§ 17-4-404 — Investment adviser representative registration requirement and exemptions

Wyoming § 17-4-404

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 4: SECURITIES
• Art. 4: BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS,

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(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 act as an investment adviser
representative or is exempt from registration as an investment
adviser representative under subsection (b) of this section.
(b) The following individuals are exempt from the
registration requirement of subsection (a) of this section:
(i) An individual who is employed by or associated
with an investment adviser that is exempt from registration
under W.S. 17-4-403(b) or a federal covered investment adviser
that is excluded from the notice filing requirements of W.S.
17-4-405; and
(ii) Any other individual exempted by rule adopted or
order issued under this act.
(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 act or a federal
covered investment adviser that has made or is required to make
a notice filing under W.S. 17-4-405.
(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 act 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
act, the securities and exchange commission, or a
self-regulatory organization. Upon request from a federal
covered investment adviser and for good cause, the secretary of
state, 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 act, a
federal covered investment adviser that has filed a notice under
W.S. 17-4-405, or a broker-dealer registered under this act 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 act, a
federal covered investment adviser who has filed a notice under
W.S. 17-4-405, or a broker-dealer registered under this act with
which the individual is employed or associated as an investment
adviser representative.