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Investment Adviser Firm Summary

HILLTOP SECURITIES INDEPENDENT NETWORK INC. (CRD# 17587 / SEC# 8-35475, 801-60812)
Alternate Names: BROKERS TRANSACTION SERVICES, INC. , HILLTOP SECURITIES INDEPENDENT NETWORK INC. , SOUTHWEST INVESTMENT PROPERTIES, INC. , SWS FINANCIAL SERVICES , SWS FINANCIAL SERVICES, INC.

The adviser's REGISTRATION status is listed below.


This adviser is also a brokerage firm

REGISTRATION STATUS


SEC / JURISDICTION REGISTRATION STATUS _ EFFECTIVE DATE
SEC Approved 01/18/2002
Alabama Terminated 11/01/2004
California Terminated 01/18/2002
Colorado Terminated 01/18/2002
District of Columbia Terminated 12/31/2002
Georgia Terminated 04/18/2002
Kansas Cancelled 01/18/2002
Louisiana Terminated 01/18/2002
Massachusetts Terminated 04/23/2002
Mississippi Terminated 04/18/2002
New Mexico Terminated 04/18/2002
New York Terminated 01/18/2002
North Carolina Terminated 04/18/2002
Ohio Terminated 01/18/2002
Oklahoma Terminated 01/18/2002
Oregon Terminated 12/05/2001
South Carolina Terminated 04/18/2002
South Dakota Terminated 04/19/2002
Utah Terminated 04/18/2002
West Virginia Terminated 04/18/2002

NOTICE FILINGS


Investment adviser firms registered with the SEC may be required to provide to state securities authorities a copy of their Form ADV and any accompanying amendments filed with the SEC. These filings are called "notice filings". Below are the states with which the firm you selected makes its notice filings. Also listed is the date the firm first became notice filed or registered in each state.


JURISDICTION EFFECTIVE DATE
Alabama 01/22/2002
Alaska 01/18/2002
Arizona 05/21/2002
Arkansas 01/22/2002
California 07/08/1997
Colorado 01/18/2002
Connecticut 01/18/2002
Delaware 06/11/2002
District of Columbia 12/21/2001
Florida 03/19/1997
Georgia 11/26/2004
Hawaii 01/18/2002
Idaho 01/18/2002
Illinois 01/18/2002
Indiana 01/18/2002
Iowa 01/18/2002
Kansas 01/18/2002
Kentucky 01/18/2002
Louisiana 01/18/2002
Maine 01/18/2002
Maryland 11/26/2004
Massachusetts 11/26/2004
Michigan 01/18/2002
Minnesota 01/23/2002
Mississippi 01/18/2002
Missouri 01/18/2002
Montana 01/18/2002
Nebraska 11/26/2004
Nevada 01/18/2002
New Hampshire 12/21/2001
New Jersey 08/15/1997
New Mexico 01/18/2002
New York 06/19/1997
North Carolina 01/18/2002
North Dakota 12/20/2001
Ohio 01/18/2002
Oklahoma 01/18/2002
Oregon 01/18/2002
Pennsylvania 01/18/2002
Puerto Rico 01/18/2002
Rhode Island 11/26/2004
South Carolina 01/18/2002
South Dakota 01/22/2002
Tennessee 01/18/2002
Texas 04/14/1986
Utah 01/18/2002
Vermont 01/18/2002
Virginia 01/18/2002
Washington 01/18/2002
West Virginia 01/01/2002
Wisconsin 01/18/2002

EXEMPT REPORTING ADVISERS


Exempt Reporting Advisers ("ERA") are investment advisers that are not required to register as investment advisers because they rely on certain exemptions from registration under sections 203(l) and 203(m) of the Investment Advisers Act of 1940 and related rules. Certain state securities regulatory authorities have similar exemptions based on state statutes or regulations. An ERA is required to file a report using Form ADV, but does not complete all items contained in Form ADV that a registered adviser must complete. Other state securities regulatory authorities require an ERA to register as an investment adviser and file a complete Form ADV. Below are the regulators with which an ERA report is filed.


Not Currently an Exempt Reporting Adviser