Order 2018-1

ORDER NO. 2018-1 ADMINISTERING THE MICHIGAN UNIFORM SECURITIES ACT, MARCH 28, 2018

Julia Dale, Administrator of 2008 PA 551, the Michigan Uniform Securities Act (“the Act”), issued an Order administering the Act on March 28, 2018: 2018-1 Securities Administrative Order

Section 3(1) of Freedom of Information Act (“FOIA”), MCL 15.233(1), entitles a requester of public records under the FOIA to inspect, copy, or receive copies of the public records of a public body, unless those records are exempt from disclosure under Section 13 of FOIA, MCL 15.243. Section 13(1)(d) of FOIA, MCL 15.243(1)(d), exempts from disclosure under the FOIA any records or information specifically described and exempted from disclosure by statute. Section 607(2) of the Act, MCL 451.607(2), states that, if the Administrator finds that it is in the public interest and for the protection of investors, a record obtained by the Administrator through a designee of the Administrator and that is determined by a rule or order to be nonpublic or nondisclosable by that designee, is nonpublic or nondisclosable.

The former Administrator, by Order, designated the Central Registration Depository (“CRD”) or Investment Adviser Registration Depository (“IARD”), operated by the Financial Industry Regulatory Authority (“FINRA”), to receive and store filings and collect related fees from all persons required to register or notice file with Michigan under the Act. The current Administrator, via Order 2018-1, ordered that records and information obtained by the Administrator from FINRA through the CRD and IARD databases, other than those records received by FINRA on behalf of the Administrator, are not available for public examination under MCL 451.2607(1), MCL 451.2607(2)(f)(ii), and section 13(1)(d) of the Freedom of Information Act, MCL 15.243(1)(d).

Persons seeking information regarding individuals and firms registered under the Act may visit FINRA’s BrokerCheck (https://brokercheck.finra.org/) and the Securities and Exchange Commission’s Investment Adviser Public databases (https://www.adviserinfo.sec.gov/) for publicly-available information concerning the registration history, disciplinary and customer complaint history, and employment status of a broker-dealer firm, broker-dealer agent, investment adviser firm, or investment adviser representative. Requests for registration applications or other public records maintained by the Administrator under the Act must be made to the LARA FOIA Office, www.mi.gov/larafoia.