Tuesday, November 09, 2010

Iowa Adopts Broker-Dealer, Agent and Investment Company Rule Changes

Rule changes adopted by the Iowa Securities Bureau include amending broker-dealer registration requirements, increasing agent fees and mandating investment companies to submit their notice filings electronically, effective November 24, 2010.

Investment companies making a notice filing on Form NF, Uniform Investment Company Notice Filing, on or after January 1, 2011 must implement a system permitting them to submit their documents and fees electronically on or after January 1, 2011, by following the instructions on the Iowa Insurance Division's web site at http://www.iid.state.ia.us/.

FINRA member broker-dealer applicants need to file Form BD, Uniform Application for Broker-Dealer Registration, and a $200 fee with the CRD. Non-FINRA member broker-dealer applicants must file a signed and notarized Form BD and $200 with the Administrator. NOTE:
The audited financial statement, BD affidavit and consent to service of process requirements are eliminated.

The fee for agents of broker-dealers (whether FINRA or non-FINRA), agents of Canadian broker-dealers and agents of issuers is increased to $40, from $30.

The definition of “FINRA” replaces the definition of “NASD”
in the definitions rule.