§ 23-19-4-4 — Investment adviser representative registration; exemptions; restrictions on conducting business; referrals

Indiana § 23-19-4-4

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 19: INDIANA UNIFORM SECURITIES ACT
• Ch. 4: Broker-Dealers, Agents, Investment Advisers,

Text

(a) It is unlawful for an individual to transact
business in this state as an investment adviser representative unless the
individual is registered under this article as an investment adviser
representative or is exempt from registration as an investment adviser
representative under subsection (b).
(b) The following individuals are exempt from the registration
requirement of subsection (a):
(1) An individual who is employed by or associated with an
investment adviser that is exempt from registration under section
3(b) of this chapter or a federal covered investment adviser that
is excluded from the notice filing requirements of section 5 of this
chapter.
(2) Any other individual exempted by rule adopted or order issued
under this article.
(c) The registration of an investment adviser representative is not
effective while the investment adviser representative is not employed
by or associated with an investment adviser registered under this article
or a federal covered investment adviser that has made or is required to
make a notice filing under section 5 of this chapter.
(d) An individual may transact business as an investment adviser
representative for more than one (1) investment adviser or federal
covered investment adviser unless a rule adopted or order issued under
this article prohibits or limits an individual from acting as an
investment adviser representative for more than one (1) investment
adviser or federal covered investment adviser.
(e) It is unlawful for an individual acting as an investment adviser
representative, directly or indirectly, to conduct business in this state
on behalf of an investment adviser or a federal covered investment
adviser if the registration of the individual as an investment adviser
representative is suspended or revoked or the individual is barred from
employment or association with an investment adviser or a federal
covered investment adviser by an order under this article, the Securities
and Exchange Commission, or a self-regulatory organization. Upon
request from a federal covered investment adviser and for good cause,
the commissioner, by order issued, may waive, in whole or in part, the
application of the requirements of this subsection to the federal covered
investment adviser.
(f) An investment adviser registered under this article, a federal
covered investment adviser that has filed a notice under section 5 of
this chapter, or a broker-dealer registered under this article is not
required to employ or associate with an individual as an investment
adviser representative if the only compensation paid to the individual
for a referral of investment advisory clients is paid to an investment
adviser registered under this article, a federal covered investment
adviser who has filed a notice under section 5 of this chapter, or a
broker-dealer registered under this article with which the individual is
employed or associated as an investment adviser representative.

Legislative History

As added by P.L.27-2007, SEC.23.