Virginia Administrative Code
Title 21 - SECURITIES AND RETAIL FRANCHISING
Agency 5 - STATE CORPORATION COMMISSION
Chapter 20 - BROKER-DEALERS, BROKER-DEALER AGENTS AND AGENTS OF THE ISSUER
Part I - Broker-Dealers
Section 21VAC5-20-70 - Examinations/qualifications
Current through Register Vol. 41, No. 3, September 23, 2024
A. Broker-dealers registered with the commission that are registered pursuant to § 15 of the Securities Exchange Act of 1934 ( 15 USC § 78o).
Any individual who has been registered in any state jurisdiction as a principal within the two-year period immediately preceding the date of the filing of an application shall not be required to comply with the examination requirements of this section.
For the purposes of this subsection, the term "principal" means any person associated with a broker-dealer who is engaged directly (i) in the management, direction or supervision on a regular or continuous basis on behalf of such broker-dealer of the following activities: sales, training, research, investment advice, underwriting, private placements, advertising, public relations, trading, maintenance of books or records, financial operations; or (ii) in the training of persons associated with such broker-dealer for the management, direction, or supervision on a regular or continuous basis of any such activities.
B. Broker-dealers registered with the commission that are not registered pursuant to § 15 of the federal Securities Exchange Act of 1934.
Statutory Authority
§§ 12.1-13 and 13.1-523 of the Code of Virginia.