Ohio Code 1707.151 – Application for and issuance of investment adviser’s license
(A) Application for an investment adviser‘s license shall be made in accordance with this section and by filing with the division of securities the information, materials, and forms specified in rules adopted by the division.
Terms Used In Ohio Code 1707.151
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- Investment adviser: means any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as a part of regular business, issues or promulgates analyses or reports concerning securities. See Ohio Code 1707.01
- Person: except as otherwise provided in this chapter, means a natural person, firm, partnership, limited partnership, partnership association, syndicate, joint-stock company, unincorporated association, trust or trustee except where the trust was created or the trustee designated by law or judicial authority or by a will, and a corporation or limited liability company organized under the laws of any state, any foreign government, or any political subdivision of a state or foreign government. See Ohio Code 1707.01
- Rule: includes regulation. See Ohio Code 1.59
- State: means any state of the United States, any territory or possession of the United States, the District of Columbia, and any province of Canada. See Ohio Code 1707.01
(B)(1) The division may investigate any applicant for a license and may require any additional information as it considers necessary to determine the applicant’s business repute and qualifications to act as an investment adviser.
(2) If the application for any license involves investigation outside of this state, the applicant may be required by the division to advance sufficient funds to pay any of the actual expenses of the examination. The division shall furnish the applicant with an itemized statement of such expenses that the applicant is required to pay.
(C) The division shall by rule require a natural person who is an applicant for an investment adviser’s license to pass an examination designated by the division or achieve a specified professional designation.
(D) An investment adviser licensed under section 1707.141 of the Revised Code shall employ only investment adviser representatives licensed, or exempted from licensure, under section 1707.161 of the Revised Code.
(E)(1) Except as provided in division (E)(2) of this section, if the division finds that the applicant is of good business repute, appears to be qualified to act as an investment adviser, and has complied with this chapter and rules adopted under this chapter by the division, the division, upon payment of the fees prescribed by division (B) of section 1707.17 of the Revised Code, shall issue to the applicant a license authorizing the applicant to act as an investment adviser.
(2) The division shall issue a license to act as an investment adviser in accordance with Chapter 4796 of the Revised Code to an applicant if either of the following applies:
(a) The applicant holds a license in another state.
(b) The applicant has satisfactory work experience, a government certification, or a private certification as described in that chapter as an investment adviser in a state that does not issue that license.
Last updated December 29, 2023 at 7:13 AM