Indiana Code 23-19-4-2. Agent registration; exemptions; restrictions on employment or association; restrictions if no affiliation
(b) The following individuals are exempt from the registration requirement of subsection (a):
Terms Used In Indiana Code 23-19-4-2
- 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 Indiana Code 23-19-1-2
- 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 Indiana Code 23-19-1-2
- Federal covered investment adviser: means a person registered under the Investment Advisers Act of 1940. See Indiana Code 23-19-1-2
- Federal covered security: means a security that is, or upon completion of a transaction will be, a covered security under Section 18(b) of the Securities Act of 1933 (15 U. See Indiana Code 23-19-1-2
- Issuer: means a person that issues or proposes to issue a security, subject to the following:
Indiana Code 23-19-1-2
- Sale: includes every contract of sale, contract to sell, or disposition of a security or interest in a security for value, and "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to purchase, a security or interest in a security for value. See Indiana Code 23-19-1-2
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Indiana Code 23-19-1-2
(2) An individual who represents a broker-dealer that is exempt under section 1(b) or 1(d) of this chapter.
(3) An individual who represents an issuer with respect to an offer or sale of the issuer’s own securities or those of the issuer’s parent or any of the issuer’s subsidiaries, and who is not compensated in connection with the individual’s participation by the payment of commissions or other remuneration based, directly or indirectly, on transactions in those securities.
(4) An individual who represents an issuer and who effects transactions in the issuer’s securities exempted by IC 23-19-2-2, other than IC 23-19-2-2(11) and IC 23-19-2-2(14).
(5) An individual who represents an issuer that effects transactions solely in federal covered securities of the issuer, but an individual who effects transactions in a federal covered security under Section 18(b)(3) or 18(b)(4)(D) of the Securities Act of 1933 (15 U.S.C. § 77r(b)(3) or 77r(b)(4)(D)) is not exempt if the individual is compensated in connection with the agent’s participation by the payment of commissions or other remuneration based, directly or indirectly, on transactions in those securities.
(6) An individual who represents a broker-dealer registered in this state under section 1(a) of this chapter or exempt from registration under section 1(b) of this chapter in the offer and sale of securities for an account of a nonaffiliated federal covered investment adviser with investments under management in excess of one hundred million dollars ($100,000,000) acting for the account of others under discretionary authority in a signed record.
(7) An individual who represents an issuer in connection with the purchase of the issuer’s own securities.
(8) An individual who represents an issuer and who restricts participation to performing clerical or ministerial acts.
(9) Any other individual exempted by rule adopted or order issued under this article.
(c) The registration of an agent is effective only while the agent is employed by or associated with a broker-dealer registered under this article or an issuer that is offering, selling, or purchasing its securities in this state.
(d) It is unlawful for a broker-dealer, or an issuer engaged in offering, selling, or purchasing securities in this state, to employ or associate with an agent who transacts business in this state on behalf of broker-dealers or issuers unless the agent is registered under subsection (a) or exempt from registration under subsection (b).
(e) An individual may not act as an agent for more than one (1) broker-dealer or one (1) issuer at a time, unless the broker-dealer or the issuer for which the agent acts are affiliated by direct or indirect common control or are authorized by rule or order under this article.
As added by P.L.27-2007, SEC.23.