Alaska § 45.56.330 - Agent registration requirement and exemptions.

§ 45.56.330. Agent registration requirement and exemptions.

 (a) An individual may not transact business in this state as an agent unless the individual is registered under this chapter as an agent or is exempt from registration as an agent under (b) of this section.

 (b) The following individuals are exempt from the registration requirement of (a) of this section:        (1) an individual who represents a broker-dealer in effecting transactions in this state limited to those described in 15 U.S.C. 78o(i);

 (2) an individual who represents a broker-dealer that is exempt under AS 45.56.300 (b) or 45.56.310;

 (3) an individual who represents an issuer with respect to an offer or sale of the issuer's own securities or those of the issuer's parent or any of the issuer's subsidiaries and who is not compensated in connection with the individual's participation by the payment of commissions or other remuneration based, directly or indirectly, on transactions in those securities;

 (4) an individual who represents an issuer and who effects transactions in the issuer's securities exempted by AS 45.56.120 , other than AS 45.56.120 (11) and (14);

 (5) an individual who represents an issuer that effects transactions solely in federal covered securities of the issuer, but an individual who effects transactions in a federal covered security under 15 U.S.C. 77r(b)(3) or (b)(4)(D) (Securities Act of 1933) is not exempt if the individual is compensated in connection with the agent's participation by the payment of commissions or other remuneration based, directly or indirectly, on transactions in those securities;

 (6) an individual who represents a broker-dealer registered in this state under AS 45.56.300 (a) or exempt from registration under AS 45.56.300 (b) in the offer and sale of securities for an account of a nonaffiliated federal covered investment adviser with investments under management in excess of $100,000,000 acting for the account of others under discretionary authority in a signed record;

 (7) an individual who represents an issuer in connection with the purchase of the issuer's own securities;

 (8) an individual who represents an issuer and who restricts participation to performing clerical or ministerial acts; or

 (9) any other individual exempted by a regulation adopted or order issued under this chapter.

 (c) The registration of an agent is effective only while the agent is employed by or associated with a broker-dealer registered under this chapter or an issuer that is offering, selling, or purchasing the issuer's securities in this state.

 (d) A broker-dealer or an issuer engaged in offering, selling, or purchasing securities in this state may not employ or associate with an agent who transacts business in this state on behalf of broker-dealers or issuers unless the agent is registered under (a) of this section or exempt from registration under (b) of this section.

 (e) An individual may not act as an agent for more than one broker-dealer or one issuer at a time, unless the broker-dealer or the issuer for which the agent acts is affiliated by direct or indirect common control or is authorized by a regulation or order issued under this chapter.