§ 23-19-4-8 — Termination notice; transfer of employment or association; temporary registration; prevention or suspension of transfer; cancellation or termination of registration; reinstatement

Indiana § 23-19-4-8

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

Text

(a) If an agent registered under this article
terminates employment by or association with a broker-dealer or issuer,
or if an investment adviser representative registered under this article
terminates employment by or association with an investment adviser or
federal covered investment adviser, or if either registrant terminates
activities that require registration as an agent or investment adviser
representative, the broker-dealer, issuer, investment adviser, or federal
covered investment adviser shall promptly file a notice of termination.
If the registrant learns that the broker-dealer, issuer, investment
adviser, or federal covered investment adviser has not filed the notice,
the registrant may do so.
(b) If an agent registered under this article terminates employment
by or association with a broker-dealer registered under this article and
begins employment by or association with another broker-dealer
registered under this article, or if an investment adviser representative
registered under this article terminates employment by or association
with an investment adviser registered under this article or a federal
covered investment adviser that has filed a notice under section 5 of
this chapter and begins employment by or association with another
investment adviser registered under this article or a federal covered
investment adviser that has filed a notice under section 5 of this
chapter, then upon the filing by or on behalf of the registrant, within
thirty (30) days after the termination, of an application for registration
that complies with the requirement of section 6(a) of this chapter and
payment of the filing fee required under section 10 of this chapter, the
registration of the agent or investment adviser representative is:
(1) immediately effective as of the date of the completed filing, if
the agent's Central Registration Depository record or successor
record or the investment adviser representative's Investment
Adviser Registration Depository record or successor record does
not contain a new or amended disciplinary disclosure within the
previous twelve (12) months; or
(2) temporarily effective as of the date of the completed filing, if
the agent's Central Registration Depository record or successor
record or the investment adviser representative's Investment
Adviser Registration Depository record or successor record
contains a new or amended disciplinary disclosure within the
preceding twelve (12) months.
(c) The commissioner may withdraw a temporary registration if
there are or were grounds for discipline as specified in section 12 of
this chapter and the commissioner does so within thirty (30) days after
the filing of the application. If the commissioner does not withdraw the
temporary registration within the thirty (30) day period, registration
becomes automatically effective on the thirty-first day after filing.
(d) The commissioner may prevent or suspend the effectiveness of
a transfer of an agent or investment adviser representative under
subsection (b)(1) or (b)(2) based on the public interest and the
protection of investors. The commissioner, by order, may also extend
a temporary registration to permit further time to review the
qualifications of an applicant.
(e) If the commissioner determines that a registrant or applicant for
registration is no longer in existence or has ceased to act as a
broker-dealer, agent, investment adviser, or investment adviser
representative, or is the subject of an adjudication of incapacity or is
subject to the control of a committee, conservator, or guardian, or
cannot reasonably be located, a rule adopted or order issued under this
article may require the registration be canceled or terminated or the
application denied. The commissioner may reinstate a canceled or
terminated registration, with or without hearing, and may make the
registration retroactive.

Legislative History

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