-IR- Database Guide
-IR- Database: Indiana Register

TITLE 710 SECURITIES DIVISION

Final Rule
LSA Document #09-619(F)

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.



SECTION 1. 710 IAC 4, ADDED AT 20100728-IR-710100044FRA, SECTION 1, IS AMENDED BY ADDING A NEW RULE TO READ AS FOLLOWS:

Rule 15. Broker-Dealer Compliance Reports


710 IAC 4-15-1 Qualifications of approved auditors

Authority: IC 23-19-4-11
Affected: 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; filed Jun 28, 2010, 2:42 p.m.: 20100728-IR-710090619FRA)


710 IAC 4-15-2 Process for submitting completed compliance reports

Authority: IC 23-19-4-11
Affected: 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; filed Jun 28, 2010, 2:42 p.m.: 20100728-IR-710090619FRA)


710 IAC 4-15-3 Time limitations for auditors

Authority: IC 23-19-4-11
Affected: 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; filed Jun 28, 2010, 2:42 p.m.: 20100728-IR-710090619FRA)


LSA Document #09-619(F)
Notice of Intent: 20090812-IR-710090619NIA
Proposed Rule: 20100331-IR-710090619PRA
Hearing Held: April 26, 2010
Approved by Attorney General: June 8, 2010
Approved by Governor: June 25, 2010
Filed with Publisher: June 28, 2010, 2:42 p.m.
Documents Incorporated by Reference: None Received by Publisher
Small Business Regulatory Coordinator: Jeffrey Bush, Chief Deputy Commissioner, Indiana Secretary of State Todd Rokita, Securities Division, Indiana Government Center South, 302 West Washington Street, Room E-111, Indianapolis, IN 46204, (317) 232-6681, jabush@sos.in.gov

Posted: 07/28/2010 by Legislative Services Agency

DIN: 20100728-IR-710090619FRA
Composed: Aug 30,2014 8:45:21PM EDT
A PDF version of this document.