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Can you summarize ALAC Chapter 830-X-3?
Alabama Securities Commission > REGISTRATION OF DEALERS, AGENTS, INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES
Short Summary
The provided legal document content pertains to the registration of dealers, agents, investment advisers, and investment adviser representatives. It outlines the requirements and procedures for registration, including the filing of specific forms and documentation. The document emphasizes the need for accurate and up-to-date information, and the responsibility of dealers and investment advisers to correct any inaccuracies within 30 days. It also mentions the expiration of registrations on December 31st of each year, unless renewed. The document further covers the registration process for investment adviser representatives, including the filing of Form U-4 and the transfer of representatives between dealers or issuers. It specifies the requirement for audited balance sheets for investment advisers and the submission of financial statements for all registered investment advisers or dealers. The document also addresses the notification requirements for certain actions involving registrants, such as criminal charges, civil charges, administrative charges, or adverse decisions that could impact their registration. Additionally, it outlines the record-keeping requirements for registered dealers and investment advisers, including the preservation of various types of records for a minimum of three years. The document provides guidelines for the use of senior-specific certifications and professional designations in the securities business, prohibiting misleading use and defining factors to consider in determining their validity. Overall, the document aims to ensure compliance and ethical practices in the registration and operation of dealers, agents, investment advisers, and investment adviser representatives in Alabama.
Whom does it apply to?
Dealers, agents, investment advisers, and investment adviser representatives
What does it govern?
Registration of dealers, agents, investment advisers, and investment adviser representatives
What are exemptions?
No specific exemptions are mentioned
What are the Penalties?
The document does not specify any penalties for non-compliance or violation of its provisions
Jurisdiction
Alabama