O.C.G.A. § 10-5-35 — Application for registration; consent to service of process

(a) A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by ﬁling an application and a consent to service of process complying with Code Section 10-5-80, and paying the fee speciﬁed in Code Section 10-5-39 and any reasonable fees charged by the Commissioner for processing the ﬁling. The application must contain: (1) The information or records required for the ﬁling of a uniform application as required for applicants registering through the Central Registration Depository and the Investment Adviser Registration Depository, as applicable; and (2) Upon request by the Commissioner, any other ﬁnancial or other information or record that the Commissioner determines is appropriate. (b)(1) Each individual ﬁling an application to become a salesperson, limited salesperson, designated salesperson, investment adviser, federal covered adviser, or investment adviser representative shall be ﬁngerprinted and have a criminal record check as required by this subsection. (2) Fingerprints shall be in such form and quality as shall be acceptable for submission to the National Crime Information Center under standards adopted by the Federal Bureau of Investigation or the United States Department of Justice. It shall be the duty of each law enforcement agency in this state to ﬁngerprint those persons required to be ﬁngerprinted by this subsection. (3) At the discretion of the Commissioner, fees required for a criminal record check by the Georgia Crime Information Center, the National Crime Information Center, the Federal Bureau of Investigation, or the United States Department of Justice shall be paid by the applicant. (4) The Commissioner shall transmit two sets of ﬁngerprints to the Georgia Crime Information Center, which shall submit one set of ﬁngerprints to the Federal Bureau of Investigation for a search of 768 10-5-35 bureau records and an appropriate report and shall retain one set of ﬁngerprints and promptly conduct a search of state records. After receiving a report from the Georgia Crime Information Center and the Federal Bureau of Investigation, the Commissioner shall determine whether the applicant shall be licensed. If the applicant’s ﬁngerprints had been previously submitted for review to the Central Registration Depository in connection with federal or state licensing, the Commissioner may review and rely upon the criminal history reported pursuant thereto. (5) The Commissioner shall notify the applicant of his or her rights to challenge the accuracy and completeness of any information provided by the Georgia Crime Information Center or the National Crime Information Center. (6) Information provided by the Georgia Crime Information Center or the National Crime Information Center shall be used only for those purposes allowed by Code Section 35-3-35 or by applicable federal laws, rules, or regulations. (7) Neither the Georgia Crime Information Center, the Commissioner, any law enforcement agency, nor the employees of any such entities shall be responsible for the accuracy of the information contained in the criminal background check nor incur any liability for defamation, invasion of privacy, negligence, or any other claim in connection with any dissemination of information or determination based thereon pursuant to this subsection. (8) The Commissioner shall be authorized to adopt rules and regulations necessary to implement the provisions of this subsection. (c) If the information or record contained in an application ﬁled under subsection (a) of this Code section is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly ﬁle a correcting amendment. (d) If an order is not in effect and a proceeding is not pending under Code Section 10-5-41, registration becomes effective at noon on the forty-ﬁfth day after a completed application is ﬁled unless the registration is denied. A rule adopted or order issued under this chapter may set an earlier effective date or may defer the effective date until noon on the forty-ﬁfth day after the ﬁling of any amendment completing the application. (e) A registration is effective until midnight on December 31 of the year for which the application for registration is ﬁled. Unless an order is in effect under Code Section 10-5-41, a registration may be automatically renewed each year by ﬁling such records as are required by rule adopted or order issued under this chapter, by paying the fee 769 10-5-36 speciﬁed in Code Section 10-5-39, and by paying costs charged by the Commissioner for processing the ﬁlings. (f) A rule adopted or order issued under this chapter may impose such other conditions, not inconsistent with the National Securities Markets Improvement Act of 1996, 15 U.S.C. Section 80b-1, et seq. An order issued under this chapter may waive, in whole or in part, such requirements in connection with registration as are in the public interest and for the protection of investors. History. Code 1981, § 10-5-35, enacted by Ga. L. 2008, p. 381, § 1/SB 358; Ga. L. 2024, p. 1052, § 2(45)/SB 448, effective July 1, 2024. Amendments. The 2024 amendment, effective July 1, 2024, part of an Act to revise, modernize, and correct the Code, revised punctuation at the end of paragraph (a)(2). 10-5-36. Successors to registration; change of name, form of organization, and control. (a) A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice ﬁling of a federal covered investment adviser and a federal covered investment adviser may succeed to the current registration of an investment adviser or notice ﬁling of another federal covered investment adviser by ﬁling as a successor an application for registration pursuant to Code Section 10-5-30 or 10-5-32 or a notice pursuant to Code Section 10-5-34 for the unexpired portion of the current registration or notice ﬁling. (b) A broker-dealer or investment adviser that changes its form of organization or state of incorporation or organization may continue its registration by ﬁling an amendment to its registration if the change does not involve a material change in its ﬁnancial condition or management. The amendment becomes effective when ﬁled or on a date designated by the registrant in its ﬁling. The new organization is a successor to the original registrant for the purposes of this chapter. If there is a material change in ﬁnancial condition or management, the broker-dealer or investment adviser shall ﬁle a new application for registration. A predecessor registered under this chapter shall stop conducting its securities business other than winding down transactions and shall ﬁle for withdrawal of broker-dealer or investment adviser registration within 45 days after ﬁling its amendment to effect succession. (c) A broker-dealer or investment adviser that changes its name may continue its registration by ﬁling an amendment to its registration. The amendment becomes effective when ﬁled or on a date designated by the registrant. (d) A change of control of a broker-dealer or investment adviser may 770 10-5-37 be made in accordance with a rule adopted or order issued under this chapter. History. Code 1981, § 10-5-36, enacted by Ga. L. 2008, p. 381, § 1/SB 358. 10-5-37. Notice of termination.