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Title XXVI TRADE AND COMMERCE

Chapter 409

previous next Effective - 01 Sep 2003, see footnotebottom

  409.4-406.  Registration by broker-dealer, agent, investment adviser, and investment adviser representative. — (a)  A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with section 409.6-611, and paying the fee specified in section 409.4-410 and any reasonable fees charged by the designee of the commissioner for processing the filing.  The application must contain:

  (1)  The information or record required for the filing of a uniform application; and

  (2)  Upon request by the commissioner, any other financial or other information or record that the commissioner determines is appropriate.

  (b)  If the information or record contained in an application filed under subsection (a) is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting amendment.

  (c)  If an order is not in effect and a proceeding is not pending under section 409.4-412, registration becomes effective at noon on the forty-fifth day after a completed application is filed, unless the registration is denied.  A rule adopted or order issued under this act may set an earlier effective date or may defer the effective date until noon on the forty-fifth day after the filing of any amendment completing the application.

  (d)  A registration is effective until midnight on December thirty-first of the year for which the application for registration is filed.  Unless an order is in effect under section 409.4-412, a registration may be automatically renewed each year by filing such records as are required by rule adopted or order issued under this act, by paying the fee specified in section 409.4-410, and by paying costs charged by the designee of the commissioner for processing the filings.

  (e)  A rule adopted or order issued under this act may impose such other conditions, not inconsistent with the National Securities Markets Improvement Act of 1996.  An order issued under this act may waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors.

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(L. 2003 H.B. 380)

Effective 9-01-03


---- end of effective   01 Sep 2003 ----

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