{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-505.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-505.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-505.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-505.html"}],"law_id":79578,"edition_id":1,"section_id":79578,"structure_id":13120,"section_number":"13.1-505","catch_line":"Procedure for registration","history":"1956, c. 428; 1974, cc. 382, 479; 1980, c. 222; 1981, c. 244; 1984, c. 771; 1987, c. 678; 1990, c. 5; 1991, c. 281; 1992, c. 18; 1997, c. 279.","full_text":"A\n\nA broker-dealer, investment advisor, investment advisor representative or agent may be registered after filing with the Commission, or any entity designated by order or rule of the Commission, an application containing such relevant information as the Commission may require. He shall be registered if the Commission finds that:1\n\nHe is a person (and, in the case of a corporation or partnership, the natural persons who are the officers, directors or partners or who otherwise control such corporation or partnership are persons) of good character and reputation;2\n\nHe intends to maintain his business records in accordance with the rules of the Commission;3\n\nHis business knowledge and conduct and his financial responsibility are such that he is a suitable person to engage in the business;4\n\nHe has supplied all information required by the Commission;5\n\nHe is not subject to the revocation provisions of § 13.1-506; and6\n\nHe has paid the necessary fee.B\n\nThe Commission may require as a condition of registration or renewal of registration the filing by a broker-dealer or investment advisor of a reasonable surety or other bond conditioned as the Commission may require for the protection of investors not in any case exceeding $25,000 in penalty amount as evidence of financial responsibility except that no bond shall be required where the net worth of the broker-dealer or investment advisor exceeds $25,000.C\n\nThe Commission may require as a condition of registration the passing of a written examination as evidence of knowledge of the securities or investment advisory business.D\n\nAll registrations and renewals thereof shall expire annually in accordance with rules and regulations promulgated by the Commission.E\n\nEach application for a renewal of a registration shall be filed with the Commission or any entity designated by order or rule of the Commission. Upon application for a renewal of a registration, the Commission shall have jurisdiction to determine, as of such time, the propriety of the renewal registration.F\n\nEach application for a registration or renewal of a registration as a broker-dealer or investment advisor shall be accompanied by a nonrefundable fee of $200, payable to the Treasurer of Virginia or any entity designated by order or rule of the Commission.G\n\nEach application for a registration or renewal of a registration as an agent or investment advisor representative shall be accompanied by a nonrefundable fee of not less than thirty and not more than fifty dollars, as established by order or rule of the Commission, payable to the Treasurer of Virginia or any entity designated by order or rule of the Commission.H\n\nFor the purposes of registration as a broker-dealer or an investment advisor, a partnership shall be treated as the same partnership so long as two or more members of the partnership named in the application continue the business without change of location, if the partnership, within one month after a change in the partnership, files with the Commission a copy of a certificate filed in compliance with § 50-74.I\n\nThe Commission shall either grant or deny each application for registration within thirty days after it is filed. However, if additional time is needed to obtain or verify information regarding the application, the Commission may extend such period as much as ninety days by giving written notice to the applicant. No more than three such extensions may be made on any one application. An extension of the initial thirty-day period, not to exceed ninety days, shall be granted upon written request of the applicant.J\n\nA renewal of registration shall be granted as a matter of course upon receipt of the proper application and fee together with any surety bond that the Commission may pursuant to subsection B require unless the registration was, or the renewal would be, subject to revocation under § 13.1-506.","order_by":null,"text":{"0":{"id":285130,"text":"A broker-dealer, investment advisor, investment advisor representative or agent may be registered after filing with the Commission, or any entity designated by order or rule of the Commission, an application containing such relevant information as the Commission may require. He shall be registered if the Commission finds that:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":285131,"text":"He is a person (and, in the case of a corporation or partnership, the natural persons who are the officers, directors or partners or who otherwise control such corporation or partnership are persons) of good character and reputation;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":285132,"text":"He intends to maintain his business records in accordance with the rules of the Commission;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":285133,"text":"His business knowledge and conduct and his financial responsibility are such that he is a suitable person to engage in the business;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":285134,"text":"He has supplied all information required by the Commission;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":285135,"text":"He is not subject to the revocation provisions of § 13.1-506; and","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":285136,"text":"He has paid the necessary fee.","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"B"},"7":{"id":285137,"text":"The Commission may require as a condition of registration or renewal of registration the filing by a broker-dealer or investment advisor of a reasonable surety or other bond conditioned as the Commission may require for the protection of investors not in any case exceeding $25,000 in penalty amount as evidence of financial responsibility except that no bond shall be required where the net worth of the broker-dealer or investment advisor exceeds $25,000.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A6","next_prefix":"C"},"8":{"id":285138,"text":"The Commission may require as a condition of registration the passing of a written examination as evidence of knowledge of the securities or investment advisory business.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"9":{"id":285139,"text":"All registrations and renewals thereof shall expire annually in accordance with rules and regulations promulgated by the Commission.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"10":{"id":285140,"text":"Each application for a renewal of a registration shall be filed with the Commission or any entity designated by order or rule of the Commission. Upon application for a renewal of a registration, the Commission shall have jurisdiction to determine, as of such time, the propriety of the renewal registration.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"11":{"id":285141,"text":"Each application for a registration or renewal of a registration as a broker-dealer or investment advisor shall be accompanied by a nonrefundable fee of $200, payable to the Treasurer of Virginia or any entity designated by order or rule of the Commission.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E","next_prefix":"G"},"12":{"id":285142,"text":"Each application for a registration or renewal of a registration as an agent or investment advisor representative shall be accompanied by a nonrefundable fee of not less than thirty and not more than fifty dollars, as established by order or rule of the Commission, payable to the Treasurer of Virginia or any entity designated by order or rule of the Commission.","type":"section","prefixes":["G"],"prefix":"G","entire_prefix":"G","prefix_anchor":"G","level":1,"prior_prefix":"F","next_prefix":"H"},"13":{"id":285143,"text":"For the purposes of registration as a broker-dealer or an investment advisor, a partnership shall be treated as the same partnership so long as two or more members of the partnership named in the application continue the business without change of location, if the partnership, within one month after a change in the partnership, files with the Commission a copy of a certificate filed in compliance with § 50-74.","type":"section","prefixes":["H"],"prefix":"H","entire_prefix":"H","prefix_anchor":"H","level":1,"prior_prefix":"G","next_prefix":"I"},"14":{"id":285144,"text":"The Commission shall either grant or deny each application for registration within thirty days after it is filed. However, if additional time is needed to obtain or verify information regarding the application, the Commission may extend such period as much as ninety days by giving written notice to the applicant. No more than three such extensions may be made on any one application. An extension of the initial thirty-day period, not to exceed ninety days, shall be granted upon written request of the applicant.","type":"section","prefixes":["I"],"prefix":"I","entire_prefix":"I","prefix_anchor":"I","level":1,"prior_prefix":"H","next_prefix":"J"},"15":{"id":285145,"text":"A renewal of registration shall be granted as a matter of course upon receipt of the proper application and fee together with any surety bond that the Commission may pursuant to subsection B require unless the registration was, or the renewal would be, subject to revocation under § 13.1-506.","type":"section","prefixes":["J"],"prefix":"J","entire_prefix":"J","prefix_anchor":"J","level":1,"prior_prefix":"I"}},"ancestry":[{"id":13120,"edition_id":1,"name":"Brokers-Dealers, Investment Advisors, Investment Advisor Representatives and Agents","identifier":"3","label":"article","depth":3,"order_by":1,"parent_id":13119,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":149821,"object_type":"structure","relational_id":13120,"identifier":"3","token":"13.1\/5\/3","url":"\/13.1\/5\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13119,"edition_id":1,"name":"Securities Act","identifier":"5","label":"chapter","depth":2,"order_by":1,"parent_id":12744,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":149803,"object_type":"structure","relational_id":13119,"identifier":"5","token":"13.1\/5","url":"\/13.1\/5\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12744,"edition_id":1,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":147493,"object_type":"structure","relational_id":12744,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":77849,"structure_id":13120,"section_number":"13.1-504","catch_line":"Registration","url":"\/13.1-504\/","token":"13.1\/5\/3\/13.1-504","metadata":false},{"id":57117,"structure_id":13120,"section_number":"13.1-504.1","catch_line":"Brokerage services of savings and loan associations, savings banks or service corporations of either; when registration not required","url":"\/13.1-504.1\/","token":"13.1\/5\/3\/13.1-504.1","metadata":false},{"id":54154,"structure_id":13120,"section_number":"13.1-504.2","catch_line":"Broker-dealer services provided by credit unions; when registration not required","url":"\/13.1-504.2\/","token":"13.1\/5\/3\/13.1-504.2","metadata":false},{"id":79578,"structure_id":13120,"section_number":"13.1-505","catch_line":"Procedure for registration","url":"\/13.1-505\/","token":"13.1\/5\/3\/13.1-505","metadata":false},{"id":81968,"structure_id":13120,"section_number":"13.1-505.1","catch_line":"Post-registration provisions","url":"\/13.1-505.1\/","token":"13.1\/5\/3\/13.1-505.1","metadata":false},{"id":57975,"structure_id":13120,"section_number":"13.1-506","catch_line":"Revocation of registration","url":"\/13.1-506\/","token":"13.1\/5\/3\/13.1-506","metadata":false}],"previous_section":{"id":54154,"structure_id":13120,"section_number":"13.1-504.2","catch_line":"Broker-dealer services provided by credit unions; when registration not required","url":"\/13.1-504.2\/","token":"13.1\/5\/3\/13.1-504.2","metadata":false},"next_section":{"id":81968,"structure_id":13120,"section_number":"13.1-505.1","catch_line":"Post-registration provisions","url":"\/13.1-505.1\/","token":"13.1\/5\/3\/13.1-505.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-505\/","history_text":"

This law was first created in 1956. The record of its establishment is cataloged in chapter 428 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1956 \u201cActs\u201d aren\u2019t available online. It has been modified 9 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1974, chapters 382 and 479; in 1980, chapter 222; in 1981, chapter 244; in 1984, chapter 771; in 1987, chapter 678; in 1990, chapter 5; in 1991, chapter 281; in 1992, chapter 18; in 1997, chapter 279<\/a>.<\/p>","references":[{"id":77849,"section_number":"13.1-504","catch_line":"Registration","order_by":null,"url":"\/13.1-504\/"}],"refers_to":[{"id":57975,"section_number":"13.1-506","catch_line":"Revocation of registration","order_by":null,"url":"\/13.1-506\/"}],"permalink":{"id":149835,"object_type":"law","relational_id":79578,"identifier":"13.1-505","token":"13.1\/5\/3\/13.1-505","url":"\/13.1-505\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-505\/","token":"13.1\/5\/3\/13.1-505","dublin_core":{"Title":"Procedure for registration","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-505","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A broker-dealer, investment advisor, investment advisor representative or agent may be registered after filing with the Commission, or any entity designated by order<\/span> or rule of the Commission, an application containing such relevant information as the Commission may require. He shall be registered if the Commission finds that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> He is a person (and, in the case of a corporation or partnership, the natural persons who are the officers, directors or partners or who otherwise control such corporation or partnership are persons) of good character and reputation; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> He intends to maintain his business records in accordance with the rules of the Commission; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> His business knowledge and conduct and his financial responsibility are such that he is a suitable person to engage in the business; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> He has supplied all information required by the Commission; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> He is not subject to the revocation<\/span> provisions of § 13.1-506<\/a>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> He has paid the necessary fee. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Commission may require as a condition of registration or renewal of registration the filing by a broker-dealer or investment advisor of a reasonable surety<\/span> or other bond<\/span> conditioned as the Commission may require for the protection of investors not in any case exceeding $25,000 in penalty<\/span> amount as evidence<\/span> of financial responsibility except that no bond<\/span> shall be required where the net worth of the broker-dealer or investment advisor exceeds $25,000. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Commission may require as a condition of registration the passing of a written examination as evidence<\/span> of knowledge of the securities or investment advisory business. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> All registrations and renewals thereof shall expire annually in accordance with rules and regulations promulgated by the Commission. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Each application for a renewal of a registration shall be filed with the Commission or any entity designated by order<\/span> or rule of the Commission. Upon application for a renewal of a registration, the Commission shall have jurisdiction<\/span> to determine, as of such time, the propriety of the renewal registration. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Each application for a registration or renewal of a registration as a broker-dealer or investment advisor shall be accompanied by a nonrefundable fee of $200, payable to the Treasurer of Virginia or any entity designated by order<\/span> or rule of the Commission. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

G.<\/span> Each application for a registration or renewal of a registration as an agent or investment advisor representative shall be accompanied by a nonrefundable fee of not less than thirty and not more than fifty dollars, as established by order<\/span> or rule of the Commission, payable to the Treasurer of Virginia or any entity designated by order<\/span> or rule of the Commission. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

H.<\/span> For the purposes of registration as a broker-dealer or an investment advisor, a partnership shall be treated as the same partnership so long as two or more members of the partnership named in the application continue the business without change of location, if the partnership, within one month after a change in the partnership, files with the Commission a copy of a certificate filed in compliance with § 50-74<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

I.<\/span> The Commission shall either grant or deny each application for registration within thirty days after it is filed. However, if additional time is needed to obtain or verify information regarding the application, the Commission may extend such period as much as ninety days by giving written notice to the applicant. No more than three such extensions may be made on any one application. An extension of the initial thirty-day period, not to exceed ninety days, shall be granted upon written request of the applicant. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

J.<\/span> A renewal of registration shall be granted as a matter of course upon receipt of the proper application and fee together with any surety<\/span> bond<\/span> that the Commission may pursuant to subsection B require unless the registration was, or the renewal would be, subject to revocation<\/span> under § 13.1-506<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPROCEDURE FOR REGISTRATION (\u00a7 13.1-505)\n\nA. A broker-dealer, investment advisor, investment advisor representative or\nagent may be registered after filing with the Commission, or any entity\ndesignated by order or rule of the Commission, an application containing such\nrelevant information as the Commission may require. He shall be registered if\nthe Commission finds that:\n\n 1. He is a person (and, in the case of a corporation or partnership, the\n natural persons who are the officers, directors or partners or who otherwise\n control such corporation or partnership are persons) of good character and\n reputation;\n\n 2. He intends to maintain his business records in accordance with the rules of\n the Commission;\n\n 3. His business knowledge and conduct and his financial responsibility are\n such that he is a suitable person to engage in the business;\n\n 4. He has supplied all information required by the Commission;\n\n 5. He is not subject to the revocation provisions of § 13.1-506; and\n\n 6. He has paid the necessary fee.\n\nB. The Commission may require as a condition of registration or renewal of\nregistration the filing by a broker-dealer or investment advisor of a reasonable\nsurety or other bond conditioned as the Commission may require for the\nprotection of investors not in any case exceeding $25,000 in penalty amount as\nevidence of financial responsibility except that no bond shall be required where\nthe net worth of the broker-dealer or investment advisor exceeds $25,000.\n\nC. The Commission may require as a condition of registration the passing of a\nwritten examination as evidence of knowledge of the securities or investment\nadvisory business.\n\nD. All registrations and renewals thereof shall expire annually in accordance\nwith rules and regulations promulgated by the Commission.\n\nE. Each application for a renewal of a registration shall be filed with the\nCommission or any entity designated by order or rule of the Commission. Upon\napplication for a renewal of a registration, the Commission shall have\njurisdiction to determine, as of such time, the propriety of the renewal\nregistration.\n\nF. Each application for a registration or renewal of a registration as a\nbroker-dealer or investment advisor shall be accompanied by a nonrefundable fee\nof $200, payable to the Treasurer of Virginia or any entity designated by order\nor rule of the Commission.\n\nG. Each application for a registration or renewal of a registration as an agent\nor investment advisor representative shall be accompanied by a nonrefundable fee\nof not less than thirty and not more than fifty dollars, as established by order\nor rule of the Commission, payable to the Treasurer of Virginia or any entity\ndesignated by order or rule of the Commission.\n\nH. For the purposes of registration as a broker-dealer or an investment advisor,\na partnership shall be treated as the same partnership so long as two or more\nmembers of the partnership named in the application continue the business\nwithout change of location, if the partnership, within one month after a change\nin the partnership, files with the Commission a copy of a certificate filed in\ncompliance with § 50-74.\n\nI. The Commission shall either grant or deny each application for registration\nwithin thirty days after it is filed. However, if additional time is needed to\nobtain or verify information regarding the application, the Commission may\nextend such period as much as ninety days by giving written notice to the\napplicant. No more than three such extensions may be made on any one\napplication. An extension of the initial thirty-day period, not to exceed ninety\ndays, shall be granted upon written request of the applicant.\n\nJ. A renewal of registration shall be granted as a matter of course upon receipt\nof the proper application and fee together with any surety bond that the\nCommission may pursuant to subsection B require unless the registration was, or\nthe renewal would be, subject to revocation under § 13.1-506.\n\nHISTORY: 1956, c. 428; 1974, cc. 382, 479; 1980, c. 222; 1981, c. 244; 1984, c.\n771; 1987, c. 678; 1990, c. 5; 1991, c. 281; 1992, c. 18; 1997, c. 279.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}