{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/13.1-506.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/13.1-506.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/13.1-506.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/13.1-506.html"}],"law_id":57975,"edition_id":1,"section_id":57975,"structure_id":13120,"section_number":"13.1-506","catch_line":"Revocation of registration","history":"1956, c. 428; 1974, c. 479; 1981, c. 244; 1987, c. 678; 1997, c. 921.","full_text":"The Commission may, by order entered after a hearing on notice duly served on the defendant not less than thirty days before the date of the hearing, revoke the registration of a broker-dealer, investment advisor, investment advisor representative or agent, or refuse to renew a registration if an application for renewal has been or is to be filed, if it finds that such an order is in the public interest and that such broker-dealer, investment advisor or any partner, officer or director of such broker-dealer or investment advisor, or any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling or controlled by such broker-dealer or investment advisor or that such agent or investment advisor representative:\n\n1\n\nHas engaged in any fraudulent transaction;2\n\nIs insolvent, or in danger of becoming insolvent, either in the sense that his liabilities exceed his assets or in the sense that he cannot meet his obligations as they mature;3\n\nIs a person for whom a conservator or guardian has been appointed and is acting;4\n\nHas been convicted, within or without this Commonwealth, of any misdemeanor involving a security or any aspect of the securities or investment advisory business or any felony;5\n\nHas failed to furnish information or records requested by the Commission concerning his conduct of the securities or investment advisory business; or6\n\n[Repealed.]7\n\nHas failed to conduct his securities or investment advisory business in accordance with the rules of the Commission.","order_by":null,"text":{"0":{"id":212345,"text":"The Commission may, by order entered after a hearing on notice duly served on the defendant not less than thirty days before the date of the hearing, revoke the registration of a broker-dealer, investment advisor, investment advisor representative or agent, or refuse to renew a registration if an application for renewal has been or is to be filed, if it finds that such an order is in the public interest and that such broker-dealer, investment advisor or any partner, officer or director of such broker-dealer or investment advisor, or any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling or controlled by such broker-dealer or investment advisor or that such agent or investment advisor representative:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":212346,"text":"Has engaged in any fraudulent transaction;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":212347,"text":"Is insolvent, or in danger of becoming insolvent, either in the sense that his liabilities exceed his assets or in the sense that he cannot meet his obligations as they mature;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":212348,"text":"Is a person for whom a conservator or guardian has been appointed and is acting;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":212349,"text":"Has been convicted, within or without this Commonwealth, of any misdemeanor involving a security or any aspect of the securities or investment advisory business or any felony;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":212350,"text":"Has failed to furnish information or records requested by the Commission concerning his conduct of the securities or investment advisory business; or","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":212351,"text":"[Repealed.]","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":212352,"text":"Has failed to conduct his securities or investment advisory business in accordance with the rules of the Commission.","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6"}},"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":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\/13.1-506\/","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 4 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, chapter 479; in 1981, chapter 244; in 1987, chapter 678; in 1997, chapter 921<\/a>.<\/p>","references":[{"id":79578,"section_number":"13.1-505","catch_line":"Procedure for registration","order_by":null,"url":"\/13.1-505\/"}],"refers_to":false,"permalink":{"id":149843,"object_type":"law","relational_id":57975,"identifier":"13.1-506","token":"13.1\/5\/3\/13.1-506","url":"\/13.1-506\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/13.1-506\/","token":"13.1\/5\/3\/13.1-506","dublin_core":{"Title":"Revocation of registration","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-506","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

The Commission may, by order<\/span> entered after a hearing<\/span> on notice duly served on the defendant<\/span> not less than thirty days before the date of the hearing<\/span>, revoke the registration of a broker-dealer, investment advisor, investment advisor representative or agent, or refuse to renew a registration if an application for renewal has been or is to be filed, if it finds that such an order<\/span> is in the public interest and that such broker-dealer, investment advisor or any partner, officer or director of such broker-dealer or investment advisor, or any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling or controlled by such broker-dealer or investment advisor or that such agent or investment advisor representative:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Has engaged in any fraudulent transaction; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Is insolvent, or in danger of becoming insolvent, either in the sense that his liabilities exceed his assets<\/span> or in the sense that he cannot meet his obligations as they mature; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Is a person for whom a conservator or guardian has been appointed and is acting; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Has been convicted, within or without this Commonwealth, of any misdemeanor<\/span> involving a security or any aspect of the securities or investment advisory business or any felony<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Has failed to furnish information or records requested by the Commission concerning his conduct of the securities or investment advisory business; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> [Repealed.] <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> Has failed to conduct his securities or investment advisory business in accordance with the rules of the Commission. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREVOCATION OF REGISTRATION (\u00a7 13.1-506)\n\nThe Commission may, by order entered after a hearing on notice duly served on\nthe defendant not less than thirty days before the date of the hearing, revoke\nthe registration of a broker-dealer, investment advisor, investment advisor\nrepresentative or agent, or refuse to renew a registration if an application for\nrenewal has been or is to be filed, if it finds that such an order is in the\npublic interest and that such broker-dealer, investment advisor or any partner,\nofficer or director of such broker-dealer or investment advisor, or any person\noccupying a similar status or performing similar functions, or any person\ndirectly or indirectly controlling or controlled by such broker-dealer or\ninvestment advisor or that such agent or investment advisor representative:\n\n1. Has engaged in any fraudulent transaction;\n\n2. Is insolvent, or in danger of becoming insolvent, either in the sense that\nhis liabilities exceed his assets or in the sense that he cannot meet his\nobligations as they mature;\n\n3. Is a person for whom a conservator or guardian has been appointed and is\nacting;\n\n4. Has been convicted, within or without this Commonwealth, of any misdemeanor\ninvolving a security or any aspect of the securities or investment advisory\nbusiness or any felony;\n\n5. Has failed to furnish information or records requested by the Commission\nconcerning his conduct of the securities or investment advisory business; or\n\n6. [Repealed.]\n\n7. Has failed to conduct his securities or investment advisory business in\naccordance with the rules of the Commission.\n\nHISTORY: 1956, c. 428; 1974, c. 479; 1981, c. 244; 1987, c. 678; 1997, c. 921.","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}}