451.2455 Michigan investment market; registration requirements.

338 words·~2 min read·/mi/chapter-451/451-2455

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Sec. 455.

(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.

History: Add. 2014, Act 355 , Imd. Eff. Oct. 21, 2014

Compiler's Notes: Enacting section 1 of Act 355 of 2014 provides:"Enacting section 1. It is the intent of the legislature by enacting this amendatory act to regulate a class of intrastate broker-dealers that is exempt under section 15(a)(1) of the securities exchange act of 1934, 15 USC 78o, and that will facilitate intrastate securities transactions among persons of this state."