§ 7-11-213 - Denial, suspension, or revocation on grounds of lack of qualification.
SECTION 7-11-213
§ 7-11-213 Denial, suspension, orrevocation on grounds of lack of qualification. – The director's determination that an applicant or licensed person lacksqualification under § 7-11-212 is limited by the following provisions. Thedirector:
(1) May not enter an order against a broker dealer on thebasis of the lack of qualification of:
(i) A person other than the broker dealer if the brokerdealer is an individual; or
(ii) A sales representative of the broker dealer.
(2) May not enter an order against an investment adviser onthe basis of the lack of qualification of:
(i) A person other than the investment adviser if theinvestment adviser is an individual;
(ii) Any other person who represents the investment adviserin doing an act that makes the person an investment adviser; or
(iii) An investment adviser representative of the investmentadviser.
(3) May not enter an order solely on the basis of lack ofexperience of the applicant or licensed person if the applicant or licensedperson is qualified by training or knowledge, or both.
(4) Shall consider that a sales representative who will workunder the supervision of a licensed broker dealer need not have the samequalifications as a broker dealer.
(5) Shall consider that an investment adviser is notnecessarily qualified solely on the basis of experience as a broker dealer orsales representative.
(6) Shall consider that an investment adviser representativewho will work under the supervision of a licensed investment adviser need nothave the same qualifications as an investment adviser.