Chapter 4

R 451.4.13 Custody prohibitions, limits, and conditions. Rule 4.13. (1) For purposes of this rule, the following definitions apply: (a) “Custody” means holding, directly or indirectly, client funds or securities, or having any authority to obtain possession of them or the ability…

R 451.4.14 Bonding requirement for certain investment advisers. Rule 4.14. (1) For purposes of this rule, “custody” is defined in R 451.4.13(1)(a) and (b). (2) Any bond required by this rule must be issued by a company qualified to do business in this state in the form determined…

R 451.4.15 Minimum financial requirements for broker-dealers. Rule 4.15. (1) A broker-dealer registered or required to be registered under the act, shall maintain net capital in such minimum amounts as are designated in SEC rule 15c3-1, 17 C.F.R. §240.15c3-1, promulgated under th…

R 451.4.16 Minimum financial requirements for Michigan investment markets. Rule 4.16. (1) A Michigan investment market, registered or required to be registered under the act, shall maintain net capital in such minimum amounts as are designated in SEC rule 15c3-1, 17 C.F.R. §240.1…

R 451.4.17 Minimum financial requirements for investment advisers. Rule 4.17. (1) For purposes of this rule “net worth” means an excess of assets over liabilities, as determined by generally accepted accounting principles, but does not include as assets any of the following: prep…

R 451.4.18 Financial statements. Rule 4.18. (1) Subject to subrule (4) of this rule, financial statements, when they are required to be filed with the administrator pursuant to the act, an administrative rule, or order of the administrator, must consist of a balance sheet, a stat…

R 451.4.19 Investment adviser brochure. Rule 4.19. (1) Unless otherwise provided in this rule, an investment adviser that is registered, or required to be registered, pursuant to section 403 of the act, MCL 451.2403, shall, pursuant to the provisions of this subrule, furnish each…

R 451.4.2 Merger and acquisition broker exemption. Rule 4.2. (1) The following definitions apply for purposes of this rule: (a) “Control” means the power to directly or indirectly direct the management or policies of a company, whether through ownership of securities, by contract…

R 451.4.20 Proxy voting. Rule 4.20. It is a fraudulent, deceptive, or manipulative act, for an investment adviser registered, or required to be registered, under section 406 of the act, MCL 451.2406, to exercise voting authority with respect to client securities, unless the advis…

R 451.4.21 Investment adviser policies and procedures. Rule 4.21. (1) As used in this rule: (a) “Access person” means a supervised person of an investment adviser who meets any of the following: (i) Has access to either nonpublic information regarding a client's purchase or sale …

R 451.4.22 Records required to be maintained by broker-dealers. Rule 4.22. A broker-dealer registered, or required to be registered, under the act, shall make, maintain, and preserve records in compliance with SEC rule 17a-3, 17 C.F.R. §240.17a-3, and SEC rule 17a-4, 17 C.F.R. §2…

R 451.4.23 Records required to be maintained by Michigan investment markets. Rule 4.23. A Michigan investment market registered or required to be registered under the act, shall make, maintain, and preserve records in compliance with SEC rule 17a-3, 17 C.F.R. §240.17a-3, and SEC …

R 451.4.24 Records to be maintained by investment advisers. Rule 4.24. (1) For the purposes of this rule, "access person" means when used in connection with a company primarily engaged in a business or businesses other than advising investment advisory clients, a person who has a…

R 451.4.26 Investment adviser contracts. Rule 4.26. (1) For purposes of this rule, the following definitions apply: (a) “Assignment,” as used in subrule (3)(b) of this rule, includes, but is not limited to, a transaction or event that results in a change to the individuals or ent…

R 451.4.27 Dishonest or unethical business practices of broker-dealers and agents. Rule 4.27. (1) “Dishonest or unethical practices” for purposes of section 412(4)(m) of the act, MCL 451.2412(4)(m), includes the conduct prohibited in this rule. The conduct specified in subrules (…

R 451.4.28 Use of senior-specific certifications and professional designations. Rule 4.28. (1) The use of a senior-specific certification or designation by a person in connection with the offer, sale, or purchase of securities, or the provision of advice as to the value of or the…

R 451.4.3 Electronic filing; designated entities. Rule 4.3. (1) The administrator designates both of the following: (a) The CRD to receive and store filings and collect fees from broker-dealers and agents representing broker-dealers on behalf of the administrator. (b) The IARD to…

R 451.4.4 Electronic signatures. Rule 4.4. (1) As used in this rule “electronic agent” means a computer program or an electronic or other automated means used independently to initiate an action or respond to electronic records or performances, in whole or in part, without review…

R 451.4.5 Registration exemption for investment advisers to private funds. Rule 4.5. (1) This rule takes effect 365 days after the rule set has been filed with the secretary of state. (2) As used in this rule, “venture capital fund” means a private fund that meets the definition …

R 451.4.6 Notice filing requirements for federal covered investment advisers. Rule 4.6. (1) Pursuant to section 405 of the act, MCL 451.2405, the notice filing for a federal covered investment adviser must be filed electronically with IARD on an executed Form ADV. A notice filing…

R 451.4.8 Application for registration of Michigan investment market. Rule 4.8. In addition to the requirements of section 455 of the act, MCL 451.2455, an application for registration of a Michigan investment market must include all of the following: (a) The applicant's primary …

R 388.4 Debt service payment dates. Rule 4. Principal on qualified bonds shall be payable on May 1 and/or November 1, as approved by the department, and interest on qualified bonds shall be payable on May 1 and/or November 1, as approved by the department. History: 2007 AACS; 201…

R 37.4 Complaints; certified complaints. Rule 4. (1) A person claiming to be aggrieved by unlawful discrimination may personally, or through counsel or other agent, submit a complaint to the department. (2) A commissioner, director, or agent authorized by the commission or direct…

R 35.4 Notice to county committee. Rule 4. County committees will be notified of the receipt of appeal by the board of trustees, advised as to whether or not a hearing is requested, and asked to submit any additional evidence that may be available. History: 1979 AC. Page 2 Courte…

R 340.4 Schools of choice. Rule 4. (1) A nonresident pupil who is enrolled on the count date pursuant to sections 105 or 105c of 1979 PA 94, MCL 388.1705 or MCL 388.1705c may be counted in membership. (2) For the district to enroll and count a nonresident pupil who is eligible fo…

R 330.4 SIDS as cause of death. Rule 4. A county medical examiner or deputy county medical examiner shall not declare cause of death as SIDS (Sudden Infant Death Syndrome) unless an autopsy, incident death scene investigation, and review of child's medical history are completed. …

R 299.4 General requirements for application of cleanup criteria. Rule 4. (1) All cleanup criteria used in response activity undertaken under part 201 of the act and these rules shall be based on best available information. (2) The generic cleanup criteria developed by the depart…

R 280.4 Apportionments. Rule 4. (1) Apportionments to a county for county road benefits and to the department for state highway benefits shall be based on benefits computed and determined under R 280.2 and R 280.3, except that such apportionments shall not include the cost of wor…

R 257.4 Denial or suspension of drivers' licenses. Rule 4. A driver's license must be denied or suspended indefinitely if an applicant or licensee has visual acuity less than 20/60 with recognizable progressive abnormalities affecting vision; visual acuity less than 20/70 without…

R 169.4 Reports or statements; late filing fee; date of filing. Rule 4. (1) If a report or statement is filed after the filing date and is not accompanied by a late filing fee, the report or statement shall be received and considered filed as of that date. The filer shall be give…

R 168.4 Date of signing; notarization. Rule 4. (1) The affidavit of identity must be signed, sworn to, and dated by the candidate. All information given and statements made by the candidate on the affidavit of identity must be true as of the date that the affidavit is signed. Pag…

R 15.4 Notice of public meeting. Rule 4. Public notice of the board's meetings shall be provided in accordance with the provisions of the open meetings act. Not fewer than 28 calendar days before the date of the public meeting, the executive secretary will notify any interested p…

R 11.4 Answer; oral statement on charges; written briefs or arguments. Rule 4. The person or persons who have been served with a notice of hearing may, at his option, file a written answer thereto prior to the date set for hearing, or at said hearing may appear and present an ora…

R 474.4 Cancellation of insurance; notification. Rule 4. An alternate method of notifying MDOT of the cancellation of insurance may be requested by MDOT in lieu of granting of notifications rights to MDOT. History: 2019 AACS.

R 432.4 License revocation. Rule 4. (1) A license is evidence of an agency that is revocable at will by either the bureau or the retailer. Revocation of the agency is effective 30 days after notice of the revocation has been mailed by the revoking party. On or before the thirtiet…

R 500.4 Life and accident and health producers; curriculum requirements. Rule 4. (1) To qualify as a registered insurance producer program of study on the subject of accident and health insurance, a course must provide a minimum of 20 hours of study. These 20 hours of instruction…

R 425.4 Notice of removal of materials. Rule 4. (1) An operator proposing to remove materials in connection with the production or extraction of minerals by open-pit mining methods shall submit written notice to the supervisor as follows: (a) At least 30 days prior to the commenc…

R 420.4 Application requirements; financial and criminal background. Rule 4. (1) Each applicant shall disclose the identity of any other person who controls, either directly or indirectly, the applicant, including, but not limited to, date of birth, government issued identificati…