Section 3.08.010. Registration; notice; exemptions to registration; waivers for dual representation.

	(a)  A broker-dealer, an agent, an investment adviser representative, or a state investment adviser may be registered or have the registration renewed under AS 45.55,  if the administrator finds that the applicant  
		(1) is qualified;  
		(2) has sufficient training, knowledge and experience in the securities business;  
		(3) is of good repute; and  
		(4) has otherwise fully satisfied the requirements of AS 45.55  and this chapter.  
	(b)  A federal covered adviser may file initial and renewal notices to provide advisory services under AS 45.55  by filing notice with the administrator and paying applicable fees set out in 3 AAC 08.015.  
	(c)  A broker-dealer may not transact business as a state investment adviser in this state unless the broker-dealer's registration or renewal of registration specifies training, experience, and knowledge as a state investment adviser. A broker-dealer may not transact business in this state as a federal covered adviser unless the broker-dealer has provided notice to the administrator and paid applicable fees set out in 3 AAC 08.015.  
	(d)  In addition to complying with AS 45.55  and this chapter, a foreign corporation doing business in this state as a broker-dealer, an agent, a federal covered adviser, or a state investment adviser must register under AS 10.06  before doing business in this state, unless exempted under AS 10.06.718.  
	(e)  Unless the administrator grants a waiver under (f) of this section, an agent, including a partner, an officer, or a director who registers as an agent, may not be registered for more than one broker-dealer, one issuer, one state investment adviser, or one federal covered adviser, or for a combination of one state investment adviser and one federal covered adviser. However, an agent may register to be an agent for any combination of the occupations listed in this subsection, so long as the combination does not result in the agent being registered for  
		(1) two or more broker-dealers;  
		(2) two or more issuers;  
		(3) two or more state investment advisers;  
		(4) two or more federal covered advisers; or  
		(5) a combination of  
			(A) one or more state investment advisers; and  
			(B) one or more federal investment advisers.  
	(f)  A request for a waiver from the dual representation restriction set out in (e) of this section may be submitted to the administrator. The administrator will, in the administrator's discretion, grant the request submitted under this subsection if  
		(1) the management and controlling persons are essentially identical of the following:  
			(A) broker-dealers;  
			(B) issuers;  
			(C) state investment advisers;  
			(D) federal covered advisers;  
		(2) a conflict of interest does not exist if the waiver is granted by the administrator;  
		(3) the administrator finds that the need for a waiver is fully justified;  
		(4) each issuer, broker-dealer, state investment adviser, or federal covered adviser for which an application has been made has acknowledged by written consent the dual registration and the need for the waiver; and  
		(5) if the application concerns other occupations not involving the securities business, dual representation already exists among those applicants.  

Authorities

45.55.040;45.55.050;45.55.060;45.55.950

Notes

Reference

3 AAC 08.005
3 AAC 08.016
3 AAC 08.503
3 AAC 08.640

Authority

AS 45.55.040 AS 45.55.050 AS 45.55.060 AS 45.55.950

History

Eff. 2/20/72, Register 41; am 10/1/99, Register 151