292.331 Application for registration -- Contents -- Conditions -- Requirements.
377 words·~2 min read·
/ky/chapter-292/292-331A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)A person shall apply for registration as a broker-dealer, agent, investment adviser,
or investment adviser representative by filing an application containing the
information required in a form designated by administrative regulation or order
under this chapter, by filing a consent to service of process pursuant to KRS
292.430, by filing any other information requested by the commissioner necessary
to complete the application, and by paying the fee prescribed by this chapter.
(2)If no denial order is in effect and no administrative proceeding is pending under this
chapter, then registration becomes effective at 12 noon of the thirtieth day after a
completed application is filed unless the commissioner specifies by order an earlier
or later effective date. A registration shall be effective until December 31 of the year
of registration, except that a registration as an agent of an issuer shall be effective
for the shorter of the term of the offering or a period of twelve
(12)months.
(3)An administrative regulation or order under this chapter may require as a condition
of registration that the applicant and, in the case of a corporation or other legal
entity, the officers or directors or persons occupying similar status or performing
similar functions, pass a written examination as evidence of knowledge of the
securities business.
(4)Subject to the limitations of Section 15 of the Securities Exchange Act of 1934, 15
U.S.C sec. 78o, and Section 222 of the Investment Advisers Act of 1940, 15 U.S.C.
sec. 80b-18a, an administrative regulation or order under this chapter may establish
minimum financial requirements for broker-dealers and investment advisers
registered or required to be registered under this chapter.
(5)Registration of a broker-dealer, agent, investment adviser, or investment adviser
representative may be renewed by filing an application containing any information
required by administrative regulation or order under this chapter and paying the fee
prescribed in this chapter and, in the case of a broker-dealer or investment adviser,
filing any financial statement required by administrative regulation or order under
this chapter.
(6)An administrative regulation or order under this chapter may impose other
conditions on registration or waive, in whole or part, specific requirements in
connection with registration if appropriate in the public interest and consistent with
the protection of investors.