(a) A broker-dealer, agent, or investment adviser may obtain an initial or renewal registration by filing with the Administrator an application together with a consent to service of process pursuant to § 46414(g). The application shall contain whatever information the Administrator by rule requires concerning such matters as (1) the applicant’s form and place of organization; (2) the applicant’s proposed method of doing business; (3) the qualifications and business history of the applicant; in the case of a broker- dealer or investment advisor, the qualification and business history of any partner, officer, or director, any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling the broker-dealer or investment adviser; and, in the case of an investment advisor, the qualifications and business history of any employee; (4) any injunction or administrative order or conviction of a misdemeanor involving a security or any aspect of the securities business and any conviction of a felony; and (5) the applicant’s financial condition and history. The Administrator may by rule or order require an applicant for initial

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22 Guam Code Ann. BUSINESS REGULATIONS
CH. 46 UNIFORM SECURITIES ACT

registration to publish an announcement of the application in one (1) or more specified newspapers published in this state. If no denial order is in effect and no proceeding is pending under § 46204, registration becomes effective at noon of the thirtieth (30th) day after an application is filed. The Administrator may by rule or order specify an earlier effective date, and he may by order defer the effective date until noon of the thirtieth (30th) day after the filing of any amendment. Registration of a broker-dealer automatically constitutes registration of any agent who is a partner, officer, or director, or a person occupying a similar status or performing similar functions.

(b) Every applicant for initial or renewal registration shall pay a nonrefundable filing fee of Two Hundred Dollars ($200.00) in the case of a broker-dealer, Fifty Dollars ($50.00) in the case of an agent, and Two Hundred Dollars ($200.00) in the case of an investment adviser.

(c) A registered broker-dealer or investment adviser may file an application for registration of a successor, whether or not the successor is then in existence, for the unexpired portion of the year. There shall be no filing fee.
(d) The Administrator may by rule require a minimum capital for registered broker-dealers and investment advisers.

(e) The Administrator may, by rule, require registered broker-dealers, agents, and investment advisers to post surety bonds in amounts up to ten thousand dollars ($10,000.00), and may determine their conditions. Any appropriate deposit of cash or securities shall be accepted in lieu of any bond so required. No bond may be required of any registrant whose net capital which may be defined by rule, exceeds twenty-five thousand dollars ($25,000.00). Every bond shall provide for suit thereon by any person who has a cause of action under § 46410 and, if the Administrator by rule or order requires, by any person who has a cause of action not arising under this Act. Every bond shall provide that no suit may be maintained to enforce any liability on the bond unless brought within two (2) years after the sale or other act upon which it is based.

SOURCE: GC § 45203; renumbered by P.L. 16-65:4. Subsection (b) amended by
P.L. 29-002:V:I:102 (May 18, 2007).