Idaho State Statutes - Idaho Attorney Directory

(a)
Registration requirement. It is unlawful for an individual to transact
business in this state as an agent unless the individual is registered under
this chapter as an agent or is exempt from registration as an agent under
subsection (b) of this section.
(b) Exemptions from registration. The following individuals are exempt
from the registration requirement of subsection (a) of this section:
(1) An individual who represents a broker-dealer in effecting
transactions in this state limited to those described in section 15(h)(2)
of the securities exchange act of 1934 (15 U.S.C. 78(o)(2));
(2) An individual who represents a broker-dealer that is exempt under
section 30-14-401(b) or (d), Idaho Code;
(3) An individual who represents an issuer with respect to an offer or
sale of the issuer's own securities or those of the issuer's parent or any
of the issuer's subsidiaries, and who is not compensated in connection
with the individual's participation by the payment of commissions or other
remuneration based, directly or indirectly, on transactions in those
securities;
(4) An individual who represents an issuer and who effects transactions
in the issuer's securities exempted by section 30-14-202, Idaho Code,
other than sections 30-14-202(11) and 30-14-202(14), Idaho Code;
(5) An individual who represents an issuer that effects transactions
solely in federal covered securities of the issuer, provided however that
an individual who effects transactions in a federal covered security under
section 18(b)(3) or 18(b)(4)(d) of the securities act of 1933 (15 U.S.C.
77r(b)(3) or 77r(b)(4)(D)) is not exempt if the individual is compensated
in connection with the agent's participation by the payment of commissions
or other remuneration based, directly or indirectly, on transactions in
those securities;
(6) An individual who represents a broker-dealer registered in this state
under section 30-14-401(a), Idaho Code, or exempt from registration under
section 30-14-401(b), Idaho Code, in the offer and sale of securities for
an account of a nonaffiliated federal covered investment adviser with
investments under management in excess of one hundred million dollars
($100,000,000) acting for the account of others pursuant to discretionary
authority in a signed record;
(7) An individual who represents an issuer in connection with the
purchase of the issuer's own securities;
(8) An individual who represents an issuer and who restricts
participation to performing clerical or ministerial acts; or
(9) Any other individual exempted by a rule adopted or an order issued
under this chapter.
(c) Registration effective only while employed or associated. The
registration of an agent is effective only while the agent is employed by or
associated with a broker-dealer registered under this chapter or an issuer
that is offering, selling or purchasing its securities in this state.
(d) Limit on employment or association. It is unlawful for a
broker-dealer, or an issuer engaged in offering, selling or purchasing
securities in this state, to employ or associate with an agent who transacts
business in this state on behalf of broker-dealers or issuers unless the agent
is registered under subsection (a) of this section or is exempt from
registration under subsection (b) of this section.
(e) Limit on affiliations. Unless prohibited by a rule adopted or an
order issued under this chapter, an individual may act as an agent for more
than one (1) broker-dealer or one (1) issuer at a time.

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