New Mexico Broker Dealer Withdrawal is a process through which a registered broker-dealer in New Mexico ceases doing business in the state. The process is overseen by the New Mexico Securities Division of the Office of the State Securities Commissioner. It includes filing a notice of withdrawal with the Commissioner, providing notice to customers and creditors, delivering customer and creditor documents, and paying any outstanding fees. Different types of New Mexico Broker Dealer Withdrawal include voluntary withdrawal, administrative withdrawal, and revocation.
New Mexico Broker Dealer Withdrawal
State:
New Mexico
Control #:
NM-SKU-0896
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Broker Dealer Withdrawal
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FAQ
Broker-Dealers Must Register Before Selling Unregistered Securities ? Including Private Placements (or Regulation D offerings) A security sold in a transaction that is exempt from registration under the Securities Act of 1933 (the "1933 Act") is not necessarily an "exempted security" under the Exchange Act.
The unregistered broker-dealer can face sanctions from the SEC, criminal prosecution under both federal and state law, and lose the ability to enforce its agreement for fees.
The broker-dealer and agent are both responsible for notifying the state administrator when an agent's employment is terminated. This is accomplished by filing Form U-5. The agent and a firm supervisor will sign the form and submit it to the appropriate state administrator(s).
Revocation of the registration of that agent's broker-dealer will result in cancellation of that agent's effective registration.
Dually registered investment adviser/broker-dealers are fairly common in the industry. This type of arrangement allows for the registered entity to offer both transactional and fee-based services, theoretically, based on the needs of the client.
Vacation (snowbird) rule Another way a firm can avoid registration as a broker-dealer exists if the following conditions are met: No place of business in the state. Only doing business with existing customers temporarily in that state (non-residents)
Submit Form U5 to terminate registration for individuals registered with the firm. All Form U5s must be submitted within 60 calendar days from the BDW filing date. The Designated Custodian for terminating firms must send the completed Custodian Consent Form as a scanned email attachment to BDW@finra.org.