New Mexico Administrative Code

[RESERVED]

The forms set forth in this part 16 are prescribed for registration or exemption matters under the New Mexico Uniform Securities Act. For exemptions where no form is prescribed, a letter setting forth details and claiming the exemption is acceptable. A. Form U-1, uniform applicat…

A. Form 202X, notice of claim of exemption pursuant to Section 58-13C-202 X, shall be used to give notice of intent to claim the exemption afforded by Section 58-13C-202 X for offerings of issuers seeking no more than $2,500,000 from the sale of securities and shall include the f…

Regulation and Licensing Department - New Mexico Securities Division.

In determining whether a combination of words (or an acronym standing for a combination of words) constitutes a certification or professional designation indicating or implying that a person has special certification or training in advising or servicing senior citizens or retiree…

For purposes of this section, financial services regulatory agency includes, but is not limited to, an agency that regulates broker-dealers, investment advisers, or investment companies as defined under the Investment Company Act of 1940. For purposes of this part, a certificatio…

Nothing in this part shall limit the director's authority to enforce existing provisions of law.

All persons that engage in providing advice as to value of or the advisability of investing in, purchasing or selling securities.

Section 58-13C-605 A NMSA 1978 authorizes the director to adopt, amend and repeal rules necessary or appropriate to carry out the provisions of the New Mexico Uniform Securities Act, Sections 58-13C-101 to 701 NMSA 1978, hereinafter referred to in this Chapter 11 as the "New Mexi…

Permanent.

January 1, 2010, unless a later date is cited at the end of a section.

To prohibit use of certifications and professional designations in such a way as to mislead investors regarding whether the user has special expertise in advising or serving senior citizens or retirees in connection with the offer and sale of securities.

[RESERVED]

The use of a senior-specific certification or designation by any person in connection with the offer, sale, or purchase of securities, or the provision of advice as to the value of or the advisability of investing in, purchasing, or selling securities, either directly or indirect…

There is a rebuttable presumption that a designating or certifying organization is not disqualified solely for purposes of Subsection D of 12.11.17.8 NMAC when the organization has been accredited by: A. the American national standards institute; or B. the national commission for…

Regulation and Licensing Department - New Mexico Securities Division.

All persons, whether natural or legal entities, that transact business in New Mexico as a broker-dealer, an agent, an investment advisor, an investment adviser representative, or who serve in a supervisory, compliance or legal capacity for a broker-dealer or investment adviser.

Subsection A of Section 58-13C-605 NMSA 1978 authorizes the director to adopt rules necessary or appropriate to carry out the New Mexico Uniform Securities Act. Subsection A of Section 58-13D-7 NMSA 1978 instructs the director to promulgate, by rule, training guidelines that brok…

Permanent.

September 11, 2018, unless a later date is cited at the end of a section.

To provide training guidelines to broker-dealers and investment advisers who shall provide training concerning the financial exploitation of vulnerable adults to its employees who are required to be registered in New Mexico as agents or investment adviser representatives and who …

A. The standardized training curriculum for training provided pursuant to the Protecting Vulnerable Adults from Financial Exploitation Act shall include adequate detail and explanation regarding: (1) The agencies to which disclosures must be made, including: (a) agency contact in…

Regulation and Licensing Department - New Mexico Securities Division.

Each applicant for initial registration as a broker-dealer or agent is required to pass with a grade of at least 70 percent, within two years prior to the date the application for registration is filed in this state, the uniform securities agent state law examination (series 63) …

The examination requirement in 12.11.2.10 NMAC is waived for any applicant who meets the criteria set forth in either Subsections A or B of this section. A. The applicant has been registered, within two years prior to the date the application for registration is filed in this sta…

Prior to issuance of an initial registration as a broker-dealer, and at all times thereafter, at least one registered sales representative located at the principal office of the broker-dealer, and, except as provided in 12.11.2.24 NMAC, at least one sales representative located a…

Any application for registration which is not completed or withdrawn within six months from the date it is initially received may be deemed materially incomplete, and the director may issue an order denying the registration.

Pursuant to Section 58-13C-406 C, a registration becomes automatically effective 45 days after all requirements have been met and all requested information has been filed, provided that no proceeding under Section 58-13C-412 has been instituted. A registration may become effectiv…

Persons effecting only transactions exempt pursuant to Section 58-13C-202 K who are duly licensed New Mexico real estate agents or duly registered under the New Mexico Mortgage Loan Company and Loan Broker Act are exempt from the requirements of Sections 58-13C-401 A and 58-13C-4…

Persons acting for an issuer effecting offers and sales of securities registered pursuant to 12.11.10 NMAC, Small Company Offering Registration (SCOR), to whom no commissions or other similar compensation is paid or given directly or indirectly for effecting such transactions are…

A broker-dealer and its authorized agents are exempt from the registration requirements of Sections 58-13C-401 A and 58-13C-402 A if: A. the broker-dealer and its authorized agents are located in Canada; B. the broker-dealer and its authorized agents are licensed or registered pu…

A. Every broker-dealer, whether or not subject to Rule 15c3-1 of the Securities Exchange Act of 1934, shall maintain net capital in such minimum amounts as are designated in that rule for the activities to be engaged in by a broker-dealer in this state. B. The aggregate indebtedn…

A. Every broker-dealer shall file with the director a surety bond in the amount set by the director, with a minimum of $100,000 and a maximum of $1,000,000, except as provided in Subsections B and C of 12.11.2.19 NMAC. The bond shall comply with the requirements of Subsection E o…

All persons, whether natural or legal entities, that transact business in New Mexico as an investment adviser or an issuer of securities, and their agents.

A. Broker-dealers and agents who use the internet to distribute information on available products and services through communications made on the internet directed generally to anyone having access to the internet and transmitted through internet communications shall not be consi…

A. Each broker-dealer shall file with the director a copy of any complaint related to its business, transactions or operations naming the broker-dealer or any of its partners, officers, members, sales representatives or agents as defendants in any civil or criminal proceeding, or…

Broker-dealers and agents may satisfy filing requirements contained in these rules by filing required documents with CRD where appropriate.

Any order denying, suspending, revoking, canceling or limiting the registration of, and any order barring, a broker-dealer or agent may include such other sanctions as the director finds appropriate.

Every registered broker-dealer must employ at its principal office and at each branch office in this state at least one person designated to act in a supervisory capacity who is registered as an agent in this state and has satisfied the supervisory examination requirement in 12.1…

Section 58-13C-605 A NMSA 1978 authorizes the director to make, amend and rescind rules as are necessary to carry out the provisions of the New Mexico Uniform Securities Act, Sections 58-13C-101 to 701, hereinafter referred to in this Chapter 11 as the "New Mexico Uniform Securit…

Permanent.

January 1, 2010, unless a later date is cited at the end of a section.

To implement new rules and revise existing rules to better reflect the realities of current financial, commercial and regulatory principles and practices affecting the securities markets.

A. Applications for registration by broker-dealers and agents who are members of FINRA shall be filed with CRD on forms established for the CRD and, in addition thereto, the broker-dealer shall file with the director a financial statement that is current within 90 days of the dat…

A. Registration fees required of broker-dealers and agents who are members of FINRA shall be paid to CRD, in accordance with FINRA instructions. Annual renewal fees shall be paid no later than December 31 of each year. B. Registration fees required of broker-dealers and agents wh…

Regulation and Licensing Department - New Mexico Securities Division.

Every registered broker-dealer not subject to 12.11.3.8 NMAC shall preserve for at least five years, the most recent two years in an easily accessible place, all records required under 12.11.3.9 NMAC except that records required under Subsections J and L of 12.11.3.9 NMAC shall b…

Except as provided in Subsection E below, every branch office of a registered broker-dealer not subject to 12.11.3.8 NMAC shall prepare and keep current the following records: A. copies of the records described in Subsections E, G, H, I, J and O of 12.11.3.9 NMAC; B. blotters (or…