17-12a402.Agent registration requirement and
exemptions.
(a) Registration requirement. It is unlawful for
an individual to transact business in this state as an agent unless
the individual is registered under this act as an agent or is
exempt from registration as an agent under subsection (b).
(b) Exemptions from registration. The following individuals
are exempt from the registration requirement of subsection (a):
(1) An individual who represents a broker-dealer in effecting
transactions in this state limited to those described in section
15(h)(2) of the securities exchange act of 1934 (15 U.S.C. section
78(o)(2));
(2) an individual who represents a broker-dealer that is
exempt under
K.S.A. 17-12a401(b) or (d), and amendments thereto;
(3) an individual who represents an issuer with respect to an
offer or sale of the issuer's own securities or those of the
issuer's parent or any of the issuer's subsidiaries, and who is not
compensated in connection with the individual's participation by the payment of
commissions or other remuneration based, directly or
indirectly, on transactions in those securities;
(4) an individual who represents an issuer and who effects
transactions in the issuer's securities exempted by
K.S.A. 17-12a202, and
amendments thereto, other than
K.S.A. 17-12a202 (11) and (14), and
amendments thereto;
(5) an individual who represents an issuer that effects
transactions solely in federal covered securities of the issuer, but
an individual who effects transactions in a federal covered security
under section 18(b)(3) or 18(b)(4)(D) of the securities act of 1933
(15 U.S.C. section 77r(b)(3) or 77r(b)(4)(D)) is not exempt if the
individual is compensated in connection with the agent's
participation by the payment of commissions or other remuneration
based, directly or indirectly, on transactions in those securities;
(6) an individual who represents a broker-dealer registered in
this state under
K.S.A. 17-12a401(a), and amendments thereto, or
exempt
from registration under
K.S.A. 17-12a401(b), and amendments thereto,
in
the offer and sale of securities for an account of a nonaffiliated
federal covered investment adviser with investments under management
in excess of $100,000,000 acting for the account of others pursuant
to discretionary authority in a signed record;
(7) an individual who represents an issuer in connection with
the purchase of the issuer's own securities;
(8) an individual who represents an issuer and who restricts
participation to performing clerical or ministerial acts; or
(9) any other individual exempted by rule adopted or order
issued under this act.
(c) Registration effective only while employed or associated.
The registration of an agent is effective only while the agent is
employed by or associated with a broker-dealer registered under this
act or an issuer that is offering, selling, or purchasing its
securities in this state.
(d) Limit on employment or association. It is unlawful for a
broker-dealer, or an issuer engaged in offering, selling, or
purchasing securities in this state, to employ or associate with an
agent who transacts business in this state on behalf of broker-dealers or
issuers unless the agent is registered under subsection
(a) or exempt from registration under subsection (b).
(e) Limit on affiliations. An individual may not act as an
agent for more than one broker-dealer or one issuer at a time,
unless the broker-dealer or the issuer for which the agent acts are
affiliated by direct or indirect common control or are authorized
by rule or order under this act.
17-12a402.Agent registration requirement and
exemptions.
(a) Registration requirement. It is unlawful for
an individual to transact business in this state as an agent unless
the individual is registered under this act as an agent or is
exempt from registration as an agent under subsection (b).
(b) Exemptions from registration. The following individuals
are exempt from the registration requirement of subsection (a):
(1) An individual who represents a broker-dealer in effecting
transactions in this state limited to those described in section
15(h)(2) of the securities exchange act of 1934 (15 U.S.C. section
78(o)(2));
(2) an individual who represents a broker-dealer that is
exempt under
K.S.A. 17-12a401(b) or (d), and amendments thereto;
(3) an individual who represents an issuer with respect to an
offer or sale of the issuer's own securities or those of the
issuer's parent or any of the issuer's subsidiaries, and who is not
compensated in connection with the individual's participation by the payment of
commissions or other remuneration based, directly or
indirectly, on transactions in those securities;
(4) an individual who represents an issuer and who effects
transactions in the issuer's securities exempted by
K.S.A. 17-12a202, and
amendments thereto, other than
K.S.A. 17-12a202 (11) and (14), and
amendments thereto;
(5) an individual who represents an issuer that effects
transactions solely in federal covered securities of the issuer, but
an individual who effects transactions in a federal covered security
under section 18(b)(3) or 18(b)(4)(D) of the securities act of 1933
(15 U.S.C. section 77r(b)(3) or 77r(b)(4)(D)) is not exempt if the
individual is compensated in connection with the agent's
participation by the payment of commissions or other remuneration
based, directly or indirectly, on transactions in those securities;
(6) an individual who represents a broker-dealer registered in
this state under
K.S.A. 17-12a401(a), and amendments thereto, or
exempt
from registration under
K.S.A. 17-12a401(b), and amendments thereto,
in
the offer and sale of securities for an account of a nonaffiliated
federal covered investment adviser with investments under management
in excess of $100,000,000 acting for the account of others pursuant
to discretionary authority in a signed record;
(7) an individual who represents an issuer in connection with
the purchase of the issuer's own securities;
(8) an individual who represents an issuer and who restricts
participation to performing clerical or ministerial acts; or
(9) any other individual exempted by rule adopted or order
issued under this act.
(c) Registration effective only while employed or associated.
The registration of an agent is effective only while the agent is
employed by or associated with a broker-dealer registered under this
act or an issuer that is offering, selling, or purchasing its
securities in this state.
(d) Limit on employment or association. It is unlawful for a
broker-dealer, or an issuer engaged in offering, selling, or
purchasing securities in this state, to employ or associate with an
agent who transacts business in this state on behalf of broker-dealers or
issuers unless the agent is registered under subsection
(a) or exempt from registration under subsection (b).
(e) Limit on affiliations. An individual may not act as an
agent for more than one broker-dealer or one issuer at a time,
unless the broker-dealer or the issuer for which the agent acts are
affiliated by direct or indirect common control or are authorized
by rule or order under this act.
17-12a402.Agent registration requirement and
exemptions.
(a) Registration requirement. It is unlawful for
an individual to transact business in this state as an agent unless
the individual is registered under this act as an agent or is
exempt from registration as an agent under subsection (b).
(b) Exemptions from registration. The following individuals
are exempt from the registration requirement of subsection (a):
(1) An individual who represents a broker-dealer in effecting
transactions in this state limited to those described in section
15(h)(2) of the securities exchange act of 1934 (15 U.S.C. section
78(o)(2));
(2) an individual who represents a broker-dealer that is
exempt under
K.S.A. 17-12a401(b) or (d), and amendments thereto;
(3) an individual who represents an issuer with respect to an
offer or sale of the issuer's own securities or those of the
issuer's parent or any of the issuer's subsidiaries, and who is not
compensated in connection with the individual's participation by the payment of
commissions or other remuneration based, directly or
indirectly, on transactions in those securities;
(4) an individual who represents an issuer and who effects
transactions in the issuer's securities exempted by
K.S.A. 17-12a202, and
amendments thereto, other than
K.S.A. 17-12a202 (11) and (14), and
amendments thereto;
(5) an individual who represents an issuer that effects
transactions solely in federal covered securities of the issuer, but
an individual who effects transactions in a federal covered security
under section 18(b)(3) or 18(b)(4)(D) of the securities act of 1933
(15 U.S.C. section 77r(b)(3) or 77r(b)(4)(D)) is not exempt if the
individual is compensated in connection with the agent's
participation by the payment of commissions or other remuneration
based, directly or indirectly, on transactions in those securities;
(6) an individual who represents a broker-dealer registered in
this state under
K.S.A. 17-12a401(a), and amendments thereto, or
exempt
from registration under
K.S.A. 17-12a401(b), and amendments thereto,
in
the offer and sale of securities for an account of a nonaffiliated
federal covered investment adviser with investments under management
in excess of $100,000,000 acting for the account of others pursuant
to discretionary authority in a signed record;
(7) an individual who represents an issuer in connection with
the purchase of the issuer's own securities;
(8) an individual who represents an issuer and who restricts
participation to performing clerical or ministerial acts; or
(9) any other individual exempted by rule adopted or order
issued under this act.
(c) Registration effective only while employed or associated.
The registration of an agent is effective only while the agent is
employed by or associated with a broker-dealer registered under this
act or an issuer that is offering, selling, or purchasing its
securities in this state.
(d) Limit on employment or association. It is unlawful for a
broker-dealer, or an issuer engaged in offering, selling, or
purchasing securities in this state, to employ or associate with an
agent who transacts business in this state on behalf of broker-dealers or
issuers unless the agent is registered under subsection
(a) or exempt from registration under subsection (b).
(e) Limit on affiliations. An individual may not act as an
agent for more than one broker-dealer or one issuer at a time,
unless the broker-dealer or the issuer for which the agent acts are
affiliated by direct or indirect common control or are authorized
by rule or order under this act.