Current through Register Vol. 54, No. 44, November 2, 2024
Section 302.061 - Auctioneers exemption from broker-dealer and agent registration(a) Under the authority contained in section 302(f) of the act (70 P.S. § 1-302(f)), the Department considers it appropriate and in the public interest to exempt persons from the broker-dealer and agent registration provisions of section 301 of the act (70 P.S. § 1-301) if all of the following conditions are met: (1) The person meets one of the following conditions:(i) Is licensed as an auctioneer, apprentice auctioneer, auction company or auction house under the Auctioneer Licensing and Trading Assistant Registration Act (ALTARA) (63 P.S. §§ 734.1-734.34).(ii) Is exempt from registration under section 3(h) of the ALTARA (63 P.S. § 734.3(h)).(iii) Holds a special license to conduct an auction under section 3(i) of the ALTARA.(2) The person effects transactions in securities solely at an "auction" or at a "sale at auction" as these terms are defined in the ALTARA.(3) The person engages only in effecting transactions in securities at an auction or for sale at auction which constitute a "nonissuer transaction" as that term is defined in section 102(m) of the act (70 P.S. § 1-102(m)).(4) The person does not effect transactions in securities at an auction or for sale at auction more than three times in any consecutive period of 24 months.(5) The person and any affiliate of the person currently is not subject or, within the past 10 years, was not subject to any of the following:(i) An order described in section 305(a)(iv) of the act (70 P.S. § 1-305(a)(iv)).(ii) An injunction described in section 305(a)(iii) of the act.(iii) A criminal conviction described in section 305(a)(ii) of the act.(iv) An order of the Department issued under section 512 of the act (70 P.S. § 1-512).(v) A court order finding civil contempt under section 509(c) of the act (70 P.S. § 1-509(c)).(vi) An order of the Department imposing an administrative assessment under section 602.1 of the act (70 P.S. § 1-602.1) which has not been paid in full.(b) For the purposes of subsection (a)(3), a transaction is considered a nonissuer transaction if a bank does the following: (1) Acts as a fiduciary under a trust agreement, estate administration or other similar relationship.(2) Causes the bank's securities to be offered and sold at action from the accounts described in paragraph (1).The provisions of this §302.061 adopted December 4, 1981, effective 12/5/1981, 11 Pa.B. 4196; amended December 28, 2001, effective 12/29/2001, 31 Pa.B. 7032; transferred and renumbered from 64 Pa. Code § 302.061, December 14, 2012, effective 12/15/2012, 42 Pa.B. 7533; amended January 12, 2018, effective 1/13/2018, 48 Pa.B. 389.The provisions of this §302.061 amended under sections 302(f) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P. S. §§ 1-302(f) and 1-609(a)); section 202.C of the Department of Banking and Securities Code (71 P.S. § 733-202.C); and section 9(b) of the Takeover Disclosure Law (70 P.S. § 79(b)).