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The Vermont Statutes Online
Title
09
:
Commerce and Trade
Chapter
150
:
SECURITIES ACT
Subchapter
004
:
BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS
§
5406. 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 5611 of this chapter, and paying the fee
specified in section 5410 of this chapter 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) of
this section 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 5412 of this
chapter or if the applicant and the Commissioner or the Commissioner's designee
have not mutually agreed to delay effectiveness for a specified period of time,
registration becomes effective at noon on the 45th day after a completed
application is filed, unless registration is denied. A rule adopted or order
issued under this chapter may set an earlier effective date or may defer the
effective date until noon on the 45th day after the filing of any amendment
completing the application.
(d) A
registration is effective until midnight on December 31 of the year for which
the application for registration is filed. Unless an order is in effect under
section 5412 of this chapter, a registration may be automatically renewed each
year by filing such records as are required by rule adopted or order issued
under this chapter, by paying the fee specified in section 5410 of this
chapter, and by paying costs charged by the designee of the Commissioner for
processing the filings.
(e) A rule
adopted or order issued under this chapter may impose such other conditions not
inconsistent with the National Securities Markets Improvement Act of 1996. An
order issued under this chapter 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. (Added 2005, No. 11, § 1, eff. July 1, 2006.)