Idaho State Statutes - Idaho Attorney Directory

TERMINATION OF EMPLOYMENT OR ASSOCIATION OF AGENT AND
INVESTMENT ADVISER REPRESENTATIVE AND TRANSFER OF EMPLOYMENT OR ASSOCIATION.
(a) Notice of termination. If an agent registered under this chapter
terminates employment by or association with a broker-dealer or issuer, or if
an investment adviser representative registered under this chapter terminates
employment by or association with an investment adviser or federal covered
investment adviser, or if either registrant terminates activities that require
registration as an agent or investment adviser representative, the
broker-dealer, issuer, investment adviser, or federal covered investment
adviser shall promptly file a notice of termination. If the registrant learns
that the broker-dealer, issuer, investment adviser, or federal covered
investment adviser has not filed the notice, the registrant may do so.
(b) Transfer of employment or association. If an agent registered under
this chapter terminates employment by or association with a broker-dealer
registered under this chapter and begins employment by or association with
another broker-dealer registered under this chapter; or if an investment
adviser representative registered under this chapter terminates employment by
or association with an investment adviser registered under this chapter or a
federal covered investment adviser that has filed a notice under section
30-14-405, Idaho Code, and begins employment by or association with another
investment adviser registered under this chapter or a federal covered
investment adviser that has filed a notice under section 30-14-405, Idaho
Code; then upon the filing by or on behalf of the registrant, within thirty
(30) days after the termination, of an application for registration that
complies with the requirement of section 30-14-406(a), Idaho Code, and payment
of the filing fee required under section 30-14-410, Idaho Code, the
registration of the agent or investment adviser representative is:
(1) Immediately effective as of the date of the completed filing, if the
agent's central registration depository record or successor record or the
investment adviser representative's investment adviser registration
depository record or successor record does not contain a new or amended
disciplinary disclosure within the previous twelve (12) months; or
(2) Temporarily effective as of the date of the completed filing, if the
agent's central registration depository record or successor record or the
investment adviser representative's investment adviser registration
depository record or successor record contains a new or amended
disciplinary disclosure within the preceding twelve (12) months.
(c) Withdrawal of temporary registration. The administrator may withdraw
a temporary registration if there are or were grounds for discipline as
specified in section 30-14-412, Idaho Code, and the administrator does so
within thirty (30) days after the filing of the application. If the
administrator does not withdraw the temporary registration within the thirty
(30) day period, registration becomes automatically effective on the
thirty-first day after filing.
(d) Power to prevent registration. The administrator may prevent the
effectiveness of a transfer of an agent or investment adviser representative
under subsection (b)(1) or (2) of this section based on the public interest
and the protection of investors.
(e) Termination of registration or application for registration. If the
administrator determines that a registrant or applicant for registration is no
longer in existence or has ceased to act as a broker-dealer, agent, investment
adviser or investment adviser representative, or is the subject of an
adjudication of incapacity or is subject to the control of a committee,
conservator or guardian, or cannot reasonably be located, a rule adopted or an
order issued under this chapter may require the registration be canceled or
terminated or the application denied. The administrator may reinstate a
canceled or terminated registration, with or without hearing, and may make the
registration retroactive.

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