292.331 Application for registration -- Contents -- Conditions -- Requirements

292.331 Application for registration -- Contents -- Conditions -- Requirements.

(1) A person shall apply for registration as a broker-dealer, agent, investment adviser,

or investment adviser representative by filing an application containing the

information required in a form designated by administrative regulation or order

under this chapter, by filing a consent to service of process pursuant to KRS

292.430, by filing any other information requested by the commissioner necessary

to complete the application, and by paying the fee prescribed by this chapter.

(2) If no denial order is in effect and no administrative proceeding is pending under this

chapter, then registration becomes effective at 12 noon of the thirtieth day after a

completed application is filed unless the commissioner specifies by order an earlier

or later effective date. A registration shall be effective until December 31 of the year

of registration, except that a registration as an agent of an issuer shall be effective

for the shorter of the term of the offering or a period of twelve (12) months.

(3) An administrative regulation or order under this chapter may require as a condition

of registration that the applicant and, in the case of a corporation or other legal

entity, the officers or directors or persons occupying similar status or performing

similar functions, pass a written examination as evidence of knowledge of the

securities business.

(4) Subject to the limitations of Section 15 of the Securities Exchange Act of 1934, 15

U.S.C sec. 78o, and Section 222 of the Investment Advisers Act of 1940, 15 U.S.C.

sec. 80b-18a, an administrative regulation or order under this chapter may establish

minimum financial requirements for broker-dealers and investment advisers

registered or required to be registered under this chapter.

(5) Registration of a broker-dealer, agent, investment adviser, or investment adviser

representative may be renewed by filing an application containing any information

required by administrative regulation or order under this chapter and paying the fee

prescribed in this chapter and, in the case of a broker-dealer or investment adviser,

filing any financial statement required by administrative regulation or order under

this chapter.

(6) An administrative regulation or order under this chapter may impose other

conditions on registration or waive, in whole or part, specific requirements in

connection with registration if appropriate in the public interest and consistent with

the protection of investors.