Rule 590-4-5-.04 - Incomplete and Abandoned Applications(1) An application for registration as a broker-dealer or agent pursuant to the Act is considered filed when the Commissioner receives the application and required filing fees.(2) Any application for registration as a broker-dealer or agent is deficient if any of the following conditions exist: (a) The application is not in proper form;(b) The application is not in compliance with any provision of the Act; or(c) The application is not in compliance with any other state or federal law, statute, rule or regulation.(3) When an application is found to be deficient, the Commissioner may send a deficiency letter to the applicant stating the grounds of deficiency and, if the applicant is an agent, to the broker-dealer or issuer who employs or proposes to employ such applicant. Any application for registration as a broker-dealer or agent shall be deemed to be abandoned by the applicant if the Commissioner receives no communication from the applicant for a period of sixty (60) days. Upon declaring that the application is abandoned, the Commissioner may unilaterally and without further notice to the applicant dismiss the application and change the status of the application on the CRD to "abandoned."Ga. Comp. R. & Regs. R. 590-4-5-.04
O.C.G.A. Secs. 10-5-5, 10-5-10, 10-5-35, 10-5-70, 10-5-74.
Original Rule entitled "SEC Rule 506 Exemption" adopted. F. Dec. 21, 2004; eff. Jan. 10, 2005. Repealed: New Rule entitled "Incomplete and Abandoned Applications" adopted. F. Nov. 18, 2011; eff. Dec. 8, 2011.