409.4-404. (a) It is unlawful for an individual to transact business inthis state as an investment adviser representative unless the individual isregistered under this act as an investment adviser representative or is exemptfrom registration as an investment adviser under subsection (b).
(b) The following individuals are exempt from the registrationrequirement of subsection (a):
(1) An individual who is employed by or associated with an investmentadviser that is exempt from registration under section 409.4-403(b) or afederal covered investment adviser that is excluded from the notice filingrequirements of section 409.4-405; and
(2) Any other individual exempted by rule adopted or order issued underthis act.
(c) The registration of an investment adviser representative is noteffective while the investment adviser representative is not employed by orassociated with an investment adviser registered under this act or a federalcovered investment adviser that has made or is required to make a noticefiling under section 409.4-405.
(d) An individual may transact business as an investment adviserrepresentative for more than one investment adviser or federal coveredinvestment adviser unless a rule adopted or order issued under this actprohibits or limits an individual from acting as an investment adviserrepresentative for more than one investment adviser or federal coveredinvestment adviser.
(e) It is unlawful for an individual acting as an investment adviserrepresentative, directly or indirectly, to conduct business in this state onbehalf of an investment adviser or a federal covered investment adviser if theregistration of the individual as an investment adviser representative issuspended or revoked or the individual is barred from employment orassociation with an investment adviser or a federal covered investment adviserby an order under this act, the Securities and Exchange Commission, or aself-regulatory organization. Upon request from a federal covered investmentadviser and for good cause, the commissioner, by order issued, may waive, inwhole or in part, the application of the requirements of this subsection tothe federal covered investment adviser.
(f) An investment adviser registered under this act, a federal coveredinvestment adviser that has filed a notice under section 409.4-405, or abroker-dealer registered under this act is not required to employ or associatewith an individual as an investment adviser representative if the onlycompensation paid to the individual for a referral of investment advisoryclients is paid to an investment adviser registered under this act, a federalcovered investment adviser who has filed a notice under section 409.4-405, ora broker-dealer registered under this act with which the individual isemployed or associated as an investment adviser representative.
409.4-404. (a) It is unlawful for an individual to transact business inthis state as an investment adviser representative unless the individual isregistered under this act as an investment adviser representative or is exemptfrom registration as an investment adviser under subsection (b).
(b) The following individuals are exempt from the registrationrequirement of subsection (a):
(1) An individual who is employed by or associated with an investmentadviser that is exempt from registration under section 409.4-403(b) or afederal covered investment adviser that is excluded from the notice filingrequirements of section 409.4-405; and
(2) Any other individual exempted by rule adopted or order issued underthis act.
(c) The registration of an investment adviser representative is noteffective while the investment adviser representative is not employed by orassociated with an investment adviser registered under this act or a federalcovered investment adviser that has made or is required to make a noticefiling under section 409.4-405.
(d) An individual may transact business as an investment adviserrepresentative for more than one investment adviser or federal coveredinvestment adviser unless a rule adopted or order issued under this actprohibits or limits an individual from acting as an investment adviserrepresentative for more than one investment adviser or federal coveredinvestment adviser.
(e) It is unlawful for an individual acting as an investment adviserrepresentative, directly or indirectly, to conduct business in this state onbehalf of an investment adviser or a federal covered investment adviser if theregistration of the individual as an investment adviser representative issuspended or revoked or the individual is barred from employment orassociation with an investment adviser or a federal covered investment adviserby an order under this act, the Securities and Exchange Commission, or aself-regulatory organization. Upon request from a federal covered investmentadviser and for good cause, the commissioner, by order issued, may waive, inwhole or in part, the application of the requirements of this subsection tothe federal covered investment adviser.
(f) An investment adviser registered under this act, a federal coveredinvestment adviser that has filed a notice under section 409.4-405, or abroker-dealer registered under this act is not required to employ or associatewith an individual as an investment adviser representative if the onlycompensation paid to the individual for a referral of investment advisoryclients is paid to an investment adviser registered under this act, a federalcovered investment adviser who has filed a notice under section 409.4-405, ora broker-dealer registered under this act with which the individual isemployed or associated as an investment adviser representative.
409.4-404. (a) It is unlawful for an individual to transact business inthis state as an investment adviser representative unless the individual isregistered under this act as an investment adviser representative or is exemptfrom registration as an investment adviser under subsection (b).
(b) The following individuals are exempt from the registrationrequirement of subsection (a):
(1) An individual who is employed by or associated with an investmentadviser that is exempt from registration under section 409.4-403(b) or afederal covered investment adviser that is excluded from the notice filingrequirements of section 409.4-405; and
(2) Any other individual exempted by rule adopted or order issued underthis act.
(c) The registration of an investment adviser representative is noteffective while the investment adviser representative is not employed by orassociated with an investment adviser registered under this act or a federalcovered investment adviser that has made or is required to make a noticefiling under section 409.4-405.
(d) An individual may transact business as an investment adviserrepresentative for more than one investment adviser or federal coveredinvestment adviser unless a rule adopted or order issued under this actprohibits or limits an individual from acting as an investment adviserrepresentative for more than one investment adviser or federal coveredinvestment adviser.
(e) It is unlawful for an individual acting as an investment adviserrepresentative, directly or indirectly, to conduct business in this state onbehalf of an investment adviser or a federal covered investment adviser if theregistration of the individual as an investment adviser representative issuspended or revoked or the individual is barred from employment orassociation with an investment adviser or a federal covered investment adviserby an order under this act, the Securities and Exchange Commission, or aself-regulatory organization. Upon request from a federal covered investmentadviser and for good cause, the commissioner, by order issued, may waive, inwhole or in part, the application of the requirements of this subsection tothe federal covered investment adviser.
(f) An investment adviser registered under this act, a federal coveredinvestment adviser that has filed a notice under section 409.4-405, or abroker-dealer registered under this act is not required to employ or associatewith an individual as an investment adviser representative if the onlycompensation paid to the individual for a referral of investment advisoryclients is paid to an investment adviser registered under this act, a federalcovered investment adviser who has filed a notice under section 409.4-405, ora broker-dealer registered under this act with which the individual isemployed or associated as an investment adviser representative.
