2014 Kentucky Revised Statutes
CHAPTER 292 - SECURITIES (BLUE SKY LAW)
292.331 Application for registration -- Contents -- Conditions -- Requirements.
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<![CDATA[292.331 Application for registration -- Contents -- Conditions -- Requirements.
(1)
(2)
(3)
(4)
(5)
(6)
A person shall apply for registration as a broker-dealer, agent, investment
adviser, or investment adviser representative by filing an application containing
the information required in a form designated by administrative regulation or
order under this chapter, by filing a consent to service of process pursuant to
KRS 292.430, by filing any other information requested by the commissioner
necessary to complete the application, and by paying the fee prescribed by this
chapter.
If no denial order is in effect and no administrative proceeding is pending under
this chapter, then registration becomes effective at 12 noon of the thirtieth day
after a completed application is filed unless the commissioner specifies by
order an earlier or later effective date. A registration shall be effective until
December 31 of the year of registration, except that a registration as an agent
of an issuer shall be effective for the shorter of the term of the offering or a
period of twelve (12) months.
An administrative regulation or order under this chapter may require as a
condition of registration that the applicant and, in the case of a corporation or
other legal entity, the officers or directors or persons occupying similar status or
performing similar functions, pass a written examination as evidence of
knowledge of the securities business.
Subject to the limitations of Section 15 of the Securities Exchange Act of 1934,
15 U.S.C sec. 78o, and Section 222 of the Investment Advisers Act of 1940, 15
U.S.C. sec. 80b-18a, an administrative regulation or order under this chapter
may establish minimum financial requirements for broker-dealers and
investment advisers registered or required to be registered under this chapter.
Registration of a broker-dealer, agent, investment adviser, or investment
adviser representative may be renewed by filing an application containing any
information required by administrative regulation or order under this chapter
and paying the fee prescribed in this chapter and, in the case of a
broker-dealer or investment adviser, filing any financial statement required by
administrative regulation or order under this chapter.
An administrative regulation or order under this chapter may impose other
conditions on registration or waive, in whole or part, specific requirements in
connection with registration if appropriate in the public interest and consistent
with the protection of investors.
Effective:July 15, 2010
History: Created 2010 Ky. Acts ch. 82, sec. 3, effective July 15, 2010.
Legislative Research Commission Note (7/15/2010). References to the
"executive director" of financial institutions in subsections (1) and (2) of this
section, as created by 2010 Ky. Acts ch. 82, sec. 3, have been changed in
codification to the "commissioner" of financial institutions to reflect the
reorganization of certain parts of the Executive Branch, as set forth in Executive
Orders 2009-535 and 2009-1086 and confirmed by the General Assembly in
2010 Ky. Acts ch. 24. These changes were made by the Reviser of Statutes
pursuant to 2010 Ky. Acts ch. 24, sec. 1938.
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