A. A broker-dealer, investment advisor, investment advisor representative oragent may be registered after filing with the Commission, or any entitydesignated by order or rule of the Commission, an application containing suchrelevant information as the Commission may require. He shall be registered ifthe Commission finds that:
1. He is a person (and, in the case of a corporation or partnership, thenatural persons who are the officers, directors or partners or who otherwisecontrol such corporation or partnership are persons) of good character andreputation;
2. He intends to maintain his business records in accordance with the rulesof the Commission;
3. His business knowledge and conduct and his financial responsibility aresuch that he is a suitable person to engage in the business;
4. He has supplied all information required by the Commission;
5. He is not subject to the revocation provisions of § 13.1-506; and
6. He has paid the necessary fee.
B. The Commission may require as a condition of registration or renewal ofregistration the filing by a broker-dealer or investment advisor of areasonable surety or other bond conditioned as the Commission may require forthe protection of investors not in any case exceeding $25,000 in penaltyamount as evidence of financial responsibility except that no bond shall berequired where the net worth of the broker-dealer or investment advisorexceeds $25,000.
C. The Commission may require as a condition of registration the passing of awritten examination as evidence of knowledge of the securities or investmentadvisory business.
D. All registrations and renewals thereof shall expire annually in accordancewith rules and regulations promulgated by the Commission.
E. Each application for a renewal of a registration shall be filed with theCommission or any entity designated by order or rule of the Commission. Uponapplication for a renewal of a registration, the Commission shall havejurisdiction to determine, as of such time, the propriety of the renewalregistration.
F. Each application for a registration or renewal of a registration as abroker-dealer or investment advisor shall be accompanied by a nonrefundablefee of $200, payable to the Treasurer of Virginia or any entity designated byorder or rule of the Commission.
G. Each application for a registration or renewal of a registration as anagent or investment advisor representative shall be accompanied by anonrefundable fee of not less than thirty and not more than fifty dollars, asestablished by order or rule of the Commission, payable to the Treasurer ofVirginia or any entity designated by order or rule of the Commission.
H. For the purposes of registration as a broker-dealer or an investmentadvisor, a partnership shall be treated as the same partnership so long astwo or more members of the partnership named in the application continue thebusiness without change of location, if the partnership, within one monthafter a change in the partnership, files with the Commission a copy of acertificate filed in compliance with § 50-74.
I. The Commission shall either grant or deny each application forregistration within thirty days after it is filed. However, if additionaltime is needed to obtain or verify information regarding the application, theCommission may extend such period as much as ninety days by giving writtennotice to the applicant. No more than three such extensions may be made onany one application. An extension of the initial thirty-day period, not toexceed ninety days, shall be granted upon written request of the applicant.
J. A renewal of registration shall be granted as a matter of course uponreceipt of the proper application and fee together with any surety bond thatthe Commission may pursuant to subsection B require unless the registrationwas, or the renewal would be, subject to revocation under § 13.1-506.
(1956, c. 428; 1974, cc. 382, 479; 1980, c. 222; 1981, c. 244; 1984, c. 771;1987, c. 678; 1990, c. 5; 1991, c. 281; 1992, c. 18; 1997, c. 279.)
A. A broker-dealer, investment advisor, investment advisor representative oragent may be registered after filing with the Commission, or any entitydesignated by order or rule of the Commission, an application containing suchrelevant information as the Commission may require. He shall be registered ifthe Commission finds that:
1. He is a person (and, in the case of a corporation or partnership, thenatural persons who are the officers, directors or partners or who otherwisecontrol such corporation or partnership are persons) of good character andreputation;
2. He intends to maintain his business records in accordance with the rulesof the Commission;
3. His business knowledge and conduct and his financial responsibility aresuch that he is a suitable person to engage in the business;
4. He has supplied all information required by the Commission;
5. He is not subject to the revocation provisions of § 13.1-506; and
6. He has paid the necessary fee.
B. The Commission may require as a condition of registration or renewal ofregistration the filing by a broker-dealer or investment advisor of areasonable surety or other bond conditioned as the Commission may require forthe protection of investors not in any case exceeding $25,000 in penaltyamount as evidence of financial responsibility except that no bond shall berequired where the net worth of the broker-dealer or investment advisorexceeds $25,000.
C. The Commission may require as a condition of registration the passing of awritten examination as evidence of knowledge of the securities or investmentadvisory business.
D. All registrations and renewals thereof shall expire annually in accordancewith rules and regulations promulgated by the Commission.
E. Each application for a renewal of a registration shall be filed with theCommission or any entity designated by order or rule of the Commission. Uponapplication for a renewal of a registration, the Commission shall havejurisdiction to determine, as of such time, the propriety of the renewalregistration.
F. Each application for a registration or renewal of a registration as abroker-dealer or investment advisor shall be accompanied by a nonrefundablefee of $200, payable to the Treasurer of Virginia or any entity designated byorder or rule of the Commission.
G. Each application for a registration or renewal of a registration as anagent or investment advisor representative shall be accompanied by anonrefundable fee of not less than thirty and not more than fifty dollars, asestablished by order or rule of the Commission, payable to the Treasurer ofVirginia or any entity designated by order or rule of the Commission.
H. For the purposes of registration as a broker-dealer or an investmentadvisor, a partnership shall be treated as the same partnership so long astwo or more members of the partnership named in the application continue thebusiness without change of location, if the partnership, within one monthafter a change in the partnership, files with the Commission a copy of acertificate filed in compliance with § 50-74.
I. The Commission shall either grant or deny each application forregistration within thirty days after it is filed. However, if additionaltime is needed to obtain or verify information regarding the application, theCommission may extend such period as much as ninety days by giving writtennotice to the applicant. No more than three such extensions may be made onany one application. An extension of the initial thirty-day period, not toexceed ninety days, shall be granted upon written request of the applicant.
J. A renewal of registration shall be granted as a matter of course uponreceipt of the proper application and fee together with any surety bond thatthe Commission may pursuant to subsection B require unless the registrationwas, or the renewal would be, subject to revocation under § 13.1-506.
(1956, c. 428; 1974, cc. 382, 479; 1980, c. 222; 1981, c. 244; 1984, c. 771;1987, c. 678; 1990, c. 5; 1991, c. 281; 1992, c. 18; 1997, c. 279.)
A. A broker-dealer, investment advisor, investment advisor representative oragent may be registered after filing with the Commission, or any entitydesignated by order or rule of the Commission, an application containing suchrelevant information as the Commission may require. He shall be registered ifthe Commission finds that:
1. He is a person (and, in the case of a corporation or partnership, thenatural persons who are the officers, directors or partners or who otherwisecontrol such corporation or partnership are persons) of good character andreputation;
2. He intends to maintain his business records in accordance with the rulesof the Commission;
3. His business knowledge and conduct and his financial responsibility aresuch that he is a suitable person to engage in the business;
4. He has supplied all information required by the Commission;
5. He is not subject to the revocation provisions of § 13.1-506; and
6. He has paid the necessary fee.
B. The Commission may require as a condition of registration or renewal ofregistration the filing by a broker-dealer or investment advisor of areasonable surety or other bond conditioned as the Commission may require forthe protection of investors not in any case exceeding $25,000 in penaltyamount as evidence of financial responsibility except that no bond shall berequired where the net worth of the broker-dealer or investment advisorexceeds $25,000.
C. The Commission may require as a condition of registration the passing of awritten examination as evidence of knowledge of the securities or investmentadvisory business.
D. All registrations and renewals thereof shall expire annually in accordancewith rules and regulations promulgated by the Commission.
E. Each application for a renewal of a registration shall be filed with theCommission or any entity designated by order or rule of the Commission. Uponapplication for a renewal of a registration, the Commission shall havejurisdiction to determine, as of such time, the propriety of the renewalregistration.
F. Each application for a registration or renewal of a registration as abroker-dealer or investment advisor shall be accompanied by a nonrefundablefee of $200, payable to the Treasurer of Virginia or any entity designated byorder or rule of the Commission.
G. Each application for a registration or renewal of a registration as anagent or investment advisor representative shall be accompanied by anonrefundable fee of not less than thirty and not more than fifty dollars, asestablished by order or rule of the Commission, payable to the Treasurer ofVirginia or any entity designated by order or rule of the Commission.
H. For the purposes of registration as a broker-dealer or an investmentadvisor, a partnership shall be treated as the same partnership so long astwo or more members of the partnership named in the application continue thebusiness without change of location, if the partnership, within one monthafter a change in the partnership, files with the Commission a copy of acertificate filed in compliance with § 50-74.
I. The Commission shall either grant or deny each application forregistration within thirty days after it is filed. However, if additionaltime is needed to obtain or verify information regarding the application, theCommission may extend such period as much as ninety days by giving writtennotice to the applicant. No more than three such extensions may be made onany one application. An extension of the initial thirty-day period, not toexceed ninety days, shall be granted upon written request of the applicant.
J. A renewal of registration shall be granted as a matter of course uponreceipt of the proper application and fee together with any surety bond thatthe Commission may pursuant to subsection B require unless the registrationwas, or the renewal would be, subject to revocation under § 13.1-506.
(1956, c. 428; 1974, cc. 382, 479; 1980, c. 222; 1981, c. 244; 1984, c. 771;1987, c. 678; 1990, c. 5; 1991, c. 281; 1992, c. 18; 1997, c. 279.)
