.

2. (B) Renewal Registration. The following shall be submitted in a renewal application: 15 CSR 30-51

   1. 1. If an NASD member, broker-dealer

must submit payment of the filing fee.

1. 2. If not an NASD member, broker-

dealer must submit:

1. A. The execution page of the Form

BD;

1. B. Any amendments to the Form BD

not previously filed;

1. C. A balance sheet prepared within

ninety (90) days of filing;

1. D. A listing of agents representing the

broker-dealer; and

1. E. Payment of the filing fee.
2. (C) Broker-Dealers with Investment Adviser or Federal Covered Adviser Capacity. A broker-dealer, that intends to employ or supervise investment adviser representatives, but which is not also registered as an investment adviser or filed as a federal covered adviser, shall file a Form ADV with its initial or renewal application for registration as required above. Broker-dealers have a continuing duty to amend this information under 15 CSR 30-51.160.

1. (2) Broker-Dealer Agent and Issuer Agent Application. The application for registration as a broker-dealer agent or issuer agent shall contain the information outlined in section 409.202(a) of the Act and in this rule. NASD members must file applications in accordance with the guidelines of the CRD System.

   1. (A) Initial Registration. The following shall be included in an initial application for registration:

      1. 1. Form U-4;
      2. 2. Payment of the filing fee; and
      3. 3. Documentation of qualification under

examination requirements.

1. (B) Renewal registration of broker-dealer agents and issuer agents. The following shall be submitted in a renewal registration:

   1. 1. Payment of the filing fee; and
   2. 2. If not an agent of an NASD member,

Form SA-1, the Missouri Application for Renewal Registration as Agent.

1. (3) Investment Adviser Application. The application for registration as an investment adviser shall contain the information outlined in section 409.202(a) of the Act and in this rule. All applicants must file applications in accordance with the guidelines of the Investment Adviser Registration Depository (IARD) System, unless the commissioner has granted a hardship exemption under section (6).

   1. (A) Initial Registration. The following shall be included in an initial application for registration:

      1. 1. Form ADV;
      2. 2. Form SADV-1, the State Covered

Investment Adviser Affidavit and requested information;

1. 3. Applicant’s current balance sheet pre-

pared within thirty (30) days of filing;

1. 4. A listing of all investment adviser

representatives who will be rendering investment advice for the firm in this state; and

1. 5. Payment of the filing fee.

2. (B) Renewal Registration. The following shall be submitted in a renewal registration:

   1. 1. Payment of the filing fee.

1. (4) Federal Covered Adviser Notice Filing. The notice filing of a federal covered adviser transacting business in this state shall be filed in accordance with the guidelines of the IARD System and include the following:

   1. (A) Initial Notice Filing. The following shall be submitted in an initial notice filing:

      1. 1. Form ADV; and
      2. 2. Payment of filing fee.

   2. (B) Renewal Notice Filing. The following shall be submitted in a renewal notice filing:

      1. 1. Payment of filing fee.

2. (5) Investment Adviser Representative Application. The application for registration as an investment adviser representative shall contain the information outlined in section 409.202(a), RSMo and in this rule. All applicants must file applications with the commissioner or in accordance with the guidelines of the CRD System, unless the commissioner has granted a hardship exemption under section (6).

   1. (A) Initial Registration. The following shall be included in an initial application for registration:

      1. 1. Form U-4;
      2. 2. Documentation of qualification under

examination requirements; and

1. 3. Payment of filing fee.

2. (B) Renewal Registration. The following shall be submitted in a renewal registration:

   1. 1. Payment of filing fee.

1. (6) Hardship Exemption for Investment Advisers and Investment Adviser Representatives from IARD System and CRD System.

   1. (A) An investment adviser or investment adviser representative may request a hardship exemption from applying for registration in electronic format through the IARD System or CRD System by filing with the commissioner:

      1. 1. Form SADV-SH;
      2. 2. Payment of one hundred dollars

($100) filing fee.

1. (B) The commissioner may grant a hardship exemption if filing an application in electronic format would subject the applicant to unreasonable burden or expense.

1. (7) Amendments to Application. Any amendment of an application pursuant to section 409.203(d), RSMo and 15 CSR 30-51.160(3) shall be filed with the appropriate form marked AMENDED.

AUTHORITY: sections 409.202 and 409.413(a), RSMo 2000.* Original rule filed June 25, 1968, effective Aug. 1, 1968. Amended: Filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. Amended: Filed Dec. 19, 1975, effective Dec. 31, 1975. Amended: Filed Aug. 11, 1978, effective Feb. 11, 1979. Emergency amendment filed Aug. 15, 1983, effective Aug. 29, 1983, expired Dec. 26, 1983. Amended: Filed Aug. 15, 1983, effective Nov. 11, 1983. Amended: Filed Oct. 16, 1986, effective Feb. 12, 1987. Amended: Filed March 27, 1989, effective June 12, 1989. Amended: Filed July 3, 1989, effective Sept. 28, 1989. Emergency amendment filed Aug. 4, 1995, effective Aug. 14, 1995, expired Dec. 11, 1995. Amended: Filed Aug. 4, 1995, effective Jan. 30, 1996. Amended: Filed Feb. 27, 1996, effective Aug. 30, 1996. Rescinded and readopted: Filed Dec. 17, 2001, effective July 30, 2002.

*Original authority: 409.202, RSMo 1967, amended 1977, 1978, 1986, 1995, 1997 and 409.413, RSMo 1967.