A broker-dealer, agent, investment adviser, or investment adviser representative may obtain an initial or renewal registration by filing with the securities commissioner an application together with a consent to service of process pursuant to Section 35-1-1410. The application must contain whatever information the securities commissioner by rule or order requires concerning such matters as (a) the applicant's form and place of organization, (b) the applicant's proposed method of doing business, (c) the qualifications and business history of the applicant, (d) in the case of a broker-dealer or investment adviser, the qualifications and business history of any partner, officer or director, any person occupying a similar status or performing similar functions or any person directly or indirectly controlling the broker-dealer or investment adviser, (e) in the case of an investment adviser, the qualifications and business history of any employee, (f) any injunction or administrative order or conviction of a misdemeanor involving a security or any aspect of the securities business and any conviction of a felony, (g) the applicant's financial condition and history and (h) information to be furnished or disseminated to any client or prospective client, if the applicant is an investment adviser.

For all applicants who are not members of the National Association of Securities Dealers (NASD), a criminal record history must be obtained, at the rate set by law, from the South Carolina Law Enforcement Division on an applicant's initial application for registration under this section. All convictions of misdemeanors involving a security or any aspect of the securities business and all felonies recorded within ten years of the date of the application must be noted on the registration.