2006 Code of Virginia § 13.1-504 - Registration

13.1-504. Registration.

A. It shall be unlawful for any person to transact business in thisCommonwealth as (i) a broker-dealer or an agent, except in transactionsexempted by subsection B of 13.1-514, unless he is so registered under thischapter; (ii) an investment advisor or investment advisor representativeunless he is so registered under this chapter; or (iii) a federal coveredadvisor unless he has filed such documents and paid such fee as theCommission by rule or order may require.

B. The registration of an agent shall be deemed effective only so long as heis connected with a specified broker-dealer registered under this chapter ora specified issuer. When an agent begins or terminates a connection with abroker-dealer or issuer, both the agent and the broker-dealer or issuer shallpromptly notify the Commission. An agent who changes his connection from onebroker-dealer or issuer to another shall be required to file a newapplication for registration and pay the necessary fee in accordance with 13.1-505. It shall be unlawful for any broker-dealer or issuer to employ anunregistered agent. No agent shall be employed by more than one broker-dealeror issuer.

C. The registration of an investment advisor representative shall be deemedeffective only so long as he is connected with an investment advisorregistered under this chapter or a federal covered advisor. When aninvestment advisor representative begins or terminates a connection with aninvestment advisor, the investment advisor shall promptly notify theCommission. When an investment advisor representative begins or terminates aconnection with a federal covered advisor, the investment advisorrepresentative shall promptly notify the Commission. An investment advisorrepresentative who changes his connection from one investment advisor orfederal covered advisor to another shall be required to file a newapplication for registration and pay the necessary fee in accordance with 13.1-505. It shall be unlawful for (i) any person who is required to beregistered as an investment advisor under this chapter to employ anunregistered investment advisor representative or (ii) a federal coveredadvisor to employ, supervise, or associate with an unregistered investmentadvisor representative having a place of business in the Commonwealth. Noinvestment advisor representative shall be employed by more than oneinvestment advisor or federal covered advisor except pursuant to such rulesor regulations as the Commission shall prescribe.

(1956, c. 428; 1974, cc. 374, 479; 1979, c. 312; 1982, c. 407; 1987, c. 678;1991, cc. 223, 281, 418; 1997, c. 279; 1998, cc. 22, 255; 2003, c. 595.)

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