Regulatory Alerts2013-01-11
Policy No. S-03-2005, Dual Registration
The Louisiana Office of Financial Institutions establishes guidelines governing the dual registration of broker-dealer agents and investment adviser representatives. Dual registration requires holding simultaneous licenses with multiple broker-dealer firms or multiple investment adviser firms, explicitly excluding mixed single-firm arrangements. Although generally disapproved, the policy permits dual registration when the involved firms are legally affiliated and receive explicit Commissioner approval.
OFFICE OF FINANCIAL INSTITUTIONS BATON ROUGE, LOUISIANA I. PURPOSE: To establish guidelines for registration of broker-dealer agents and investment adviser representatives with more than one firm. II. APPLICABILITY: Broker-dealer agents and investment adviser representatives registered with this Office. III. POLICY: Dual registration is considered to be simultaneous registration with more than one broker-dealer firm or more than one investment adviser firm. Simultaneous registration with one broker-dealer firm and one investment adviser firm is not considered to be dual registration. In general, dual registration will not be approved for broker-dealer agents and investment adviser representatives. The only exception to the general policy is that dual registration with firms that are affiliated, as defined in LSA-R.S. 51 :702(1), may be allowed with the approval of the Commissioner. POST OFFICE Box 94095, BATON ROUGE, LOUISIANA 70804-9095 (225) 925-4660 DEPOSITORY Be ADMINISTRATION - FAX # (225) 925-4548 LEGAL, NON·DEPOSITORY Be 5ECURITIES - FAX # (225) 925-4524 web site: www.ofi.louisiana.gov email: ofila@ofi.louisiana.gov