§ 17-4-408 — Termination of employment or association of agent and investment adviser representative and transfer of employment or association

(a) If an agent registered under this act terminates
employment by or association with a broker-dealer or issuer, or
if an investment adviser representative registered under this
act 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 act terminates
employment by or association with a broker-dealer registered
under this act and begins employment by or association with
another broker-dealer registered under this act; or if an
investment adviser representative registered under this act
terminates employment by or association with an investment
adviser registered under this act or a federal covered
investment adviser that has filed a notice under W.S. 17-4-405
and begins employment by or association with another investment
adviser registered under this act or a federal covered
investment adviser that has filed a notice under W.S. 17-4-405;
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 W.S.
17-4-406(a) and payment of the filing fee required under W.S.
17-4-410, the registration of the agent or investment adviser
representative is:
(i) 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
(ii) 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 secretary of state may withdraw a temporary
registration if there are or were grounds for discipline as
specified in W.S. 17-4-412 and the secretary of state does so
within thirty (30) days after the filing of the application. If
the secretary of state 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 secretary of state may prevent the effectiveness
of a transfer of an agent or investment adviser representative
under paragraph (b)(i) or (ii) of this section based on the
public interest and the protection of investors.
(e) If the secretary of state 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 act may
require the registration be cancelled or terminated or the
application denied. The secretary of state may reinstate a
cancelled or terminated registration, with or without hearing,
and may make the registration retroactive.