Idaho Admin. Code r. 12.01.08.010

Current through September 2, 2024

Section 12.01.08.010 - DEFINITIONS

01.CRD. Central Registration Depository.

02.Department. The Idaho Department of Finance.

03.FINRA. Financial Industry Regulatory Authority.

04.IARD. Investment Adviser Registration Depository.

05.NASAA. The North American Securities Administrators Association, Inc.

06.NASD. The National Association of Securities Dealers, Inc.

07.NASDAQ. The National Association of Securities Dealers Automated Quotations.

08.SEC. The U.S. Securities and Exchange Commission.

09.Transact Business. For purposes of the Act, to "transact business" means to buy or to sell or contract to buy or to sell or dispose of a security or interest in a security for value. It also means any offer to buy or offer to sell or dispose of, and every solicitation of clients or of any offer to buy or to sell, a security or interest in a security for value. With respect to investment advisers and investment adviser representatives, "transact business" includes preparation of financial plans involving securities, recommendations to buy or sell securities or interests in a security for value, and solicitation of investment advisory clients.

10.Unsolicited Order or Offer.

a. As used in these rules, an order or offer to buy is considered "unsolicited" if:

i. The broker-dealer has not made a direct or indirect solicitation or recommendation that the customer purchase the security; and

ii. The broker-dealer has not recommended the purchase of the security to the customer, either directly or in a manner that would bring its recommendation to the customer; and

iii. The broker-dealer has not volunteered information on the issuer to the customer; and

iv. The customer has previously, and independent of any information furnished by the broker-dealer, decided to buy the security.

b. Any offer or order to buy from a customer whose first knowledge of the specific security or issuer was volunteered to him by the broker-dealer is regarded as a solicited order.

c. Any claim of exemption pursuant to Section 30-14-202(6), Idaho Code, shall be supported by the broker-dealer's certificate that the transaction in question was, in fact, unsolicited.

Idaho Admin. Code r. 12.01.08.010

Effective July 1, 2024