Vermont Statutes
Chapter 150 - Securities Act
§ 5402. Agent registration requirement and exemptions

§ 5402. Agent registration requirement and exemptions
(a) It is unlawful for an individual to transact business in this State as an agent unless the individual is registered under this chapter as an agent or is exempt from registration as an agent under subsection (b) of this section.
(b) The following individuals are exempt from the registration requirement of subsection (a) of this section:
(1) an individual who represents a broker-dealer in effecting transactions in this State limited to those described in 15 U.S.C. § 78o(a)(2);
(2) an individual who represents a broker-dealer that is exempt under subsection 5401(b) or (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 section 5202 of this chapter, other than subdivisions 5202(11) and (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 15 U.S.C. § 77r(b)(3) or (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 subsection 5401(a) of this chapter or exempt from registration under subsection 5401(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 $100,000,000.00 acting for the account of others pursuant to 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; or
(9) any other individual exempted by rule adopted or order issued under this chapter.
(c) The registration of an agent is effective only while the agent is employed by or associated with a broker-dealer registered under this chapter 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) of this section or exempt from registration under subsection (b) of this section.
(e) An individual may not act as an agent for more than one broker-dealer or one issuer at a time, unless the broker-dealer or the issuer for which the agent acts is affiliated by direct or indirect common control or is authorized by rule or order under this chapter. (Added 2005, No. 11, § 1, eff. July 1, 2006.)

Structure Vermont Statutes

Vermont Statutes

Title 9 - Commerce and Trade

Chapter 150 - Securities Act

§ 5101. Short title

§ 5102. Definitions

§ 5103. References to federal statutes

§ 5104. References to federal agencies

§ 5105. Electronic records and signatures

§ 5201. Exempt securities

§ 5202. Exempt transactions

§ 5203. Additional exemptions and waivers

§ 5204. Denial, suspension, revocation, condition, or limitations of exemptions

§ 5301. Securities registration requirement

§ 5302. Notice filing

§ 5303. Securities registration by coordination

§ 5304. Securities registration by qualification

§ 5305. Securities registration filings

§ 5306. Denial, suspension, and revocation of securities registration

§ 5307. Waiver and modification

§ 5401. Broker-dealer registration requirement and exemptions

§ 5402. Agent registration requirement and exemptions

§ 5403. Investment adviser registration requirement and exemptions

§ 5404. Investment adviser representative registration requirement and exemptions

§ 5405. Federal covered investment adviser notice filing requirement

§ 5406. Registration by broker-dealer, agent, investment adviser, and investment adviser representative

§ 5407. Succession and change in registration of broker-dealer or investment adviser

§ 5408. Termination of employment or association of agent and investment adviser representative and transfer of employment or association

§ 5409. Withdrawal of registration of broker-dealer, agent, investment adviser, and investment representative

§ 5410. Filing fees

§ 5411. Postregistration requirements

§ 5412. Denial, revocation, suspension, withdrawal, restriction, condition, or limitations of registration

§ 5501. General fraud

§ 5502. Prohibited conduct in providing investment advice

§ 5503. Evidentiary burden

§ 5504. Filing of sales and advertising literature

§ 5505. Misleading filings

§ 5506. Misrepresentations concerning registration or exemption

§ 5507. Qualified immunity

§ 5508. Criminal penalties

§ 5509. Civil liability

§ 5510. Rescission offers

§ 5601. Administration

§ 5602. Investigations and subpoenas

§ 5603. Civil enforcement

§ 5604. Administrative enforcement

§ 5605. Rules, forms, orders, interpretative opinions, and hearings

§ 5606. Administrative files and opinions

§ 5607. Public records; confidentiality

§ 5608. Uniformity and cooperation with other agencies

§ 5609. Judicial review

§ 5610. Jurisdiction

§ 5611. Service of process

§ 5612. Severability clause

§ 5613. Collection and disposition of fees

§ 5614. Recovery of expenses

§ 5616. Vermont Financial Services Education and Victim Restitution Special Fund

§ 5617. Vermont Whistleblower Award and Protection Act