KRS § 292.334 — KY Code / Title XXV / Chapter 292 / Section 292.334
292.334 Notice of termination of employment or association -- Termination of registration or application by commissioner -- Temporary registration -- Withdrawal of registration or notice filing
Status: in_force

292.334 Notice of termination of employment or association -- Termination of

registration or application by commissioner -- Temporary registration --

Withdrawal of registration or notice filing.

(1) If an agent registered under this section terminates employment by or association

with a broker-dealer or issuer, then the broker-dealer or issuer shall promptly file a

notice of termination. The agent may file the notice of termination if the issuer or

broker dealer has not done so within thirty (30) days of the effective date of

termination.

(2) If an investment adviser representative registered under this section terminates

employment by or association with an investment adviser or covered adviser, then

the investment adviser or covered adviser shall promptly file a notice of

termination. The investment adviser representative may file the notice of

termination if the investment adviser or covered adviser has not done so within

thirty (30) days of the effective date of termination.

(3) If the commissioner determines that any registrant or applicant for registration is no

longer in existence or has ceased to do business as a broker-dealer, agent,

investment adviser, or investment adviser representative, or is subject to an

adjudication of mental disability or to the control of a conservator or guardian, or

cannot be located after reasonable search, then the commissioner may by order

terminate the registration or application.

(4) An administrative regulation or order under this chapter may establish a procedure

for temporary registration when an agent or an investment adviser representative

registered under this chapter transfers employment or association to another broker-

dealer or investment adviser, but any registration so transferred shall not be

effective for more than thirty (30) days, unless within that thirty (30) days a properly

completed application is filed.

(5) A broker-dealer, agent, investment adviser, or investment adviser representative

may withdraw a registration by filing an application to withdraw. The withdrawal

becomes effective thirty (30) days after receipt of the application by the

commissioner or within such shorter period of time as the commissioner may

determine, unless a revocation or suspension proceeding is pending.

(a) If a proceeding is pending to revoke or suspend the registration, then the

withdrawal becomes effective at such time and upon such conditions as the

commissioner by order determines; or

(b) If a proceeding is not pending, then the commissioner may institute a

revocation or suspension proceeding under this chapter within one (1) year

after withdrawal became effective and enter a revocation or suspension order

as of the last date on which registration was effective.

(6) A covered adviser may withdraw a notice filing by filing a notice of withdrawal.

The withdrawal is effective upon receipt by the commissioner.