§ 7-11-208 - Licensing.
SECTION 7-11-208
§ 7-11-208 Licensing. – (a) Unless a proceeding under § 7-11-212 is instituted or the applicant isnotified that the application is incomplete, the license of a broker dealer,sales representative, investment adviser, or investment adviser representativebecomes effective thirty (30) days after the later of the date an applicationfor licensing is filed and is completed or the date an amendment to anapplication is filed and is complete. In either case the license becomeseffective only if all examination requirements imposed under § 7-11-207are satisfied. An application is complete when the applicant has furnishedinformation responsive to each applicable item of the application. The directormay by order authorize an earlier effective date of licensing.
(b) The license of a broker dealer, sales representative,investment adviser, or investment adviser representative is effective untilterminated by expiration, revocation, or withdrawal.
(c) The license of a sales representative is only effectivewith respect to transactions effected on behalf of the broker dealer or issuerfor whom the sales representative is licensed.
(d) No person may act at any one time as a salesrepresentative for more than one broker dealer or for more than one issuer,unless the broker dealers or issuers for whom the sales representative acts areaffiliated by direct or indirect common control or the director authorizesmultiple licenses by rule or order.
(e) If a person licensed as a sales representative terminatesassociation with a broker dealer or issuer, or terminates activities that makethe person a sales representative, the sales representative and the brokerdealer or issuer on whose behalf the sales representative was acting shallpromptly notify the director.
(f) The license of an investment adviser representative isonly effective as to transactions effected as an associated person of theinvestment adviser or federal covered adviser as to whom the investment adviserrepresentative is licensed.
(g) No person may act at any one time as an investmentadviser or federal covered adviser representative for more than one investmentadviser, unless the investment advisers or federal covered advisers for whomthe investment adviser representative acts are affiliated by direct or indirectcommon control or the director authorizes multiple licenses by rule or order.
(h) If a person licensed as an investment adviserrepresentative terminates association with an investment adviser or terminatesactivities that make the person an investment adviser representative, theinvestment adviser representative and the investment adviser on whose behalfthe investment adviser representative was acting shall promptly notify thedirector.
(i) The director may authorize by rule one or more specialclassifications of licenses as a broker dealer, sales representative,investment adviser, or investment adviser representative to be issued toapplicants subject to limitations and conditions on the nature of theactivities that may be conducted by persons so licensed.