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Alaska Administrative Code (Last Updated: January 12, 2017) |
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Title 3. Commerce, Community, and Economic Development. |
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Part 3.1. Banking, Securities, Small Loans and Corporations. |
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Chapter 3.08. Securities. |
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Article 3.08.1. Registration, Notice, and Regulation of Broker-Dealers, Agents, State Investment Advisers, and Federal Covered Advisers, and Investment Adviser Representatives. |
Section 3.08.530. Disqualification.
Latest version.
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(a) A person who is disqualified from using an exemption under 17 C.F.R. 230.504 or 17 C.F.R. 230.505 is also disqualified from registering under 3 AAC 08.504 or 3 AAC 08.505, respectively. (b) The administrator will, in the administrator's discretion, deny registration under 3 AAC 08.500 - 3 AAC 08.540 if a person described in 17 C.F.R. 230.262(a), (b), or (c) (1) meets any of the disqualification provisions of 17 C.F.R. 230.262 applicable to that person; (2) has filed a registration statement that is the subject of a currently effective stop order entered by a state within five years before the registration of the offering; (3) within the 10 years preceding the filing of the registration, has been convicted of (A) a felony or misdemeanor in connection with the purchase or sale of a security or involving a false filing with a state; or (B) a felony involving fraud or deceit, including forgery, embezzlement, obtaining money under false pretenses, larceny, and conspiracy to defraud; or (4) has been subject to a state administrative or court order or judgment, including an injunction, entered within the five years preceding the filing of the registration, if a violation of a state banking, insurance, real estate, or securities law is the grounds for the order or judgment. (c) A disqualification under (b)(2) - (4) of this section does not apply if the person subject to the disqualifying order is licensed to conduct securities-related business in the state in which the order or judgment was entered. (d) A disqualification under (b)(2) - (4) of this subsection is automatically waived if the state that created the basis for disqualification waives the disqualification. (e) The administrator will review the representations in each registration to determine whether registration should be denied under (b) of this section. The administrator will, in the administrator's discretion, allow the registration upon a showing that allowing the registration is in the public interest and that safeguards have been provided for that offering. (f) For purposes of this section, 17 C.F.R. 230.262, as revised as of October 1, 1999, is adopted by reference.
Authorities
45.55.110;45.55.950