State Codes and Statutes
Statutes > Rhode-island > Title-7 > Chapter-7-11 > 7-11-203SECTION 7-11-203
§ 7-11-203 Investment adviser andinvestment adviser representative licensing. – (a) No person may transact business in this state as an investment adviser oran investment adviser representative unless licensed or exempt from licensingunder this chapter.
(b) No investment adviser licensed under this chapter mayemploy a person as an investment adviser representative in this state unlessthe investment adviser representative is licensed or exempt from licensingunder this chapter.
(c) No investment adviser may directly or indirectly employ aperson to engage in any activity in this state contrary to a suspension or barfrom association with a broker dealer or investment adviser imposed againstthat person by the director. A federal covered adviser may not directly orindirectly employ a person having a place of business in this state to engagein any activity in this state if that person is currently subject to asuspension or bar from association with a broker dealer or investment adviseragainst that person by the director. No investment adviser or federal coveredadviser violates this subsection unless the investment adviser or federalcovered adviser knows or in the exercise of reasonable care should know of thesuspension or bar. Upon request from an investment adviser or a federal coveredadviser and for good cause shown, the director may by order waive theprohibition of this subsection regarding a suspended or barred person.
