Jersey Broker Dealer_License
Jersey Broker- Dealer License
The New Jersey Bureau of Securities is authorized to licence and regulate broker dealers within the state of New Jersey. No person (legal or natural) is authorized to conduct broker dealer activities in Jersey without a license granted by the New Jersey Bureau of Securities pursuant to the requirements Uniform Securities Law (1967).
Any person who is a member of the Financial Industry Regulatory Authority (FINRA), desiring to transact business in the State of New Jersey as a broker-dealer shall file an application with the Bureau of Securities (the Bureau) by filing the application with the Central Registration Depository (CRD) on the form designated as Form BD, Uniform Application for Broker-Dealer Registration, or any successor form to the Form BD prescribed by the CRD for filing a broker-dealer application.
Broker Dealer means:
“Broker-dealer” means any person engaged in the business of effecting or attempting to effect transactions in securities for the accounts of others or for his own account. “Broker-dealer” does not include:
- an agent
- an issuer,
- a person who effects transactions in this State exclusively in securities described in paragraphs (1) and (2) of subsection (a) of section 3 of P.L.1967, c.93 (C.49:3-50), (4)
- a bank, savings institution, or trust company, or
- a person who effects transactions in this State exclusively with or through
the issuers of the securities involved in the transactions,
- other broker-dealers,
- banks, savings institutions, trust companies, insurance companies, investment companies as defined in the “Investment Company Act of 1940,” pension or profit-sharing trusts, or other financial institutions or institutional buyers, whether acting for themselves or as trustees or
- such other persons not otherwise within the intent of this subsection (c), as the bureau chief may by rule or order designate
The entity making the application is a Jersey:
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
|Compliance Officer||The management should ensure that the licensee appoints a compliance officer to ensure compliance with applicable laws and with the internal policies of the licensee by its employees, agents, and other contractors.|
|Jersey Office||The applicant must have a physical place of business in Jersey|
|Auditor||A licensee shall appoint annually a licensed auditor.|
|Insurance||The applicant must have indemnity insurance coverage|
|Minimum Capital Requirements||The minimum capital required for a registered broker-dealer shall be determined by rule of the bureau chief.|
- A licensee shall, within 4 months of the end of every financial year, forward to the Authority the audited financial statements referred to in subsection (1) unless prior written approval for an extension has been granted by the Authority.
- Filing of Audited Accounts: The licensee shall for the financial year beginning on the day on which it commences to carry on securities business; and for each subsequent year submit to the Commission, within ninety days after the end of the financial year, audited financial statements prepared in accordance with international accounting standards, and which contain such additional information as may be prescribed.
- The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.
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The Valsen Advantage
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- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers
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