Investment adviser representative registration requirement and exemptions

(a) Registration requirement. It is unlawful for an individual to transact business in this state as an investment adviser representative unless the individual is registered under this chapter as an investment adviser representative or is exempt from registration as an investment adviser representative under subsection (b). (b) Exemptions from registration. The following individuals are exempt from the registration requirement of subsection (a): (1) An individual who is employed by or associated with an investment adviser that is exempt from registration under § 47-31B-403(b) or a federal covered investment adviser that is excluded from the notice filing requirements of § 47-31B-405 ; and (2) Any other individual exempted by rule adopted or order issued under this chapter. (c) Registration effective only while employed or associated. The registration of an investment adviser representative is not effective while the investment adviser representative is not employed by or associated with an investment adviser registered under this chapter or a federal covered investment adviser that has made or is required to make a notice filing under §