Can I collect financial information from participants in Massachusetts? What are the requirements?

Based on the provided documents, it appears that you may collect financial information from participants in Massachusetts if you are applying for a Category 1 or Category 2 license. However, the specific requirements for collecting financial information may vary depending on whether you are an individual or a business entity.

For business entities applying for a Category 1 or Category 2 license, you will need to submit a Business Entity Disclosure Form (BED) ^[1.3]. This form may require you to provide financial information such as a description of all bonus, profit sharing, pension, retirement, deferred compensation or similar plans, a description of the nature, type, terms, covenants, conditions and priorities of all outstanding debt and security devices utilized by the business entity, and other financial statements.

For individuals applying for a Category 1 or Category 2 license, you will need to submit a Massachusetts Supplemental Form (PHD-MA-SUPP) ^[1.1]. This form may require you to provide financial information such as copies of Federal and foreign tax returns and related information for the last five years.

Please note that you must submit a complete Phase 1 application in the forms specified under 205 CMR 111.01(3) by the deadline established by the commission ^[1.2].

Therefore, to collect financial information from participants in Massachusetts, you must comply with the requirements outlined in the relevant forms and regulations.

Source(s):

• [1.1] Massachusetts Supplemental Form
• [1.2] Phase 1 Application Requirements
• [1.3] Business Entity Disclosure Form - Category 1 and Category 2 Entity Applicants and Holding/ Intermediary Companies

Jurisdiction

Massachusetts

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