Michigan Laws 451.2455 – Michigan investment market; registration requirements
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 451.2455
- Administrator: means the office of financial and insurance regulation of the department of energy, labor, and economic growth. See Michigan Laws 451.2102
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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 act of a record by the administrator or a designee of the administrator. See Michigan Laws 451.2102
- Michigan investment market: means a person that is a broker-dealer, is exempt from federal registration under section 15(a)(1) of the securities exchange act of 1934, 15 USC 78o, and provides a market or exchange at which transactions in securities that are sold or offered for sale in this state under an intrastate offering exemption take place. See Michigan Laws 451.2451
- Online: means functioning on or over the internet. See Michigan Laws 451.2451
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, limited liability partnership, association, joint venture, or government; a governmental subdivision, agency, or instrumentality; a public corporation; or any other legal or commercial entity. See Michigan Laws 451.2102b
- Service of process: The service of writs or summonses to the appropriate party.
(1) A person shall register as a Michigan investment market by filing a written application, filing a consent to service of process that complies with section 611, and paying the fee specified in section 457. Subject to section 461, if a person complies with this article and demonstrates by clear and convincing evidence that the person meets the requirements for registration under this article, the administrator shall register that person as a Michigan investment market. If a person fails to provide clear and convincing evidence that the person meets the requirements for registration, the registration of the person shall remain at the discretion of the administrator.
(2) An application for registration as a Michigan investment market must contain all of the following:
(a) The names, mailing addresses, and telephone numbers of all individuals who serve as executive officers of the Michigan investment market or who are direct or indirect owners of at least a 10% ownership interest in the Michigan investment market.
(b) The uniform resource locator (URL), if applicable, used primarily by the Michigan investment market to effect transactions online.
(c) Any other information requested by the administrator as necessary to make a determination regarding registration of the Michigan investment market under section 461.
(3) If the information contained in an application that is filed under subsection (1) is or becomes inaccurate or incomplete in any material respect, the registrant shall promptly file a correcting amendment.
(4) A registration is effective until 12 midnight on December 31 of the year for which the application for registration is filed.