Bill > SB496

This bill modifies the definition of a "branch office" in New Hampshire's securities regulations by creating an exception for certain residential supervisory locations. Specifically, the bill allows broker-dealers to designate private residences as supervisory locations that will not be considered branch offices, provided they comply with FINRA (Financial Industry Regulatory Authority) Rule 3110.19. The bill adds a new definition for a "residential supervisory location" as a private residence from which an associated person performs supervisory functions, which a broker-dealer has officially designated according to FINRA guidelines. This change provides more flexibility for broker-dealers who have employees or associates supervising work activities from home, preventing such home offices from being automatically classified as formal branch offices, which would typically require additional regulatory oversight and registration. The bill will take effect immediately upon passage, offering an immediate update to the state's securities regulations.

Business and Industry

https://gc.nh.gov/bill_Status/billinfo.aspx?id=1250&inflect=2