TITLE 710 SECURITIES DIVISION
Proposed Rule
LSA Document #09-619
DIGEST
Adds
710 IAC 4-15, under
IC 23-19, the Indiana Uniform Securities Act, concerning the process in submitting broker-dealer compliance reports filed with the Securities Division. Effective 30 days after filing with the Publisher.
Rule 15. Broker-Dealer Compliance Reports
710 IAC 4-15-1 Qualifications of approved auditors
Authority:
IC 23-19-4-11
Sec. 1. (a) Persons wishing to apply as an approved examiner to submit compliance reports under IC 23-19-4-11(i) must have an appropriate background, such as:
(1) a designation as a certified public accountant;
(2) employment as a public accountant;
(3) a current license to practice law in Indiana; or
(4) previous experience in securities or auditing professions acceptable to the commissioner.
(b) The applicant must not be currently registered or employed by a broker-dealer, regardless of whether that broker-dealer is registered in Indiana.
(c) The applicant must complete an application on a form acceptable to the commissioner and provide all requested information.
(Securities Division; 710 IAC 4-15-1)
710 IAC 4-15-2 Process for submitting completed compliance reports
Authority:
IC 23-19-4-11
Sec. 2. After completing a compliance report, the approved examiner must submit:
(1) the report to the securities division directly; and
(2) a copy of the report to the broker-dealer that was examined.
(Securities Division; 710 IAC 4-15-2)
710 IAC 4-15-3 Time limitations for auditors
Authority:
IC 23-19-4-11
Sec. 3. (a) An examiner may not submit a compliance report for the branches of a broker-dealer for more than three (3) consecutive years.
(b) If an examiner submits a report for a broker-dealer in a fourth consecutive year, that compliance report will not be accepted, and the broker-dealer will not have complied with the requirements of IC 23-19-4-11(i).
(c) After an approved examiner submits a report on behalf of branches of a broker-dealer for three (3) consecutive years, that auditor may be engaged by that broker-dealer to complete a compliance report after two (2) years.
(Securities Division; 710 IAC 4-15-3)
Posted: 03/31/2010 by Legislative Services Agency
DIN: 20100331-IR-710090619PRA
Composed: May 13,2024 12:05:00AM EDT
A
PDF version of this document.