# S.C. Code Ann. § 35-1-402: SECTION 35-1-402. Agent registration requirement and exemptions > South Carolina · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-402 ## Section - **Citation:** S.C. Code Ann. § 35-1-402 - **Heading:** SECTION 35-1-402. Agent registration requirement and exemptions - **Jurisdiction:** South Carolina - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** SC Code / Title 35 / Chapter 1 / Article 4 / Section 35-1-402 ## Text (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). (b) The following individuals are exempt from the registration requirement of subsection (a): (1) an individual who represents a broker-dealer in effecting transactions in this State limited to those described in Section 15(h)(2) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78o(h)(2)); (2) an individual who represents a broker-dealer that is exempt under Section 35-1-401(b) or (d); (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 35-1-202, other than Section 35-1-202(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 Section 18(b)(3) or 18(b)(4)(D) of the Securities Act of 1933 (15 U.S.C. Section 77r(b)(3) or 77r(b)(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 Section 35-1-401(a) or exempt from registration under Section 35-1-401(b) in the offer and sale of securities for an account of a nonaffiliated federal covered investment adviser with investments under management in excess of one hundred million dollars 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) or exempt from registration under subsection (b). (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 are affiliated by direct or indirect common control or are authorized by rule or order under this chapter. ## Nearby sections - [S.C. Code Ann. § 35-1-401 SECTION 35-1-401. Broker-dealer registration requirement; exemptions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-401.md) - [S.C. Code Ann. § 35-1-402 SECTION 35-1-402. Agent registration requirement and exemptions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-402.md) - [S.C. Code Ann. § 35-1-403 SECTION 35-1-403. Investment adviser registration requirement; exemptions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-403.md) - [S.C. Code Ann. § 35-1-404 SECTION 35-1-404. Investment advisor representative registration requirement; exemptions.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-404.md) - [S.C. Code Ann. § 35-1-405 SECTION 35-1-405. Federal covered investment adviser notice filing requirement.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-405.md) - [S.C. Code Ann. § 35-1-406 SECTION 35-1-406. Registration by broker-dealer, agent, investment adviser, and investment adviser representative.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-406.md) - [S.C. Code Ann. § 35-1-407 SECTION 35-1-407. Succession and change in registration of broker-dealer or investment adviser.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-407.md) - [S.C. Code Ann. § 35-1-408 SECTION 35-1-408. Termination of employment or association of agent and investment adviser representative; transfer of employment or association.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-408.md) - [S.C. Code Ann. § 35-1-409 SECTION 35-1-409. Withdrawal of registration of broker-dealer, agent, investment adviser, and investment adviser representative.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-409.md) - [S.C. Code Ann. § 35-1-410 SECTION 35-1-410. Examination and filing fee requirements.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-410.md) - [S.C. Code Ann. § 35-1-411 SECTION 35-1-411. Postregistration requirements.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-411.md) - [S.C. Code Ann. § 35-1-412 SECTION 35-1-412. Denial, revocation, suspension, withdrawal, restriction, condition, or limitation of registration.](https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-412.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_SC_T35_C1_A4_S35-1-402. Check the current official text before relying on it. Not legal advice.