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Title XXVI TRADE AND COMMERCE

Chapter 409

previous next Effective - 28 Aug 1985bottom

  409.858.  Annual report, records — amendment, broker — dealers — capital requirements — fidelity bonds — financial reports. — 1.  For so long as a commodity broker-dealer or commodity sales representative is licensed under sections 409.850 to 409.863, he shall file an annual report, together with the fee specified by rule of the commissioner promulgated under section 409.836, at a time and including that information which the commissioner determines, by rule or order, is necessary or appropriate.

  2.  The commissioner may, by rule, require a licensed commodity broker-dealer to maintain:

  (1)  Minimum net capital; and

  (2)  A prescribed ratio between net capital and aggregate indebtedness. The minimum net capital and net capital-to-aggregate-indebtedness ratio may vary with type or class of commodity broker-dealer.

  3.  If a licensed commodity broker-dealer believes, or has reasonable cause to believe, that any requirement imposed on it under subsection 2 of this section is not being met, it shall promptly notify the commissioner of its current financial condition.

  4.  The commissioner may, by rule, require the furnishing of fidelity bonds from commodity broker-dealers.

  5.  A licensed commodity broker-dealer shall file financial and other reports which the commissioner determines, by rule, are necessary or appropriate.

  6.  A licensed commodity broker-dealer or commodity sales representative shall make and maintain records as the commissioner determines, by rule, are necessary or appropriate.  Required records may be maintained in computer or microform format or any other form of data storage provided that the records are readily accessible to the commissioner.  Required records must be preserved for five years unless the commissioner, by rule, specifies either a longer or shorter period for a particular type or class of records.

  7.  If the information contained in any document filed with the commissioner, or his designee pursuant to this section, except for those documents which the commissioner, by rule or order, may exclude from this requirement, is or becomes inaccurate or incomplete in any material respect, the licensed person shall promptly file a correcting amendment, unless notification of the correction has been given under subsection 5 of section 409.856.

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(L. 1985 H.B. 409 & 532 § 24)


---- end of effective   28 Aug 1985 ----

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