{"data":{"id":"us-va/21vac5-20-300","jurisdiction":"us-va","citation":"21VAC5-20-300","heading":"Net worth","body":"A. For broker-dealers not subject to the Securities Exchange Act of 1934, the term \"net worth\" as used in § 13.1-505 B of the Act shall be computed as total assets minus total liabilities, excluding liabilities of the broker-dealer which are subordinated to the claims of creditors pursuant to a satisfactory subordination agreement as defined in Appendix D of Rule 15c3-1 under the Securities Exchange Act of 1934 (17 CFR 240.15c3-1d).\n\nB. If a broker-dealer applicant or registrant not subject to the Securities Exchange Act of 1934 cannot demonstrate and maintain a net worth in excess of $25,000, the commission shall require the filing of a surety bond on the form prescribed. The amount of the penal sum of the surety bond can be determined according to the following table:\n\nNET WORTH (Rounded to nearest $1)\n\nPENALTY AMOUNT OF SURETY BOND\n\nLess than $5,000\n\n$25,000\n\n5,001-10,000\n\n20,000\n\n10,001-15,000\n\n15,000\n\n15,001-20,000\n\n10,000\n\n20,001-25,000\n\n5,000\n\nC. If the net worth of a broker-dealer registrant not subject to the Securities Exchange Act of 1934 plus the penal sum of its surety bond drops below $25,000, the registrant must so notify the Division of Securities and Retail Franchising in writing within three business days and immediately take action to establish a net worth in excess of $25,000.","path":["Title 21. Securities And Retail Franchising","Agency 5. State Corporation Commission, Division of Securities And Retail Franchising","Chapter 20. Broker-Dealers, Broker-Dealer Agents and Agents of the Issuer","Part IV. Broker-Dealer and Agent Regulations"],"source_url":"https://law.lis.virginia.gov/admincode/title21/agency5/chapter20/section300/","current_through":"2026 Regular Session (effective July 1, 2026)","vintage":"","retrieved_at":"2026-09-14T04:53:33Z","sha256":"5cc8a0c35b2eb31a17247181002599b7556f36287713e654d2254c28d8085dac","source_id":"us-va-vac","stale":false,"prev":"us-va/21vac5-20-290","next":"us-va/21vac5-20-310"},"notice":"GroundRules: Original legal text. Not legal advice."}