17-12a408. Termination of employment or association of agent and investment adviser representative and transfer of employment or association. (a) Notice of termination. If an agent registered under this act terminates employment by or association with a broker-dealer or issuer, or if an investment adviser representative registered under this act terminates employment by or association with an investment adviser or federal covered investment adviser, or if either registrant terminates activities that require registration as an agent or investment adviser representative, the broker-dealer, issuer, investment adviser, or federal covered investment adviser shall promptly file a notice of termination. If the registrant learns that the broker-dealer, issuer, investment adviser, or federal covered investment adviser has not filed the notice, the registrant may do so.
(b) Transfer of employment or association. If an agent registered under this act terminates employment by or association with a broker-dealer registered under this act and begins employment by or association with another broker-dealer registered under this act; or if an investment adviser representative registered under this act terminates employment by or association with an investment adviser registered under this act or a federal covered investment adviser who has filed a notice under K.S.A. 17-12a405, and amendments thereto, and begins employment by or association with another investment adviser registered under this act or a federal covered investment adviser who has filed a notice under K.S.A. 17-12a405, and amendments thereto, then upon the filing by or on behalf of the registrant, within 30 days after the termination, of an application for registration that complies with the requirement of K.S.A. 17-12a406(a), and amendments thereto, and payment of the filing fee required under K.S.A. 17-12a410, and amendments thereto, the registration of the agent or investment adviser representative is:
(1) Immediately effective as of the date of the completed filing, if the agent's central registration depository record or successor record or the investment adviser representative's investment adviser registration depository record or successor record does not contain a new or amended disciplinary disclosure within the previous 12 months; or
(2) temporarily effective as of the date of the completed filing, if the agent's central registration depository record or successor record or the investment adviser representative's investment adviser registration depository record or successor record contains a new or amended disciplinary disclosure within the preceding 12 months.
(c) Withdrawal of temporary registration. The administrator may withdraw a temporary registration if there are or were grounds for discipline as specified in K.S.A. 17-12a412, and amendments thereto, and the administrator does so within 30 days after the filing of the application. If the administrator does not withdraw the temporary registration within the 30 day period, registration becomes automatically effective on the 31st day after filing.
(d) Power to prevent registration. The administrator may prevent the effectiveness of a transfer of an agent or investment adviser representative under subsection (b)(1) or (2) based on the public interest and the protection of investors.
(e) Termination of registration or application for registration. The administrator may cancel a registration or deny an application for registration in accordance with the provisions of the Kansas administrative procedure act if the administrator finds that a registrant or applicant for registration is no longer in existence or has ceased to act as a broker-dealer, agent, investment adviser, or investment adviser representative, or is the subject of an adjudication of incapacity or is subject to the control of a committee, conservator, or guardian, or cannot reasonably be located. The administrator may reinstate a canceled or terminated registration, with or without hearing, and may make the registration retroactive.
History: L. 2004, ch. 154, ยง 25; 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.