21VAC5-80-250: Employment of investment advisor representative by more than one investment advisor or federal covered advisor

A. In accordance with § 13.1-504 C of the Act, an investment advisor representative (representative) may be employed by more than one investment advisor or federal covered advisor (employing advisor) if all of the following conditions are satisfied:

1. Each employing advisor is under common ownership and control as defined in subsection B of this section.

2. Each employing advisor is registered or has filed notice, as the case may be, in accordance with 21VAC5-80-10.

3. The representative is registered in accordance with 21VAC5-80-70 by and on behalf of each employing advisor.

B. The term "common ownership and control" as used in this section means possession of at least a 50% ownership interest in each employing advisor by the same individual.