N.J. Admin. Code § 13:47A-3.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:47A-3.3 - Issuer-agent registration

(a) Any issuer that is effecting or attempting to effect purchases or sales of securities other than through a registered broker-dealer shall register someone as an "agent," unless exempted or excluded from agent registration pursuant to (b) below. Only a natural person can be registered as an agent.

(b) Agent registration is not required for an individual who represents an issuer in effecting transactions exempted by 49:3-50(a)(1) (securities issued or guaranteed by the United States, a state, or political subdivision thereof); 49:3-50(a)(2) (Canadian and other foreign government securities); 49:3-50(a)(3) (bank securities); 49:3-50(a)(11) (employee benefit plans); 49:3-60.1(b) (certain Federally covered securities); all of the transactional exemptions under 49:3-50(b); effecting transactions with existing employees, partners, or directors of the issuer, if no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this State; or for an individual representing a broker-dealer in effecting transactions in this State limited to those transactions described in paragraph (2) of subsection (h) of section 15 of the "Securities Exchange Act of 1934," 15 U.S.C. § 78 o(h)2; and such other persons not otherwise within the intent of this subsection (b), as the Bureau Chief may by rule or order designate.

(c) For the purposes of the exclusion from the definition of "agent" in 49:3-49(b)3, the phrase "existing employees, partners or directors of the issuer," shall include persons occupying those positions with subsidiaries of which the parent issuer owns at least 80 percent of the stock of the subsidiary.

N.J. Admin. Code § 13:47A-3.3

Amended by 47 N.J.R. 2155(a), effective 8/17/2015