Kentucky Statutes 292.334 – Notice of termination of employment or association — Termination of registration or application by commissioner — Temporary registration — Withdrawal of registration or notice filing
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(1) If an agent registered under this section terminates employment by or association with a broker-dealer or issuer, then the broker-dealer or issuer shall promptly file a notice of termination. The agent may file the notice of termination if the issuer or broker dealer has not done so within thirty (30) days of the effective date of termination.
(2) If an investment adviser representative registered under this section terminates employment by or association with an investment adviser or covered adviser, then the investment adviser or covered adviser shall promptly file a notice of termination. The investment adviser representative may file the notice of termination if the investment adviser or covered adviser has not done so within thirty (30) days of the effective date of termination.
(3) If the commissioner determines that any registrant or applicant for registration is no longer in existence or has ceased to do business as a broker-dealer, agent, investment adviser, or investment adviser representative, or is subject to an adjudication of mental disability or to the control of a conservator or guardian, or cannot be located after reasonable search, then the commissioner may by order terminate the registration or application.
(4) An administrative regulation or order under this chapter may establish a procedure for temporary registration when an agent or an investment adviser representative registered under this chapter transfers employment or association to another broker- dealer or investment adviser, but any registration so transferred shall not be effective for more than thirty (30) days, unless within that thirty (30) days a properly completed application is filed.
(5) A broker-dealer, agent, investment adviser, or investment adviser representative may withdraw a registration by filing an application to withdraw. The withdrawal becomes effective thirty (30) days after receipt of the application by the commissioner or within such shorter period of time as the commissioner may determine, unless a revocation or suspension proceeding is pending.
(a) If a proceeding is pending to revoke or suspend the registration, then the withdrawal becomes effective at such time and upon such conditions as the commissioner by order determines; or
(b) If a proceeding is not pending, then the commissioner may institute a revocation or suspension proceeding under this chapter within one (1) year after withdrawal became effective and enter a revocation or suspension order as of the last date on which registration was effective.
(6) A covered adviser may withdraw a notice filing by filing a notice of withdrawal.
The withdrawal is effective upon receipt by the commissioner.
Effective: July 15, 2010
History: Created 2010 Ky. Acts ch. 82, sec. 6, effective July 15, 2010.
Legislative Research Commission Note (7/15/2010). References to the “executive
director” of financial institutions in this section, as created by 2010 Ky. Acts ch. 82, sec. 6, have been changed in codification to the “commissioner” of financial institutions to reflect the reorganization of certain parts of the Executive Branch, as set forth in Executive Orders 2009-535 and 2009-1086 and confirmed by the General Assembly in 2010 Ky. Acts ch. 24. These changes were made by the Reviser of Statutes pursuant to 2010 Ky. Acts ch. 24, sec. 1938.
(2) If an investment adviser representative registered under this section terminates employment by or association with an investment adviser or covered adviser, then the investment adviser or covered adviser shall promptly file a notice of termination. The investment adviser representative may file the notice of termination if the investment adviser or covered adviser has not done so within thirty (30) days of the effective date of termination.
Terms Used In Kentucky Statutes 292.334
- Agent: means any individual other than a broker-dealer who represents a broker- dealer or issuer in effecting or attempting to effect purchases or sales of securities. See Kentucky Statutes 292.310
- Broker-dealer: means any person engaged in the business of effecting transactions in securities for the account of others or for his own account. See Kentucky Statutes 292.310
- Covered adviser: means any person who is registered under Section 203 of the
Investment Advisers Act of 1940, 15 U. See Kentucky Statutes 292.310 - Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Investment adviser representative: means an individual employed by or associated with an investment adviser or covered adviser and who makes any recommendations or otherwise gives investment advice regarding securities, manages accounts or portfolios of clients, determines which recommendations or advice regarding securities should be given, provides investment advice or holds himself or herself out as providing investment advice, receives compensation to solicit, offer, or negotiate for the sale of or for selling investment advice, or supervises employees who perform any of the foregoing. See Kentucky Statutes 292.310
- Issuer: means any person who issues or proposes to issue any security, except that with respect to certificates of deposit, voting trust certificates, or collateral-trust certificates, or with respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors, or persons performing similar functions, or of the fixed, restricted management, or unit type, the term "issuer" means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which the security is issued, and except that with respect to fractional undivided interests in oil, gas, or other mineral rights, the term "issuer" means the owner of any such right or of an interest in such right, whether whole or fractional, who creates fractional interests therein for the purpose of distribution. See Kentucky Statutes 292.310
- regulation: means either or both administrative rules or administrative regulations promulgated by any governmental or other regulatory or self-regulatory entity, as the context requires. See Kentucky Statutes 292.310
- Year: means calendar year. See Kentucky Statutes 446.010
(3) If the commissioner determines that any registrant or applicant for registration is no longer in existence or has ceased to do business as a broker-dealer, agent, investment adviser, or investment adviser representative, or is subject to an adjudication of mental disability or to the control of a conservator or guardian, or cannot be located after reasonable search, then the commissioner may by order terminate the registration or application.
(4) An administrative regulation or order under this chapter may establish a procedure for temporary registration when an agent or an investment adviser representative registered under this chapter transfers employment or association to another broker- dealer or investment adviser, but any registration so transferred shall not be effective for more than thirty (30) days, unless within that thirty (30) days a properly completed application is filed.
(5) A broker-dealer, agent, investment adviser, or investment adviser representative may withdraw a registration by filing an application to withdraw. The withdrawal becomes effective thirty (30) days after receipt of the application by the commissioner or within such shorter period of time as the commissioner may determine, unless a revocation or suspension proceeding is pending.
(a) If a proceeding is pending to revoke or suspend the registration, then the withdrawal becomes effective at such time and upon such conditions as the commissioner by order determines; or
(b) If a proceeding is not pending, then the commissioner may institute a revocation or suspension proceeding under this chapter within one (1) year after withdrawal became effective and enter a revocation or suspension order as of the last date on which registration was effective.
(6) A covered adviser may withdraw a notice filing by filing a notice of withdrawal.
The withdrawal is effective upon receipt by the commissioner.
Effective: July 15, 2010
History: Created 2010 Ky. Acts ch. 82, sec. 6, effective July 15, 2010.
Legislative Research Commission Note (7/15/2010). References to the “executive
director” of financial institutions in this section, as created by 2010 Ky. Acts ch. 82, sec. 6, have been changed in codification to the “commissioner” of financial institutions to reflect the reorganization of certain parts of the Executive Branch, as set forth in Executive Orders 2009-535 and 2009-1086 and confirmed by the General Assembly in 2010 Ky. Acts ch. 24. These changes were made by the Reviser of Statutes pursuant to 2010 Ky. Acts ch. 24, sec. 1938.