This bill amends the Uniform Securities Act to exempt certain private residences designated by broker-dealers as supervisory locations from being classified as branch offices. Specifically, it introduces new legal language stating that while locations responsible for supervising broker-dealer agents at non-branch locations are typically considered branch offices, a private residence designated as a "residential supervisory location" in compliance with FINRA Rule 3110.19 will not be classified as such. This change aims to provide clarity and flexibility for broker-dealers in managing their supervisory functions.

Additionally, the bill defines "residential supervisory location" as a private residence from which an associated person performs supervisory functions, provided it has been designated as such by the broker-dealer in accordance with the relevant FINRA rule. The bill will take effect immediately upon passage, streamlining the regulatory framework for broker-dealers and their supervisory practices.

Statutes affected:
Introduced: 421-B:1-102
SB496 text: 421-B:1-102