230 R.I. Code R. 230-RICR-50-05-1.15

Current through November 7, 2024

Section 230-RICR-50-05-1.15 - Broker-Dealer Bond

A. Every broker-dealer who is not registered under the Securities Exchange Act of 1934 shall file with the Department a surety bond in the amount set by order of the Director with a minimum of $100,000 and a maximum of $1,000,000, except:

1. Broker-dealers who are members of the Securities Investor Protection Corporation; or

2. Broker-dealers who do not have custody or possession of any customer's funds or securities.

B. Every sales representative associated with a broker-dealer who is not registered under the Securities Exchange Act of 1934 shall file with the director a surety bond in the amount set by order of the director with a minimum of $10,000 and a maximum of $100,000, unless the broker-dealer with whom the sales representative is associated is exempt pursuant to §§ 1.15(A)(1) or (2) of this Part.

230 R.I. Code R. 230-RICR-50-05-1.15