Intermediary registration eligibility requires complete, truthful applications, fit-and-proper status, and qualified principal officers before certification.

Applications for intermediary registration are assessed for prior certification refusals, adverse securities-market litigation, compliance with eligibility requirements, and investor and market interests. Written-reason rejection is required for incomplete, non-conforming, false or misleading applications, eligibility failures, lack of fit-and-proper status, or inadequate principal-officer qualifications or experience. Applicants ordinarily receive an opportunity to cure deficiencies, except where false or misleading information is furnished, which also bars a fresh application for one year.

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