                                 CODE OF VIRGINIA

REVOCATION OF REGISTRATION (§ 13.1-506)

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:

1. Has engaged in any fraudulent transaction;

2. 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;

3. Is a person for whom a conservator or guardian has been appointed and is
acting;

4. 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;

5. Has failed to furnish information or records requested by the Commission
concerning his conduct of the securities or investment advisory business; or

6. [Repealed.]

7. Has failed to conduct his securities or investment advisory business in
accordance with the rules of the Commission.

HISTORY: 1956, c. 428; 1974, c. 479; 1981, c. 244; 1987, c. 678; 1997, c. 921.