§ 502.406 — Registration by broker-dealer, agent, investment adviser, and investment adviser representative

Iowa § 502.406

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 502: UNIFORM SECURITIES ACT (BLUE SKY LAW)

Text

adviser representative.
1. Application for initial registration. 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 502.611, and paying the fee specified
in section 502.410 and any reasonable fees charged by the designee of the administrator for
processing the filing. The application must contain all of the following:
a. The information or record required for the filing of a uniform application.
b. Upon request by the administrator, any other financial or other information or record
that the administrator determines is appropriate.
2. Amendment. If the information or record contained in an application filed under
subsection 1 is or becomes inaccurate or incomplete in a material respect, the registrant
shall promptly file a correcting amendment.
3. Effectivenessofregistration. Ifanorderisnotineffectandaproceedingisnotpending
under section 502.412, registration becomes effective at noon on the forty-fifth day after a
completedapplicationisfiled,unlesstheregistrationisdenied. Aruleadoptedororderissued
under this chapter may set an earlier effective date or may defer the effective date until noon
on the forty-fifth day after the filing of any amendment completing the application.
4. Registration renewal. 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 502.412, 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 502.410, and by paying costs charged by the designee of the administrator for
processing the filings.
5. Additional conditions or waivers. 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. A rule adopted or order issued under this chapter may waive, in
§502.406, UNIFORM SECURITIES ACT (BLUE SKY LAW) 36
whole or in part, specific requirements in connection with registration as are in the public
interest and for the protection of investors.

Legislative History

[C24, 27, §8580; C31, 35, §8581-c24; C39, §8581.29; C46, 50, 54, 58, 62, 66, 71, 73, 75, §502.29; C77, 79, 81, §502.406]