MN HF4071

Broker-dealers must establish written supervisory procedures to prevent and detect securities law violations, with procedures maintained at each Minnesota branch office and designating supervisory employees proportionate to the number of agents, offices, and transactions

Investment advisers are required to implement written business continuity/succession plans and physical security/cybersecurity policies to protect client records, with annual privacy policy delivery to clients

New detailed standards for broker-dealer and agent conduct are codified, including prohibitions on unauthorized transactions, excessive trading (churning), unsuitable recommendations, unreasonable fees, deceptive advertising, and failing to pay arbitration awards or regulatory fines

Broker-dealers must provide written transaction confirmations to customers describing the security, date, price, commission, and capacity in which the firm acted, and are prohibited from including contract provisions that waive customer rights under Minnesota securities law

Commissioner of Commerce authorized to use expedited rulemaking to amend Minnesota Rules regarding other real estate to conform with generally accepted accounting principles