409.856. 1. Unless a proceeding under section 409.863 hasbeen instituted, the license of any commodity broker-dealer orcommodity sales representative becomes effective thirty daysafter an application for licensing and the last of any additionalinformation requested by the commissioner, or his designee, hasbeen filed, provided that all examination requirements imposedpursuant to section 409.853 have been satisfied. Thecommissioner may, by order, authorize an earlier effective dateof licensing.
2. The license of a commodity broker-dealer or commoditysales representative shall expire on December thirty-first of theyear for which issued, or at such other time as the commissionermay, by rule, prescribe.
3. The license of a commodity sales representative is onlyeffective with respect to transactions effected as an employee orotherwise on behalf of the commodity broker-dealer or issuer forwhom the commodity sales representative is licensed.
4. No person shall at any one time act as a commodity salesrepresentative for more than one commodity broker-dealer or oneissuer, except:
(1) Where the commodity broker-dealers for whom thecommodity sales representative will act are affiliated by director indirect common control, a commodity sales representative mayrepresent each of those organizations; or
(2) Where the commissioner, by rule or order, authorizesmultiple licenses as consistent with the public interest andprotection of investors.
5. When a commodity sales representative begins orterminates association with a commodity broker-dealer or issuer,or begins or terminates activities which make that person acommodity sales representative, the commodity salesrepresentative and the former commodity broker-dealer on whosebehalf the commodity sales representative was acting shall notifypromptly the commissioner or his designee.
6. If the commissioner shall determine, by rule, that one ormore classifications of licenses as a commodity broker-dealer orcommodity sales representative which are subject to limitationsand conditions on the nature of the activities which may beconducted by those persons are consistent with the publicinterest and the protection of investors, the commissioner mayauthorize the licensing of persons subject to specificlimitations and conditions.
409.856. 1. Unless a proceeding under section 409.863 hasbeen instituted, the license of any commodity broker-dealer orcommodity sales representative becomes effective thirty daysafter an application for licensing and the last of any additionalinformation requested by the commissioner, or his designee, hasbeen filed, provided that all examination requirements imposedpursuant to section 409.853 have been satisfied. Thecommissioner may, by order, authorize an earlier effective dateof licensing.
2. The license of a commodity broker-dealer or commoditysales representative shall expire on December thirty-first of theyear for which issued, or at such other time as the commissionermay, by rule, prescribe.
3. The license of a commodity sales representative is onlyeffective with respect to transactions effected as an employee orotherwise on behalf of the commodity broker-dealer or issuer forwhom the commodity sales representative is licensed.
4. No person shall at any one time act as a commodity salesrepresentative for more than one commodity broker-dealer or oneissuer, except:
(1) Where the commodity broker-dealers for whom thecommodity sales representative will act are affiliated by director indirect common control, a commodity sales representative mayrepresent each of those organizations; or
(2) Where the commissioner, by rule or order, authorizesmultiple licenses as consistent with the public interest andprotection of investors.
5. When a commodity sales representative begins orterminates association with a commodity broker-dealer or issuer,or begins or terminates activities which make that person acommodity sales representative, the commodity salesrepresentative and the former commodity broker-dealer on whosebehalf the commodity sales representative was acting shall notifypromptly the commissioner or his designee.
6. If the commissioner shall determine, by rule, that one ormore classifications of licenses as a commodity broker-dealer orcommodity sales representative which are subject to limitationsand conditions on the nature of the activities which may beconducted by those persons are consistent with the publicinterest and the protection of investors, the commissioner mayauthorize the licensing of persons subject to specificlimitations and conditions.
409.856. 1. Unless a proceeding under section 409.863 hasbeen instituted, the license of any commodity broker-dealer orcommodity sales representative becomes effective thirty daysafter an application for licensing and the last of any additionalinformation requested by the commissioner, or his designee, hasbeen filed, provided that all examination requirements imposedpursuant to section 409.853 have been satisfied. Thecommissioner may, by order, authorize an earlier effective dateof licensing.
2. The license of a commodity broker-dealer or commoditysales representative shall expire on December thirty-first of theyear for which issued, or at such other time as the commissionermay, by rule, prescribe.
3. The license of a commodity sales representative is onlyeffective with respect to transactions effected as an employee orotherwise on behalf of the commodity broker-dealer or issuer forwhom the commodity sales representative is licensed.
4. No person shall at any one time act as a commodity salesrepresentative for more than one commodity broker-dealer or oneissuer, except:
(1) Where the commodity broker-dealers for whom thecommodity sales representative will act are affiliated by director indirect common control, a commodity sales representative mayrepresent each of those organizations; or
(2) Where the commissioner, by rule or order, authorizesmultiple licenses as consistent with the public interest andprotection of investors.
5. When a commodity sales representative begins orterminates association with a commodity broker-dealer or issuer,or begins or terminates activities which make that person acommodity sales representative, the commodity salesrepresentative and the former commodity broker-dealer on whosebehalf the commodity sales representative was acting shall notifypromptly the commissioner or his designee.
6. If the commissioner shall determine, by rule, that one ormore classifications of licenses as a commodity broker-dealer orcommodity sales representative which are subject to limitationsand conditions on the nature of the activities which may beconducted by those persons are consistent with the publicinterest and the protection of investors, the commissioner mayauthorize the licensing of persons subject to specificlimitations and conditions.
