GroundRules
21VAC5-20-95: Employment of an agent by more than one broker-dealer
Where this section sits in the code
- Title 21. Securities And Retail Franchising
- Agency 5. State Corporation Commission, Division of Securities And Retail Franchising
- Chapter 20. Broker-Dealers, Broker-Dealer Agents and Agents of the Issuer
- Part II. Broker-Dealer Agents
A. In accordance with § 13.1-504 B of the Act, an agent may be employed by more than one broker-dealer if all of the following conditions are satisfied:
1. Each employing broker-dealer is under common ownership and control as defined in subsection B of this section or as provided under 21VAC5-20-330 C 2 c.
2. Each employing broker-dealer is registered in accordance with 21VAC5-20-10.
3. Each employing broker-dealer agrees to be responsible for the employment activity of the agent.
4. The agent is registered in accordance with 21VAC5-20-90 by and on behalf of each employing broker-dealer.
B. The term "common ownership and control" as used in this section means the same individual possesses at least a 50% ownership interest in each employing broker-dealer.
Collected 2026-09-14T04:53:33Z. Source file · JSON