17-12a406.   Registration by broker-dealer, agent,investment adviser and investment adviser representative.(a) Application for initial registration. Aperson shall register as a broker-dealer, agent, investment adviser,or investment adviser representative by filing an application anda consent to service of process complying with K.S.A. 17-12a611, andamendments thereto, and paying the fee specifiedin K.S.A. 17-12a410, andamendments thereto, and any reasonable fees charged by the designeeof the administrator for processing the filing. The applicationmust contain:

      (1)   The information or record required for the filing of auniform application; and

      (2)   upon request by the administrator, any other financial orother information or record that the administrator determines isappropriate.

      (b)   Amendment. If the information or record contained in anapplication filed under subsection (a) is or becomes inaccurate orincomplete in a material respect, the registrant shall promptly filea correcting amendment.

      (c)   Effectiveness of registration. If the administrator findsthat the applicant and, if applicable, the officers, directors or partners ofthe applicant are of sufficient character and reputation to warrant the publictrust, and an order is not ineffect and a proceeding is not pending under K.S.A. 17-12a412, andamendments thereto, registration becomes effective at noon on the 45th dayafter a completed application is filed, unless theregistration is deniedor the administrator hasgiven written notice of deficiencies that are unresolved and that wouldconstitute grounds for denial under K.S.A. 17-12a412, and amendmentsthereto.A rule adopted or order issued under thisact may set an earlier effective date or may defer the effectivedate until noon on the 45th day after the filing of any amendmentcompleting the application.

      (d)   Registration renewal. A registration is effective untilmidnight on December 31 of the year for which the application forregistration is filed. Unless an order is in effect under K.S.A. 17-12a412, andamendments thereto, a registration may be automaticallyrenewed each year by filing such records as are required by ruleadopted or order issued under this act, by paying the fee specifiedin K.S.A. 17-12a410, and amendments thereto, and by paying costschargedby the designee of the administrator for processing the filings.

      (e)   Additional conditions or waivers. A rule adopted or orderissued under this act may impose other conditions not inconsistentwith the national securities markets improvement act of 1996. Anorder issued under this act may waive, in whole or in part, specificrequirements in connection with registration as are in the publicinterest and for the protection of investors.

      History:   L. 2004, ch. 154, § 23;L. 2006, ch. 47, § 5; July 1.