1. It is unlawful for any person to transact business in this state as a broker-dealer or agent unless at least one of the following conditions is satisfied:
a. The person is registered under this chapter.
b. The person is a broker-dealer who has no place of business in this state and the broker-dealer satisfies one of the following requirements:
(1) The broker-dealer effects transactions in this state exclusively with or through the issuers of the securities involved in the transaction, other broker-dealers, banks, trust companies, insurance companies, or investment companies as defined in the Investment Company Act of 1940, pension or profit sharing trusts, or other financial institutions, whether acting for themselves or as trustees;
(2) During any period of twelve consecutive months the broker-dealer does not effect transactions in this state in any manner with more than three persons other than those specified in subparagraph (1), whether or not the offeror or any of the offerees is then present in this state; or
(3) The administrator designates the broker-dealer as exempt from these requirements by either rule or order.
2. It is unlawful for any broker-dealer or issuer to employ an agent in this state unless the agent is registered. The registration of an agent is not effective during any period when the agent is not associated with a specified broker-dealer registered under this chapter or a specified issuer. Unless permitted by order of the administrator, no agent shall at any time represent more than one broker-dealer or issuer, except that where organizations affiliated by direct or indirect common control are registered as broker-dealers or are issuers of securities registered under this chapter, an agent may represent any such organization. When an agent begins or terminates employment with a broker-dealer or issuer or begins or terminates the activities which makes such person an agent, the agent as well as the broker-dealer or issuer shall promptly notify the administrator.
3. Every registration shall expire on the last day of December in each year.
[SS15, § 1920-u15; C24, 27, § 8561, 8563; C31, 35, § 8581-c11; C39, § 8581.11; C46, 50, 54, 58, 62, 66, 71, 73, 75, § 502.11; C77, 79, 81, § 502.301]
83 Acts, ch 169, § 9; 91 Acts, ch 40, §19; 96 Acts, ch 1025, § 7
Referred to in § 502.207A, 502.303, 502.501
Iowa General Assembly
Search: Iowa Code 1997
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