Kentucky Administrative Regulations
Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS
Chapter 10 - Securities
Section 808 KAR 10:460 - Request for approval of change in control
Current through Register Vol. 50, No. 9, March 1, 2024
RELATES TO: KRS 292.330(13)(a)
NECESSITY, FUNCTION, AND CONFORMITY: KRS 292.500(3) authorizes the executive director to promulgate administrative regulations necessary to carry out the provisions of KRS Chapter 292. KRS 292.330(12)(f) authorizes the commissioner to promulgate administrative regulations for the conduct of business by broker-dealers and investment advisers. KRS 292.330(13)(a) authorizes the commissioner to deny, suspend, or revoke the registration of a broker-dealer or investment adviser if the registrant or any person, directly or indirectly controlling the registrant has engaged in certain activities. This administrative regulation requires registrants to submit a request for a change in the control of the registrant so that the commissioner may review the background of the acquiring person.
Section 1. Definitions.
Section 2. Presumption of Control. A person shall be presumed to control an entity if the person:
Section 3. Requirement for Approval of Change in Control. A registered broker-dealer or investment adviser shall submit a request for approval of a change in the control of the broker-dealer or investment adviser if control is to be acquired by any person who:
Section 4. Request for Approval of Change in Control.
Section 5. Incorporation by Reference.
STATUTORY AUTHORITY: KRS 292.330(12)(f), 292.500(3)