Guam § 46203 - Registration Procedure.

§ 46203. Registration Procedure.

(a) A broker-dealer, agent, or investment adviser may obtain an initial

or renewal registration by filing with the Administrator an application

together with a consent to service of process pursuant to § 46414(g). The

application shall contain whatever information the Administrator by rule

requires concerning such matters as (1) the applicant's form and place of

organization; (2) the applicant's proposed method of doing business; (3) the

qualifications and business history of the applicant; in the case of a broker-

dealer or investment advisor, the qualification and business history of any

partner, officer, or director, any person occupying a similar status or

performing similar functions, or any person directly or indirectly controlling

the broker-dealer or investment adviser; and, in the case of an investment

advisor, the qualifications and business history of any employee; (4) any

injunction or administrative order or conviction of a misdemeanor involving

a security or any aspect of the securities business and any conviction of a

felony; and (5) the applicant's financial condition and history. The

Administrator may by rule or order require an applicant for initial

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registration to publish an announcement of the application in one (1) or

more specified newspapers published in this state. If no denial order is in

effect and no proceeding is pending under § 46204, registration becomes

effective at noon of the thirtieth (30th) day after an application is filed. The

Administrator may by rule or order specify an earlier effective date, and he

may by order defer the effective date until noon of the thirtieth (30th) day

after the filing of any amendment. Registration of a broker-dealer

automatically constitutes registration of any agent who is a partner, officer,

or director, or a person occupying a similar status or performing similar

functions.

(b) Every applicant for initial or renewal registration shall pay a

nonrefundable filing fee of Two Hundred Dollars ($200.00) in the case of a

broker-dealer, Fifty Dollars ($50.00) in the case of an agent, and Two

Hundred Dollars ($200.00) in the case of an investment adviser.

(c) A registered broker-dealer or investment adviser may file an

application for registration of a successor, whether or not the successor is

then in existence, for the unexpired portion of the year. There shall be no

filing fee.

(d) The Administrator may by rule require a minimum capital for

registered broker-dealers and investment advisers.

(e) The Administrator may, by rule, require registered broker-dealers,

agents, and investment advisers to post surety bonds in amounts up to ten

thousand dollars ($10,000.00), and may determine their conditions. Any

appropriate deposit of cash or securities shall be accepted in lieu of any

bond so required. No bond may be required of any registrant whose net

capital which may be defined by rule, exceeds twenty-five thousand dollars

($25,000.00). Every bond shall provide for suit thereon by any person who

has a cause of action under § 46410 and, if the Administrator by rule or

order requires, by any person who has a cause of action not arising under

this Act. Every bond shall provide that no suit may be maintained to

enforce any liability on the bond unless brought within two (2) years after

the sale or other act upon which it is based.