| (D) Persons not required to register with the Securities
Commissioner pursuant to subparagraph (A) of this paragraph, are reminded
that the Texas Securities Act prohibits fraud or fraudulent practices
in dealing in any manner in any securities whether or not the person
engaging in fraud or fraudulent practices is required to be registered.
The Agency has jurisdiction to investigate and bring enforcement actions
to the full extent authorized in the Texas Securities Act with respect
to fraud or deceit, or unlawful conduct by a dealer or agent in connection
with transactions involving securities in Texas.
(c) Types of registrations.
(1) General registration. A general registration is
a registration to deal in all categories of securities, without limitation.
(2) Restricted registration. The restricted registrations
are as follows:
(A) The Securities Commissioner recognizes the specialized
knowledge examinations administered by FINRA as restricted registration
categories. The registration of an applicant passing a specialized
knowledge examination in lieu of the general securities examination
pursuant to §115.3(b) of this title (relating to Examinations)
is restricted to and effective only for conducting the business and
securities activities and effecting transactions associated with the
specialized examination.
(B) Additional restricted registration categories include:
(i) registration to deal exclusively in the sale of
interests (other than interests in limited partnerships) in oil, gas,
and mining leases, fees, or titles or contracts relating thereto;
(ii) registration to deal exclusively in real estate
syndication interests and/or condominium securities, including interests
in real estate limited partnerships;
(iii) registration to deal exclusively in sales of
securities to the dealer's own employees;
(iv) registration for an issuer to deal exclusively
in its own securities;
(v) registration to act exclusively as a finder;
(vi) registration to act exclusively as a Texas crowdfunding
portal; and
(vii) registration with other restrictions which the
Securities Commissioner may impose based upon the facts.
(3) In restricted registrations, the evidence of registration
shall indicate that the holder thereof is entitled to act as a dealer
only in the specified issue or category of securities.
(d) Prohibition on fraud and availability of an exemption
from registration. The Texas Securities Act prohibits fraud or fraudulent
practices in dealing in any manner in any securities whether or not
the person engaging in fraud or fraudulent practices is required to
be registered. The Agency has jurisdiction to investigate and bring
enforcement actions to the full extent authorized in the Texas Securities
Act with respect to fraud or deceit, or unlawful conduct by a dealer
or agent in connection with transactions involving securities in Texas.
However, the registration requirements detailed in this chapter do
not apply to dealers and agents that are exempt from registration
as such pursuant to the Texas Securities Act, §5, or by Board
rule pursuant to the Texas Securities Act, §5.T or §12.C,
contained in Chapter 109 or 139 of this title.
|
| Source Note: The provisions of this §115.1 adopted to be effective August 12, 2001, 26 TexReg 5794; amended to be effective August 22, 2004, 29 TexReg 7966; amended to be effective January 8, 2006, 30 TexReg 8866; amended to be effective September 1, 2006, 31 TexReg 6709; amended to be effective February 21, 2008, 33 TexReg 1319; amended to be effective August 16, 2010, 35 TexReg 7050; amended to be effective November 8, 2012, 37 TexReg 8786; amended to be effective November 17, 2014, 39 TexReg 8961; amended to be effective December 23, 2018, 43 TexReg 8089; amended to be effective November 12, 2019, 44 TexReg 6859 |
