502.402 - AGENT REGISTRATION REQUIREMENT AND EXEMPTIONS.

        502.402  AGENT REGISTRATION REQUIREMENT AND      EXEMPTIONS.         1.  Registration requirement.  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 2.         2.  Exemptions from registration.  The following individuals      are exempt from the registration requirement of subsection 1:         a.  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. §      78(h)(2).         b.  An individual who represents a broker-dealer that is      exempt under section 502.401, subsection 2 or 4.         c.  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.         d.  An individual who represents an issuer and who effects      transactions in the issuer's securities exempted by section 502.202,      other than section 502.202, subsection 11 or 14.         e.  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. § 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.         f.  An individual who represents a broker-dealer registered in      this state under section 502.401, subsection 1, or exempt from      registration under section 502.401, subsection 2, 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.         g.  An individual who represents an issuer in connection with      the purchase of the issuer's own securities.         h.  An individual who represents an issuer and who restricts      participation to performing clerical or ministerial acts.         i.  Any other individual exempted by rule adopted or order      issued under this chapter.         3.  Registration effective only while employed or associated.      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.         4.  Limit on employment or association.  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 1 or exempt from registration under subsection 2.         5.  Limit on affiliations.  An individual shall 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 is      affiliated by direct or indirect common control or is authorized by      rule or order under this chapter.  
         Section History: Early Form
         [C77, 79, 81, § 502.402] 
         Section History: Recent Form
         2004 Acts, ch 1161, §27, 68; 2008 Acts, ch 1123, §3         Referred to in § 502.304A, 502.411, 502.412, 502.509, 502.608,      502.610