17-12a404.Investment adviser representative
registration requirement and exemptions.
(a) Registration requirement. It is unlawful
for an individual to transact business in this state as an
investment adviser representative unless the individual is
registered under this act as an investment adviser representative
or is exempt from registration as an investment adviser
representative under subsection (b).
(b) Exemptions from registration. The following individuals
are exempt from the registration requirement of subsection (a):
(1) An individual who is exclusively employed by or associated
with an investment adviser that is exempt from registration under
K.S.A. 17-12a403(b), and amendments thereto, or a federal covered
investment adviser that is excluded from the notice filing
requirements of
K.S.A. 17-12a405, and amendments thereto; and
(2) 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 investment adviser representative is not
effective while the investment adviser representative is not
employed by or associated with an investment adviser registered
under this act or a federal covered investment adviser that has made
or is required to make a notice filing under
K.S.A. 17-12a405, and
amendments thereto.
(d) Limit on affiliations. An individual may transact business
as an investment adviser representative for more than one investment
adviser or federal covered investment adviser unless a rule adopted
or order issued under this act prohibits or limits an individual
from acting as an investment adviser representative for more than
one investment adviser or federal covered investment adviser.
(e) Limits on employment or association. 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 act, the
securities and exchange commission, or a self-regulatory
organization. Upon request from a federal covered investment
adviser and for good cause, the administrator, by order issued, may
waive, in whole or in part, the application of the requirements of
this subsection to the federal covered investment adviser.
(f) Referral fees. An investment adviser registered under this
act, a federal covered investment adviser that has filed a notice
under
K.S.A. 17-12a405, and amendments thereto, or a broker-dealer
registered under this act is not required to employ or associate
with an individual as an investment adviser representative if the
only compensation paid to the individual for a referral of
investment advisory clients is paid to an investment adviser
registered under this act, a federal covered investment adviser who
has filed a notice under
K.S.A. 17-12a405, and amendments thereto,
or a
broker-dealer registered under this act with which the individual
is employed or associated as an investment adviser representative.
17-12a404.Investment adviser representative
registration requirement and exemptions.
(a) Registration requirement. It is unlawful
for an individual to transact business in this state as an
investment adviser representative unless the individual is
registered under this act as an investment adviser representative
or is exempt from registration as an investment adviser
representative under subsection (b).
(b) Exemptions from registration. The following individuals
are exempt from the registration requirement of subsection (a):
(1) An individual who is exclusively employed by or associated
with an investment adviser that is exempt from registration under
K.S.A. 17-12a403(b), and amendments thereto, or a federal covered
investment adviser that is excluded from the notice filing
requirements of
K.S.A. 17-12a405, and amendments thereto; and
(2) 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 investment adviser representative is not
effective while the investment adviser representative is not
employed by or associated with an investment adviser registered
under this act or a federal covered investment adviser that has made
or is required to make a notice filing under
K.S.A. 17-12a405, and
amendments thereto.
(d) Limit on affiliations. An individual may transact business
as an investment adviser representative for more than one investment
adviser or federal covered investment adviser unless a rule adopted
or order issued under this act prohibits or limits an individual
from acting as an investment adviser representative for more than
one investment adviser or federal covered investment adviser.
(e) Limits on employment or association. 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 act, the
securities and exchange commission, or a self-regulatory
organization. Upon request from a federal covered investment
adviser and for good cause, the administrator, by order issued, may
waive, in whole or in part, the application of the requirements of
this subsection to the federal covered investment adviser.
(f) Referral fees. An investment adviser registered under this
act, a federal covered investment adviser that has filed a notice
under
K.S.A. 17-12a405, and amendments thereto, or a broker-dealer
registered under this act is not required to employ or associate
with an individual as an investment adviser representative if the
only compensation paid to the individual for a referral of
investment advisory clients is paid to an investment adviser
registered under this act, a federal covered investment adviser who
has filed a notice under
K.S.A. 17-12a405, and amendments thereto,
or a
broker-dealer registered under this act with which the individual
is employed or associated as an investment adviser representative.
17-12a404.Investment adviser representative
registration requirement and exemptions.
(a) Registration requirement. It is unlawful
for an individual to transact business in this state as an
investment adviser representative unless the individual is
registered under this act as an investment adviser representative
or is exempt from registration as an investment adviser
representative under subsection (b).
(b) Exemptions from registration. The following individuals
are exempt from the registration requirement of subsection (a):
(1) An individual who is exclusively employed by or associated
with an investment adviser that is exempt from registration under
K.S.A. 17-12a403(b), and amendments thereto, or a federal covered
investment adviser that is excluded from the notice filing
requirements of
K.S.A. 17-12a405, and amendments thereto; and
(2) 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 investment adviser representative is not
effective while the investment adviser representative is not
employed by or associated with an investment adviser registered
under this act or a federal covered investment adviser that has made
or is required to make a notice filing under
K.S.A. 17-12a405, and
amendments thereto.
(d) Limit on affiliations. An individual may transact business
as an investment adviser representative for more than one investment
adviser or federal covered investment adviser unless a rule adopted
or order issued under this act prohibits or limits an individual
from acting as an investment adviser representative for more than
one investment adviser or federal covered investment adviser.
(e) Limits on employment or association. 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 act, the
securities and exchange commission, or a self-regulatory
organization. Upon request from a federal covered investment
adviser and for good cause, the administrator, by order issued, may
waive, in whole or in part, the application of the requirements of
this subsection to the federal covered investment adviser.
(f) Referral fees. An investment adviser registered under this
act, a federal covered investment adviser that has filed a notice
under
K.S.A. 17-12a405, and amendments thereto, or a broker-dealer
registered under this act is not required to employ or associate
with an individual as an investment adviser representative if the
only compensation paid to the individual for a referral of
investment advisory clients is paid to an investment adviser
registered under this act, a federal covered investment adviser who
has filed a notice under
K.S.A. 17-12a405, and amendments thereto,
or a
broker-dealer registered under this act with which the individual
is employed or associated as an investment adviser representative.