Sec. 45.56.390. Termination of employment or association of agent and investment adviser representative and transfer of employment or association.

593 words·~3 min read·/ak/title-45/chapter-56/45-56-390

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(a)If an agent registered under this chapter terminates employment by or association with a broker-dealer or issuer, or if an investment adviser representative registered under this chapter 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. The registrant may file the notice of termination if the registrant learns that the broker-dealer, issuer, investment adviser, or federal covered investment adviser has not filed the notice.

(b)If an agent registered under this chapter terminates employment by or association with a broker-dealer registered under this chapter and begins employment by or association with another broker-dealer registered under this chapter, or if an investment adviser representative registered under this chapter terminates employment by or association with an investment adviser registered under this chapter or a federal covered investment adviser that has filed a notice under AS 45.56.360 and begins employment by or association with another investment adviser registered under this chapter or a federal covered investment adviser that has filed a notice under AS 45.56.360 , then, within 30 days after the termination, upon the filing by or on behalf of the registrant of an application for registration that complies with the requirement of AS 45.56.370

(a)and payment of the filing fee required under AS 45.56.410 , 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 record or successor record in the Central Registration Depository operated by the Financial Industry Regulatory Authority or the investment adviser representative's record or successor record in the Investment Adviser Registration Depository operated by the Financial Industry Regulatory Authority does not contain a new or amended disciplinary disclosure within the previous 12 months; or

(2)temporarily effective as of the date of the completed filing, if the agent's record or successor record in the Central Registration Depository operated by the Financial Industry Regulatory Authority or the investment adviser representative's record or successor record in the Investment Adviser Registration Depository operated by the Financial Industry Regulatory Authority contains a new or amended disciplinary disclosure within the preceding 12 months.

(c)The administrator may withdraw a temporary registration if there are or were grounds for discipline as specified in AS 45.56.440 and the administrator does so within 30 days after the filing of the application. If the administrator does not withdraw the temporary registration within the 30-day period, registration becomes automatically effective on the 31st day after filing.

(d)The administrator may prevent the effectiveness of a transfer of an agent or investment adviser representative under (b)(1) or

(2)of this section based on the public interest and the protection of investors.

(e)If the administrator determines that a registrant or applicant for registration is no longer in existence, has ceased to act as a broker-dealer, agent, investment adviser, or investment adviser representative, is the subject of an adjudication of incapacity, is subject to the control of a committee, conservator, or guardian, or cannot reasonably be located, a regulation adopted or order issued under this chapter may require that the registration be cancelled or terminated or the application be denied. The administrator may reinstate a cancelled or terminated registration, with or without hearing, and may make the registration retroactive.