[§485A-404]  Investment adviser
representative registration requirement and exemptions.  (a)  It is
unlawful for an individual to transact business in this State as an investment
adviser representative unless the individual is registered under this chapter
as an investment adviser representative or is exempt from registration as an
investment adviser representative under subsection (b).



(b)  The following individuals are exempt from
the registration requirement of subsection (a):



(1)  An individual who is employed by or associated
with an investment adviser that is exempt from registration under section
485A-403(b) or a federal covered investment adviser that is excluded from the
notice filing requirements of section 485A-405; or



(2)  Any other individual exempted by rule
adopted or order issued under this chapter.



(c)  The registration of an investment adviser
representative is effective only while the investment adviser representative is
employed by or associated with an investment adviser registered under this
chapter or a federal covered investment adviser that has made or is required to
make a notice filing under section 485A-405.



(d)  If an individual transacts business as an
investment adviser representative for more than one investment adviser or federal
covered investment adviser, the investment advisers and federal covered
investment advisers shall be jointly and severally liable for the business
transactions of the investor adviser representative unless otherwise agreed to
between the investment adviser representative, investment advisers, and federal
covered investment adviser.



(e)  It is unlawful for an individual acting as
an investment adviser representative, directly or indirectly, to conduct
business in this State on behalf of an investment adviser or a federal covered
investment adviser if the registration of the individual as an investment
adviser representative is suspended or revoked or the individual is barred from
employment or association with an investment adviser or a federal covered
investment adviser by an order under this chapter, the Securities and Exchange
Commission, or a self-regulatory organization.  Upon request from a federal
covered investment adviser and for good cause, the commissioner, by order
issued, may waive, in whole or in part, the application of the requirements of
this subsection to the federal covered investment adviser. [L 2006, c 229, pt
of §1]