[§485A-408] Termination of employment or association of agent and investment adviser representative; transfer of employment or association. (a) If an agent registered under this chapter terminates employment or association with a broker-dealer or issuer; or if an investment adviser representative registered under this chapter terminates employment 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 with the commissioner. If the registrant learns that the broker-dealer, issuer, investment adviser, or federal covered investment adviser has not filed the notice, the registrant shall promptly notify the broker-dealer, issuer, investment adviser or federal covered investment adviser, to do so.
(b) If an agent registered under this chapter terminates employment or association with a broker-dealer registered under this chapter and begins employment or association with another broker-dealer registered under this chapter; or if an investment adviser representative registered under this chapter terminates employment or association with an investment adviser registered under this chapter or a federal covered investment adviser that has filed a notice under section 485A-405 and begins employment by or association with another investment adviser registered under this chapter or a federal covered investment adviser that has filed a notice under section 485A-405; then upon the filing by or on behalf of the registrant, within thirty days after the termination, of an application for registration that complies with the requirement of section 485A-406(a) and payment of the filing fee required under section 485A-410, the registration of the agent or investment adviser representative shall be:
(c) The commissioner may withdraw a temporary registration if there are or were grounds for discipline as specified in section 485A-412 and the commissioner does so within thirty days after the filing of the application. If the commissioner does not withdraw the temporary registration within the thirty-day period, registration becomes automatically effective on the thirty-first day after filing.
(d) The commissioner 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) If the commissioner determines 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, a rule adopted or order issued under this chapter may require the registration be canceled or terminated or the application denied. The commissioner may reinstate a canceled or terminated registration, with or without hearing, and may make the registration retroactive. [L 2006, c 229, pt of §1]