                                 CODE OF VIRGINIA

REGISTRATION (§ 13.1-504)

A. It shall be unlawful for any person to transact business in this Commonwealth
as (i) a broker-dealer or an agent, except in transactions exempted by
subsection B of &#xA7; 13.1-514, unless he is so registered under this chapter;
(ii) an investment advisor or investment advisor representative unless he is so
registered under this chapter; or (iii) a federal covered advisor unless he has
filed such documents and paid such fee as the Commission by rule or order may
require.

B. The registration of an agent shall be deemed effective only so long as he is
connected with a specified broker-dealer registered under this chapter or a
specified issuer. When an agent begins or terminates a connection with a
broker-dealer or issuer, both the agent and the broker-dealer or issuer shall
promptly notify the Commission. An agent who changes his connection from one
broker-dealer or issuer to another shall be required to file a new application
for registration and pay the necessary fee in accordance with &#xA7; 13.1-505.
It shall be unlawful for any broker-dealer or issuer to employ an unregistered
agent. No agent shall be employed by more than one broker-dealer or issuer,
except pursuant to such rules or regulations as the Commission shall prescribe.

C. The registration of an investment advisor representative shall be deemed
effective only so long as he is connected with an investment advisor registered
under this chapter or a federal covered advisor. When an investment advisor
representative begins or terminates a connection with an investment advisor, the
investment advisor shall promptly notify the Commission. When an investment
advisor representative begins or terminates a connection with a federal covered
advisor, the investment advisor representative shall promptly notify the
Commission. An investment advisor representative who changes his connection from
one investment advisor or federal covered advisor to another shall be required
to file a new application for registration and pay the necessary fee in
accordance with &#xA7; 13.1-505. It shall be unlawful for (i) any person who is
required to be registered as an investment advisor under this chapter to employ
an unregistered investment advisor representative or (ii) a federal covered
advisor to employ, supervise, or associate with an unregistered investment
advisor representative having a place of business in the Commonwealth. No
investment advisor representative shall be employed by more than one investment
advisor or federal covered advisor except pursuant to such rules or regulations
as the Commission shall prescribe.

HISTORY: 1956, c. 428; 1974, cc. 374, 479; 1979, c. 312; 1982, c. 407; 1987, c.
678; 1991, cc. 223, 281, 418; 1997, c. 279; 1998, cc. 22, 255; 2003, c. 595;
2007, c. 458.