1. Unless a proceeding under section 409.863 has been instituted, the license of any commodity broker-dealer or commodity sales representative becomes effective thirty days after an application for licensing and the last of any additional information requested by the commissioner, or his designee, has been filed, provided that all examination requirements imposed pursuant to section 409.853 have been satisfied. The commissioner may, by order, authorize an earlier effective date of licensing.

2. The license of a commodity broker-dealer or commodity sales representative shall expire on December thirty-first of the year for which issued, or at such other time as the commissioner may, by rule, prescribe.

3. The license of a commodity sales representative is only effective with respect to transactions effected as an employee or otherwise on behalf of the commodity broker-dealer or issuer for whom the commodity sales representative is licensed.

4. No person shall at any one time act as a commodity sales representative for more than one commodity broker-dealer or one issuer, except:

(1) Where the commodity broker-dealers for whom the commodity sales representative will act are affiliated by direct or indirect common control, a commodity sales representative may represent each of those organizations; or

(2) Where the commissioner, by rule or order, authorizes multiple licenses as consistent with the public interest and protection of investors.

5. When a commodity sales representative begins or terminates association with a commodity broker-dealer or issuer, or begins or terminates activities which make that person a commodity sales representative, the commodity sales representative and the former commodity broker-dealer on whose behalf the commodity sales representative was acting shall notify promptly the commissioner or his designee.

6. If the commissioner shall determine, by rule, that one or more classifications of licenses as a commodity broker-dealer or commodity sales representative which are subject to limitations and conditions on the nature of the activities which may be conducted by those persons are consistent with the public interest and the protection of investors, the commissioner may authorize the licensing of persons subject to specific limitations and conditions.