21 Va. Admin. Code § 5-20-130

Current through Register Vol. 41, No. 4, October 8, 2024

Section 21VAC5-20-130 - Termination of registration

A. When a broker-dealer agent terminates his registration with a broker-dealer, or a broker-dealer terminates an agent's registration, the broker-dealer shall file notice of such termination on Form U5 within 30 calendar days of the date of termination. All filings shall be made on CRD for agents of FINRA member firms or with the commission at its Division of Securities and Retail Franchising for all other broker-dealer agents.

B. If an agent learns that the broker-dealer has not filed the appropriate notice, the agent may file notice with the commission at its Division of Securities and Retail Franchising. The commission may terminate the agent's registration if the commission determines that a broker-dealer (i) is no longer in existence, (ii) has ceased conducting securities business, or (iii) cannot reasonably be located.

Derived from Rule 212, Case No. SEC810005, eff. July 1, 1981; amended by Case No. SEC890040, eff. July 1, 1989; Case No. SEC910057, eff. July 1, 1991; Virginia Register Volume 17, Issue 20, eff. July 1, 2001; Volume 25, Issue 22, eff. July 1, 2009; Volume 29, Issue 20, eff. June 3, 2013.

Statutory Authority

§§ 12.1-13 and 13.1-523 of the Code of Virginia.