Vermont Statutes Title 9 Sec. 5406
Terms Used In Vermont Statutes Title 9 Sec. 5406
- Agent: means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. See
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See
- Commissioner: means the Commissioner of Financial Regulation. See
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Filing: means the receipt under this chapter of a record by the Commissioner or a designee of the Commissioner. See
- Investment adviser: means a person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See
- Investment adviser representative: means an individual employed by or associated with an investment adviser or federal covered investment adviser and who makes any recommendations or otherwise gives investment advice regarding securities, manages accounts or portfolios of clients, determines which recommendation or advice regarding securities should be given, provides investment advice or holds himself or herself out as providing investment advice, receives compensation to solicit, offer, or negotiate for the sale of or for selling investment advice, or supervises employees who perform any of the foregoing. See
- Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See
- Service of process: The service of writs or summonses to the appropriate party.
§ 5406. Registration by broker-dealer, agent, investment adviser, and investment adviser representative
(a) A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with section 5611 of this chapter, and paying the fee specified in section 5410 of this chapter and any reasonable fees charged by the designee of the Commissioner for processing the filing. The application must contain:
(1) the information or record required for the filing of a uniform application; and
(2) upon request by the Commissioner, any other financial or other information or record that the Commissioner determines is appropriate.
(b) If the information or record contained in an application filed under subsection (a) of this section is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting amendment.
(c) If an order is not in effect and a proceeding is not pending under section 5412 of this chapter or if the applicant and the Commissioner or the Commissioner’s designee have not mutually agreed to delay effectiveness for a specified period of time, registration becomes effective at noon on the 45th day after a completed application is filed, unless registration is denied. A rule adopted or order issued under this chapter may set an earlier effective date or may defer the effective date until noon on the 45th day after the filing of any amendment completing the application.
(d) A registration is effective until midnight on December 31 of the year for which the application for registration is filed. Unless an order is in effect under section 5412 of this chapter, a registration may be automatically renewed each year by filing such records as are required by rule adopted or order issued under this chapter, by paying the fee specified in section 5410 of this chapter, and by paying costs charged by the designee of the Commissioner for processing the filings.
(e) A rule adopted or order issued under this chapter may impose such other conditions not inconsistent with the National Securities Markets Improvement Act of 1996. An order issued under this chapter may waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors. (Added 2005, No. 11, § 1, eff. July 1, 2006.)