(a) If a broker-dealer is registered under this section and its principal office is located in a province or territory of Canada that provides at least equivalent registration for a broker-dealer that is resident in the United States, a broker-dealer that is resident in Canada and does not have an office or other physical presence in this state may effect transactions in securities with or for or induce or attempt to induce the purchase or sale of a security by a person from Canada who is
Terms Used In Alaska Statutes 45.56.310
action: includes any matter or proceeding in a court, civil or criminal. See Alaska Statutes 01.10.060
administrator: means the commissioner of commerce, community, and economic development or a designee of the commissioner. See Alaska Statutes 45.56.900
agent: means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. 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
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
filing: means the receipt under this chapter of a record by the administrator or a designee of the administrator. See Alaska Statutes 45.56.900
Fraud: Intentional deception resulting in injury to another.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
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
sale: includes every contract of sale, contract to sell, or disposition of a security or interest in a security for value, and "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to purchase, a security or interest in a security for value. See Alaska Statutes 45.56.900
Service of process: The service of writs or summonses to the appropriate party.
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
(1) temporarily resident in this state and with whom the Canadian broker-dealer had a bona fide broker-dealer-client relationship before the person entered the United States; or(2) resident in this state and whose transactions are in a self-directed tax-advantaged retirement plan in Canada if the person is the holder of or contributor to the plan.(b) An agent who represents a Canadian broker-dealer registered under this section may, if the agent is registered under this section, effect transactions in securities in this state as permitted for the broker-dealer under (a) of this section.(c) Subject to the requirements of (a) of this section, a Canadian broker-dealer may register under this section if the broker-dealer
(1) files an application in the form required by the jurisdiction in which the broker-dealer has its principal office;(2) files a written consent to service of process under Alaska Stat. § 45.56.650;(3) is registered as a broker or dealer in good standing in the jurisdiction from which the broker-dealer is effecting transactions into this state and files evidence of the registration; and(4) is a member of a self-regulating organization or stock exchange in Canada.(d) An agent may register under this section to effect transactions in securities in this state if the agent represents a Canadian broker-dealer that is registered under this section, and the agent
(1) files an application in the form required by the jurisdiction in which the broker-dealer has its principal office;(2) files a written consent to service of process under Alaska Stat. § 45.56.650; and(3) is registered and files evidence of good standing in the jurisdiction from which the agent is effecting transactions into this state.(e) Registration under this section becomes effective on the 30th day after an application is filed unless it is made effective earlier by the administrator or a denial order is in effect and a proceeding is pending under Alaska Stat. § 45.56.440.(f) A Canadian broker-dealer registered under this section shall
(1) maintain provincial or territorial registration and membership in good standing in a self-regulating organization or stock exchange;(2) provide the administrator on request with books and records relating to its business in this state as a broker-dealer;(3) inform the administrator promptly of any criminal action taken against the broker-dealer or of any finding or sanction imposed on the broker-dealer as a result of regulatory action, including that of a self-regulating organization, involving fraud, theft, deceit, misrepresentation, or similar conduct; and(4) disclose to its clients in this state that the broker-dealer and its agents are not subject to the full regulatory requirements of this chapter.(g) An agent of a Canadian broker-dealer registered under this section shall
(1) maintain provincial or territorial registration in good standing; and(2) inform the administrator promptly of any criminal action taken against the agent or of any finding or sanction imposed on the broker-dealer or agent as a result of regulatory action, including that of a self-regulating organization, involving fraud, theft, deceit, misrepresentation, or similar conduct.(h) A Canadian broker-dealer or agent registered under this section may renew its registration by filing by midnight on December 31 of each year the most recent renewal application, if any, filed in the jurisdiction in which the broker-dealer or agent has its principal office or, if a renewal application is not required, the most recent application filed under (c)(1) or (d)(1) of this section.(i) An applicant for registration or renewal registration under this section shall pay the fee for broker-dealers and agents required by this chapter.(j) A Canadian broker-dealer or agent registered under this section may not effect transactions in this state except
(1) as permitted under (a) or (b) of this section;(2) with or through
(A) the issuers of the securities involved in the transactions;(B) other broker-dealers; or(C) banks, savings institutions, trust companies, insurance companies, investment companies as defined in 15 U.S.C. §§ 80a-3 (Investment Company Act of 1940), pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees; or(3) as otherwise permitted by this chapter.(k) A Canadian broker-dealer or agent registered under this section and acting in accordance with the limitations in (j) of this section is exempt from all of the requirements of this chapter except the anti-fraud provisions under Alaska Stat. § 45.56.500 and the requirements of this section. The registration of a Canadian broker-dealer or agent under this section may not be denied, suspended, or revoked except in accordance with the provisions of Alaska Stat. § 45.56.440 for a breach of the anti-fraud provisions under Alaska Stat. § 45.56.500 or the requirements of this section.(l) In this section, “Canadian broker-dealer” means a broker-dealer that has its principal office in a province or territory of Canada.
