Agent Conduct Requirements
Chapters in this video
- 0:00 Three notifications when an agent switches firms
- 1:42 Who reports the termination vs. the new association
- 2:50 Canadian broker-dealer agent limited registration pathway
- 3:30 Consent to service of process and good-standing maintenance
- 4:05 Forthith reporting: criminal actions and fraud findings
- 5:00 The antifraud provisions apply to everyone
- 5:48 Administrator's limited power over Canadian agents
- 6:14 Rapid-fire exam recap
What this video covers
- Who must notify the Administrator when an agent begins or terminates an association with a broker-dealer or issuer, and why all three parties have independent legal duties
- Why failure by any single party to provide prompt notification is a direct violation of the Uniform Securities Act (USA)
- How Canadian broker-dealer agents register through a limited pathway using their home jurisdiction's application form rather than standard U.S. forms
- What "forthwith" means for Canadian agents reporting criminal actions or fraud-related findings, and why the 30-day amendment rule does not apply here
- The scope of exemption for Canadian agents: exempt from most USA requirements while within permitted transaction limits, but never exempt from the antifraud provisions
- The limited grounds on which the Administrator may deny, suspend, or revoke a Canadian agent's registration (antifraud breach or breach of Canadian pathway requirements only)
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