|(a) Within 14 days of receipt by the Agency of an application
and a fee that is sufficient for registration as a dealer or investment
adviser, the Registration Division shall send a written deficiency
letter to the applicant setting forth a list of items or exhibits
that either have not been filed or that contain errors or omissions.
If the applicant is filing through the Central Registration Depository
(CRD) or the Investment Adviser Registration Depository (IARD), deficiency
corrections of a procedural, non-disciplinary nature will be handled
by the CRD or IARD.
(1) If an insufficient fee is submitted with the application,
the fee will be returned to the applicant along with immediate notification
as to the correct amount owed.
(2) The application will be held in abeyance until
the correct fee is received by the Agency.
(b) Within 14 days of receipt by the Agency of all
requested items and exhibits, the division staff shall review the
file and, if necessary, shall send a written comment letter setting
forth any deviations from the substantive requirements of the Texas
Securities Act or Board rules relating to the registration of dealers
or investment advisers. This process may be repeated to raise subsequent
(c) An application is complete and accepted for filing
upon receipt by the agency of the following:
(1) all items required to be filed with the Agency
as set forth in the deficiency letter referred to in subsection (a)
of this section; and
(2) complete responses to all comments raised by the
division during review of the application.
(d) Within 14 days of receipt by the Agency of a complete
application, the division staff shall review the application and the
applicant's responses to initial comments and make a recommendation
to grant, deny, or allow withdrawal of the application.
(e) Within 14 days of the division staff's recommendation,
any remaining issues shall be addressed by the Director (or an Assistant
Director) of the Registration Division and the Deputy Commissioner.
Additional comments, if any, raised at this stage of review must be
communicated to the applicant immediately.
(f) The final decision to grant, deny, or allow withdrawal
of the application must be made and communicated to the applicant
within 14 days of the latter of:
(1) the division's recommendation, or
(2) receipt by the Agency of complete responses to
any remaining comments.
(g) Written communications between the Registration
Division and the applicant may be transmitted by facsimile, email,
U.S. mail, or other more timely means of communication.
|Source Note: The provisions of this §104.5 adopted to be effective May 17, 1988, 13 TexReg 2160; amended to be effective March 14, 1999, 24 TexReg 1769; amended to be effective August 10, 2003, 28 TexReg 5991; amended to be effective October 6, 2015, 40 TexReg 6888; amended to be effective August 25, 2019, 44 TexReg 4309