{"data":{"id":"us-co/c.r.s.-11-51-401","jurisdiction":"us-co","citation":"C.R.S. § 11-51-401","heading":"Licensing and notice filing requirements.","body":"(1) A person shall not transact business in this state as a broker-dealer or sales representative unless licensed or exempt from licensing under section 11-51-402.\n\n(1.5) A person shall not transact business in this state as an investment adviser or investment adviser representative unless the person is licensed or exempt from licensing under section 11-51-402.\n\n(1.6) A federal covered adviser shall not transact business in this state as a federal covered adviser unless the adviser:\n\n(a) Has filed with the securities commissioner the notice and fee required in sections 11-51-403 and 11-51-404; or\n\n(b) Is not required to file pursuant to section 11-51-402 (5).\n\n(2) Neither a broker-dealer nor an issuer shall employ or otherwise engage an individual to act as a sales representative in this state unless the sales representative is licensed or exempt from licensing under section 11-51-402.\n\n(2.5) An investment adviser or federal covered adviser shall not employ or otherwise engage any individual to act as an investment adviser representative in this state unless the individual is licensed in accordance with section 11-51-403 or is exempt from licensing under section 11-51-402.\n\n(3) No broker-dealer, investment adviser, or issuer shall employ or otherwise engage a person to participate in any activity in this state contrary to an order by the securities commissioner applicable to that person under section 11-51-410. A broker-dealer, investment adviser, or issuer does not violate this subsection (3) if the broker-dealer, investment adviser, or issuer sustains the burden of proof that it did not know and in the exercise of reasonable care could not have known of the order. Upon request from a broker-dealer, investment adviser, or issuer and for good cause shown, the securities commissioner may waive the prohibition of this subsection (3) with respect to a person subject to an order under section 11-51-410.\n\n(4) No person shall act as an investment adviser for a local government investment pool trust fund under article 75 of title 24, C.R.S., unless the person has first notified the securities commissioner by filing the form prescribed by the securities commissioner.","path":["Title 11 - FINANCIAL INSTITUTIONS","Article 51 - Securities","Part 4 - LICENSING AND REGULATION OF BROKER-DEALERS AND SALES REPRESENTATIVES"],"source_url":"https://olls.info/crs/crs2026-title-11.htm","current_through":"Colorado Revised Statutes 2026","vintage":"","retrieved_at":"2026-09-14T18:37:45Z","sha256":"c78b2a35d2873ac8129065c7a8e2b61346f21b274f86b39b4471922db968f5b4","source_id":"us-co","stale":false,"prev":"us-co/c.r.s.-11-51-311","next":"us-co/c.r.s.-11-51-402"},"notice":"GroundRules: Original legal text. Not legal advice."}