A broker-dealer and its authorized agents are exempt from the registration requirements of Sections 58-13C-401A and 58-13C-402A if:

1. A. the broker-dealer and its authorized agents are located in Canada;
2. B. the broker-dealer and its authorized agents are licensed or registered pursuant to the laws of one or more Canadian provinces or territories;
3. C. the broker-dealer has no place of business in this state; and

4. D. the transactions in this state are limited to the following:

   (1) transactions with a person who is temporarily in this state and with whom the Canadian broker-dealer had a bona fide broker-dealer-client relationship before the person entered the United States; or

   (2) transactions with a person who is present in this state in relation to a self-directed tax advantaged retirement plan in Canada of which the person is the holder or contributor.

[12.11.2.17 NMAC - Rp, 12.11.2.17 NMAC, 1-1-2010]