17-12a404. Investment adviser representative registration requirement and exemptions. (a) Registration requirement. It is unlawful for an individual to transact business in this state as an investment adviser representative unless the individual is registered under this act as an investment adviser representative or is exempt from registration as an investment adviser representative under subsection (b).
(b) Exemptions from registration. The following individuals are exempt from the registration requirement of subsection (a):
(1) An individual who is exclusively employed by or associated with an investment adviser that is exempt from registration under K.S.A. 17-12a403(b), and amendments thereto, or a federal covered investment adviser that is excluded from the notice filing requirements of K.S.A. 17-12a405, and amendments thereto; and
(2) any other individual exempted by rule adopted or order issued under this act.
(c) Registration effective only while employed or associated. The registration of an investment adviser representative is not effective while the investment adviser representative is not employed by or associated with an investment adviser registered under this act or a federal covered investment adviser that has made or is required to make a notice filing under K.S.A. 17-12a405, and amendments thereto.
(d) Limit on affiliations. An individual may transact business as an investment adviser representative for more than one investment adviser or federal covered investment adviser unless a rule adopted or order issued under this act prohibits or limits an individual from acting as an investment adviser representative for more than one investment adviser or federal covered investment adviser.
(e) Limits on employment or association. It is unlawful for an individual acting as an investment adviser representative, directly or indirectly, to conduct business in this state on behalf of an investment adviser or a federal covered investment adviser if the registration of the individual as an investment adviser representative is suspended or revoked or the individual is barred from employment or association with an investment adviser or a federal covered investment adviser by an order under this act, the securities and exchange commission, or a self-regulatory organization. Upon request from a federal covered investment adviser and for good cause, the administrator, by order issued, may waive, in whole or in part, the application of the requirements of this subsection to the federal covered investment adviser.
(f) Referral fees. An investment adviser registered under this act, a federal covered investment adviser that has filed a notice under K.S.A. 17-12a405, and amendments thereto, or a broker-dealer registered under this act is not required to employ or associate with an individual as an investment adviser representative if the only compensation paid to the individual for a referral of investment advisory clients is paid to an investment adviser registered under this act, a federal covered investment adviser who has filed a notice under K.S.A. 17-12a405, and amendments thereto, or a broker-dealer registered under this act with which the individual is employed or associated as an investment adviser representative.
History: L. 2004, ch. 154, ยง 21; July 1, 2005.
Structure Kansas Statutes
Article 12a - Uniform Securities Act
17-12a,103 References to federal statutes.
17-12a,104 References to federal agencies.
17-12a,105 Electronic records and signatures.
17-12a,202 Exempt transactions.
17-12a,203 Additional exemptions and waivers.
17-12a,204 Denial, suspension, revocation, condition or limitation of exemptions.
17-12a,205 Exemption filing fees.
17-12a,301 Securities registration requirement.
17-12a,303 Securities registration by coordination.
17-12a,304 Securities registration by qualification.
17-12a,305 Securities registration filings.
17-12a,306 Denial, suspension and revocation of securities registration.
17-12a,307 Waiver and modification.
17-12a,401 Broker-dealer registration requirement and exemptions.
17-12a,402 Agent registration requirement and exemptions.
17-12a,403 Investment adviser registration requirement and exemptions.
17-12a,404 Investment adviser representative registration requirement and exemptions.
17-12a,405 Federal covered investment adviser notice filing requirement.
17-12a,407 Succession and change in registration of broker-dealer or investment adviser.
17-12a,411 Postregistration requirements.
17-12a,502 Prohibited conduct in providing investment advice.
17-12a,503 Evidentiary burden.
17-12a,504 Filing of sales and advertising literature.
17-12a,505 Misleading filings; coercion; obstruction.
17-12a,506 Misrepresentations concerning registration or exemption.
17-12a,507 Qualified immunity.
17-12a,508 Criminal penalties; statute of limitations.
17-12a,601 Administration; investor education and protection fund.
17-12a,602 Investigations and subpoenas.
17-12a,604 Administrative enforcement.
17-12a,605 Rules, forms, orders, interpretive opinions and hearings.
17-12a,606 Administrative files and opinions.
17-12a,607 Public records; confidentiality.
17-12a,608 Uniformity and cooperation with other agencies.
17-12a,611 Service of process.
17-12a,612 Severability clause.
17-12a,703 Repeals; application of act to existing proceeding and existing rights and duties.