[§485A-408]  Termination of employment or

association of agent and investment adviser representative; transfer of

employment or association.  (a)  If an agent registered under this chapter

terminates employment or association with a broker-dealer or issuer; or

if an investment adviser representative registered under this chapter

terminates employment or association with an investment adviser or federal

covered investment adviser; or if either registrant terminates

activities that require registration as an agent or investment adviser

representative, the broker-dealer, issuer, investment adviser, or federal

covered investment adviser shall promptly file a notice of termination with the

commissioner.  If the registrant learns that the broker-dealer, issuer, investment

adviser, or federal covered investment adviser has not filed the notice, the

registrant shall promptly notify the broker-dealer, issuer, investment adviser

or federal covered investment adviser, to do so.

     (b)  If an agent registered under this chapter

terminates employment or association with a broker-dealer registered under this

chapter and begins employment or association with another broker-dealer

registered under this chapter; or if an investment adviser representative

registered under this chapter terminates employment or association with an

investment adviser registered under this chapter or a federal covered

investment adviser that has filed a notice under section 485A-405 and begins

employment by or association with another investment adviser registered under

this chapter or a federal covered investment adviser that has filed a notice

under section 485A-405; then upon the filing by or on behalf of the registrant,

within thirty days after the termination, of an application for registration that

complies with the requirement of section 485A-406(a) and payment of the filing

fee required under section 485A-410, the registration of the agent or

investment adviser representative shall be:

     (1)  Immediately effective as of the date of the

completed filing, if the agent's Central Registration Depository record or

successor record or the investment adviser representative's Investment Adviser

Registration Depository record or successor record does not contain any new or

amended disciplinary actions or proceedings within the previous twelve months;

or

     (2)  Temporarily effective as of the date of the

completed filing, if the agent's Central Registration Depository record or

successor record or the investment adviser representative's Investment Adviser

Registration Depository record or successor record contains any new or amended

disciplinary actions or proceedings within the preceding twelve months.

     (c)  The commissioner may withdraw a temporary

registration if there are or were grounds for discipline as specified in

section 485A-412 and the commissioner does so within thirty days after the

filing of the application.  If the commissioner does not withdraw the temporary

registration within the thirty-day period, registration becomes automatically

effective on the thirty-first day after filing.

     (d)  The commissioner may prevent the

effectiveness of a transfer 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 for registration is no longer in existence or has

ceased to act as a broker-dealer, agent, investment adviser, or investment

adviser representative, or is the subject of an adjudication of incapacity or

is subject to the control of a committee, conservator, or guardian, or cannot

reasonably be located, a rule adopted or order issued under this chapter may

require the registration be canceled or terminated or the application denied. 

The commissioner may reinstate a canceled or terminated registration, with or

without hearing, and may make the registration retroactive. [L 2006, c 229, pt

of §1]