N.Y. Comp. Codes R. & Regs. tit. 13 § 10.3

Current through Register Vol. 46, No. 43, October 23, 2024

Section 10.3 - Supplemental broker-dealer statements for non-FINRA members

(a) In compliance with subdivision 4 of section 359-e of the General Business Law, except as provided hereinafter, every broker or dealer in securities who is not a member of FINRA and who shall have filed a Form M-1 broker-dealer statement, or a Form BD with the Department of Law of the State of New York, shall file a Form M-3, supplemental broker-dealer statement, whenever any of the following changes have taken place to indicate the change of information originally filed:

(1) Name. The changes in name of the registrant (in the event the registrant incorporates, an entirely new registration statement must be filed).

(2) Address. Change of business address and address of new branch offices in New York.

(3) Management. Changes in the officers, directors, partners or other principals of the registrant, giving the new names and addresses involved in such changes.

(4) Salespersons. Changes in securities salespersons, giving name and date of termination of any securities salesperson leaving the registrant's employ and the reasons therefor, and the name and commencement date of any salesperson brought into the employ of the registrant.

(5) Injunctions and other proceedings. Each registrant shall file a supplemental broker-dealer statement upon each occasion when the registrant or any officer, director, partner, principal or salesperson thereof becomes the subject of any criminal action, or is convicted of any misdemeanor or felony, or is the subject of any pending civil action commenced by a government agency relating to the offer or sale of securities or commodities, or is the subject of any injunction or cease and desist order relating to the offer or sale of securities or commodities.

(b) In lieu of filing a supplemental broker-dealer statement (Form M-3), except as hereinafter provided, a broker or dealer may file, as an amendment, an appropriately executed current Form BD, if section 10.1(b) of this Part would have allowed that broker or dealer to file Form BD as an original filing.

(c) The filing requirements of paragraph (a)(4) of this section, for firms who file through the CRD system, shall be fulfilled by the filing of Form U 4 or U5 pursuant to section 10.6 of this Part.

(d) Each Federal Regulation D Covered Securities Dealer, having already filed a Form D in the Department of Law within the past 4 years, shall file a copy of any subsequent Form D filed with the U.S. Securities and Exchange Commission if such form contains any information that differs from the information previously filed with the Department of Law within the past 4 years. Such supplemental Form D filing shall constitute a supplemental statement under GBL § 359-e.

(e) Each Federal Tier 2 Dealer, having already filed a Uniform Notice Filing of Regulation A - Tier 2 Offering Form regarding a particular issuance in the Department of Law within the registration period, shall file a supplemental Uniform Notice Filing of Regulation A - Tier 2 Offering Form, each time that such dealer submits an amendment regarding said issuance, to the U.S Securities and Exchange Commission (SEC). Such supplemental filing shall constitute a supplemental statement under GBL § 359-e.

(f) Each Federal Covered Investment Company Dealer shall file Form NF upon any change to the information previously submitted to the Department of Law. Such Form NF shall constitute a supplemental statement under GBL § 359-e.

(g) All supplemental statements required herein shall be made within 30 days of the event warranting the supplement, except with regard to information about injunctions and other proceedings which must be made as soon as practicable.

N.Y. Comp. Codes R. & Regs. Tit. 13§ 10.3

Amended New York State Register July 3, 2018/Volume XL, Issue 27, eff. 7/3/2018

Amended New York State Register December 2, 2020/Volume XLII, Issue 48, eff. 12/2/2020