(a) A person may not transact business in this state as a broker-dealer unless the person is registered under this chapter as a broker-dealer or is exempt from registration as a broker-dealer under (b) of this section.
Terms Used In Alaska Statutes 45.56.300
administrator: means the commissioner of commerce, community, and economic development or a designee of the commissioner. See Alaska Statutes 45.56.900
broker-dealer: means a person engaged in the business of effecting transactions in securities for the accounts of others or for the person's own account. See Alaska Statutes 45.56.900
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
federal covered investment adviser: means a person registered under 15 U. See Alaska Statutes 45.56.900
Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
institutional investor: means any of the following, whether acting for itself or for others in a fiduciary capacity: (A) a depository institution, a trust company organized or chartered under the laws of this state, or an international banking institution. See Alaska Statutes 45.56.900
investment adviser: includes a financial planner or other person that, as an integral component of other financially related services, provides investment advice to others for compensation as part of a business or that holds itself out as providing investment advice to others for compensation. See Alaska Statutes 45.56.900
issuer: means a person that issues or proposes to issue a security, subject to the following:(A) the issuer of a voting trust certificate, collateral trust certificate, certificate of deposit for a security, or share in an investment company without a board of directors or individuals performing similar functions is the person performing the acts and assuming the duties of depositor or manager under the trust or other agreement or instrument under which the security is issued. See Alaska Statutes 45.56.900
person: means an individual, a corporation, a partnership, a limited liability company, a limited partnership, a limited liability partnership, an association, a joint-stock company, a trust in which the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government. See Alaska Statutes 45.56.900
Securities and Exchange Commission: means the United States Securities and Exchange Commission. See Alaska Statutes 45.56.900
state: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Alaska Statutes 45.56.900
(b) The following persons are exempt from the registration requirement of (a) of this section:
(1) a broker-dealer without a place of business in this state if the broker-dealer’s only transactions effected in this state are with
(A) the issuer of the securities involved in the transactions;(B) a broker-dealer registered as a broker-dealer under this chapter or not required to be registered as a broker-dealer under this chapter;(C) an institutional investor;(D) a nonaffiliated federal covered investment adviser with investments under management in excess of $100,000,000 acting for the account of others under discretionary authority in a signed record;(E) a bona fide preexisting customer whose principal place of residence is not in this state if the person is registered as a broker-dealer under 15 U.S.C. § 78a – 78pp (Securities Exchange Act of 1934) or not required to be registered under 15 U.S.C. § 78a – 78pp (Securities Exchange Act of 1934) and is registered under the securities act of the state in which the customer maintains a principal place of residence;(F) a bona fide preexisting customer whose principal place of residence is in this state but who was not present in this state when the customer relationship was established if
(i) the broker-dealer is registered under 15 U.S.C. § 78a -78 pp (Securities Exchange Act of 1934) or not required to be registered under 15 U.S.C. § 78a – 78pp (Securities Exchange Act of 1934) and is registered under the securities act of the state in which the customer relationship was established and where the customer had maintained a principal place of residence; and(ii) within 45 days after the customer’s first transaction in this state, the person files an application for registration as a broker-dealer in this state and a further transaction is not effected more than 75 days after the date on which the application is filed, or, if earlier, the date on which the administrator notifies the person that the administrator has denied the application for registration or has stayed the pendency of the application for good cause;(G) not more than three customers in this state during the previous 12 months, in addition to those customers specified in (A) – (F) of this paragraph and under (H) of this paragraph if the broker-dealer is registered under 15 U.S.C. § 78a – 78pp (Securities Exchange Act of 1934) or not required to be registered under 15 U.S.C. § 78a – 78pp (Securities Exchange Act of 1934) and is registered under the securities act of the state in which the broker-dealer has its principal place of business; and(H) any other person exempted by a regulation adopted or order issued under this chapter; and(2) a person that deals solely in United States government securities and is supervised as a dealer in government securities by the Board of Governors of the Federal Reserve System, the United States Comptroller of the Currency, or the Federal Deposit Insurance Corporation.(c) A broker-dealer or an issuer engaged in offering, offering to purchase, purchasing, or selling securities in this state may not, directly or indirectly, employ or associate with an individual to engage in an activity related to securities transactions in this state if the registration of the individual is suspended or revoked or the individual is barred from employment or association with a broker-dealer, an issuer, an investment adviser, or a federal covered investment adviser by an order of the administrator under this chapter, the Securities and Exchange Commission, or a self-regulatory organization. A broker-dealer or issuer does not violate this subsection if the broker-dealer or issuer did not know and, in the exercise of reasonable care, could not have known of the suspension, revocation, or bar. Upon request from a broker-dealer or issuer and for good cause, an order under this chapter may modify or waive, in whole or in part, the application of the prohibitions of this subsection to the broker-dealer.
