Termination of employment or association of agent and investmentadviser representative and transfer of employment or association.
409.4-408. (a) If an agent registered under this act terminatesemployment by or association with a broker-dealer or issuer, or if aninvestment adviser representative registered under this act terminatesemployment by or association with an investment adviser or federal coveredinvestment adviser, or if either registrant terminates activities that requireregistration as an agent or investment adviser representative, thebroker-dealer, issuer, investment adviser, or federal covered investmentadviser shall promptly file a notice of termination. If the registrant learnsthat the broker-dealer, issuer, investment adviser, or federal coveredinvestment adviser has not filed the notice, the registrant may do so.
(b) If an agent registered under this act terminates employment by orassociation with a broker-dealer registered under this act and beginsemployment by or association with another broker-dealer registered under thisact; or if an investment adviser representative registered under this actterminates employment by or association with an investment adviser registeredunder this act; or, if a federal covered investment adviser, who has filed anotice under section 409.4-405 and begins employment by or association withanother investment adviser registered under this act; or if a federal coveredinvestment adviser, who has filed a notice under section 409.4-405, upon thefiling by or on behalf of the registrant, within thirty days after thetermination, of an application for registration that complies with therequirement of section 409.4-406(a) and payment of the filing fee requiredunder section 409.4-410, the registration of the agent or investment adviserrepresentative, is:
(1) Immediately effective as of the date of the completed filing, if theagent's Central Registration Depository record or successor record or theinvestment adviser representative's Investment Adviser Registration Depositoryrecord or successor record does not contain a new or amended disciplinarydisclosure within the previous twelve months; or
(2) Temporarily effective as of the date of the completed filing, if theagent's Central Registration Depository record or successor record or theinvestment adviser representative's Investment Adviser Registration Depositoryrecord or successor record contains a new or amended disciplinary disclosurewithin the preceding twelve months.
(c) The commissioner may by order withdraw a temporary registration ifthere are or were grounds for discipline as specified in section 409.4-412 andthe commissioner does so within thirty days after the filing of theapplication. If the commissioner does not withdraw the temporary registrationwithin the thirty-day period, registration becomes automatically effective onthe thirty-first day after filing.
(d) The commissioner may by order prevent the effectiveness of atransfer of an agent or investment adviser representative under subsection(b)(1) or (2) based on the public interest and the protection of investors.
(e) If the commissioner determines that a registrant or applicant forregistration is no longer in existence or has ceased to act as abroker-dealer, agent, investment adviser, or investment adviserrepresentative, or is the subject of an adjudication of incapacity or issubject to the control of a committee, conservator, or guardian, or cannotreasonably be located, a rule adopted or order issued under this act mayrequire the registration be canceled or terminated or the application denied.The commissioner may reinstate a canceled or terminated registration, with orwithout hearing, and may make the registration retroactive.
Termination of employment or association of agent and investmentadviser representative and transfer of employment or association.
409.4-408. (a) If an agent registered under this act terminatesemployment by or association with a broker-dealer or issuer, or if aninvestment adviser representative registered under this act terminatesemployment by or association with an investment adviser or federal coveredinvestment adviser, or if either registrant terminates activities that requireregistration as an agent or investment adviser representative, thebroker-dealer, issuer, investment adviser, or federal covered investmentadviser shall promptly file a notice of termination. If the registrant learnsthat the broker-dealer, issuer, investment adviser, or federal coveredinvestment adviser has not filed the notice, the registrant may do so.
(b) If an agent registered under this act terminates employment by orassociation with a broker-dealer registered under this act and beginsemployment by or association with another broker-dealer registered under thisact; or if an investment adviser representative registered under this actterminates employment by or association with an investment adviser registeredunder this act; or, if a federal covered investment adviser, who has filed anotice under section 409.4-405 and begins employment by or association withanother investment adviser registered under this act; or if a federal coveredinvestment adviser, who has filed a notice under section 409.4-405, upon thefiling by or on behalf of the registrant, within thirty days after thetermination, of an application for registration that complies with therequirement of section 409.4-406(a) and payment of the filing fee requiredunder section 409.4-410, the registration of the agent or investment adviserrepresentative, is:
(1) Immediately effective as of the date of the completed filing, if theagent's Central Registration Depository record or successor record or theinvestment adviser representative's Investment Adviser Registration Depositoryrecord or successor record does not contain a new or amended disciplinarydisclosure within the previous twelve months; or
(2) Temporarily effective as of the date of the completed filing, if theagent's Central Registration Depository record or successor record or theinvestment adviser representative's Investment Adviser Registration Depositoryrecord or successor record contains a new or amended disciplinary disclosurewithin the preceding twelve months.
(c) The commissioner may by order withdraw a temporary registration ifthere are or were grounds for discipline as specified in section 409.4-412 andthe commissioner does so within thirty days after the filing of theapplication. If the commissioner does not withdraw the temporary registrationwithin the thirty-day period, registration becomes automatically effective onthe thirty-first day after filing.
(d) The commissioner may by order prevent the effectiveness of atransfer of an agent or investment adviser representative under subsection(b)(1) or (2) based on the public interest and the protection of investors.
(e) If the commissioner determines that a registrant or applicant forregistration is no longer in existence or has ceased to act as abroker-dealer, agent, investment adviser, or investment adviserrepresentative, or is the subject of an adjudication of incapacity or issubject to the control of a committee, conservator, or guardian, or cannotreasonably be located, a rule adopted or order issued under this act mayrequire the registration be canceled or terminated or the application denied.The commissioner may reinstate a canceled or terminated registration, with orwithout hearing, and may make the registration retroactive.
Termination of employment or association of agent and investmentadviser representative and transfer of employment or association.
409.4-408. (a) If an agent registered under this act terminatesemployment by or association with a broker-dealer or issuer, or if aninvestment adviser representative registered under this act terminatesemployment by or association with an investment adviser or federal coveredinvestment adviser, or if either registrant terminates activities that requireregistration as an agent or investment adviser representative, thebroker-dealer, issuer, investment adviser, or federal covered investmentadviser shall promptly file a notice of termination. If the registrant learnsthat the broker-dealer, issuer, investment adviser, or federal coveredinvestment adviser has not filed the notice, the registrant may do so.
(b) If an agent registered under this act terminates employment by orassociation with a broker-dealer registered under this act and beginsemployment by or association with another broker-dealer registered under thisact; or if an investment adviser representative registered under this actterminates employment by or association with an investment adviser registeredunder this act; or, if a federal covered investment adviser, who has filed anotice under section 409.4-405 and begins employment by or association withanother investment adviser registered under this act; or if a federal coveredinvestment adviser, who has filed a notice under section 409.4-405, upon thefiling by or on behalf of the registrant, within thirty days after thetermination, of an application for registration that complies with therequirement of section 409.4-406(a) and payment of the filing fee requiredunder section 409.4-410, the registration of the agent or investment adviserrepresentative, is:
(1) Immediately effective as of the date of the completed filing, if theagent's Central Registration Depository record or successor record or theinvestment adviser representative's Investment Adviser Registration Depositoryrecord or successor record does not contain a new or amended disciplinarydisclosure within the previous twelve months; or
(2) Temporarily effective as of the date of the completed filing, if theagent's Central Registration Depository record or successor record or theinvestment adviser representative's Investment Adviser Registration Depositoryrecord or successor record contains a new or amended disciplinary disclosurewithin the preceding twelve months.
(c) The commissioner may by order withdraw a temporary registration ifthere are or were grounds for discipline as specified in section 409.4-412 andthe commissioner does so within thirty days after the filing of theapplication. If the commissioner does not withdraw the temporary registrationwithin the thirty-day period, registration becomes automatically effective onthe thirty-first day after filing.
(d) The commissioner may by order prevent the effectiveness of atransfer of an agent or investment adviser representative under subsection(b)(1) or (2) based on the public interest and the protection of investors.
(e) If the commissioner determines that a registrant or applicant forregistration is no longer in existence or has ceased to act as abroker-dealer, agent, investment adviser, or investment adviserrepresentative, or is the subject of an adjudication of incapacity or issubject to the control of a committee, conservator, or guardian, or cannotreasonably be located, a rule adopted or order issued under this act mayrequire the registration be canceled or terminated or the application denied.The commissioner may reinstate a canceled or terminated registration, with orwithout hearing, and may make the registration retroactive.
