§5406. Registration by broker-dealer, agent, investment adviser, and investment adviser

Link to law: http://legislature.vermont.gov/statutes/section/09/150/05406
Published: 2015

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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.)
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