Ohio § 1707.161

§ 1707.161.

(A) No person shall act as an investment adviser representative, unless one of the following

applies: (1) The person is licensed as an investment adviser representative by the division of

securities. (2) The person is a natural person who is licensed as an investment adviser by the division,

and does not act as an investment adviser representative for another investment adviser;

 however, a natural person who is licensed as an investment adviser by the division

may act as an investment adviser representative for another investment adviser if

the natural person also is licensed by the division, or is properly excepted from

licensure, as an investment adviser representative of the other investment adviser. (3) The person is employed by or associated with an investment adviser registered under

section 203 of the “Investment Advisers Act of 1940,” 15 U.S.C. 80b-3 , and does not have a place of business in this state. (4) The person is employed by or associated with an investment adviser that is excepted

from licensure pursuant to division (A)(3), (4), (5), or (6) of section 1707.141 of

the Revised Code or excepted from notice filing pursuant to division (B)(3) of section 1707.141 of the Revised Code . (B)(1) No investment adviser representative required to be licensed under this section shall

act as an investment adviser representative for more than two investment advisers.  An investment adviser representative that acts as an investment adviser representative

for two investment advisers shall do so only after the occurrence of both of the following: (a) Being properly licensed, or properly excepted from licensure under this section,

as an investment adviser representative for both investment advisers; (b) Complying with the requirements set forth in rules adopted by the division regarding

consent of both investment advisers and notice. (2) Nothing in this section shall be construed to prohibit a natural person from being

licensed by the division as both an investment adviser and an investment adviser representative. (3) Nothing in this section shall be construed to prohibit a natural person from being

licensed by the division as both a salesperson and an investment adviser representative. (4) Nothing in this section shall be construed to prohibit a natural person from being

licensed by the division as both a dealer and an investment adviser representative. (C) An investment adviser representative's license issued under this section shall not

be effective during any period when the investment adviser representative is not employed

by or associated with an investment adviser that is licensed by the division or that

is in compliance with the notice filing requirements of division (B) of section 1707.141 of the Revised Code .  Notice of the commencement and termination of the employment or association of an

investment adviser representative licensed under this section shall be given to the

division within thirty days after the commencement or termination by either of the

following: (1) The investment adviser, in the case of an investment adviser representative licensed

under this section and employed by or associated with, or formerly employed by or

associated with, an investment adviser licensed under section 1707.141 of the Revised Code ; (2) The investment adviser representative, in the case of an investment adviser representative

licensed under this section and employed by or associated with, or formerly employed

by or associated with, an investment adviser that is subject to the notice filings

requirements of division (B) of section 1707.141 of the Revised Code . (D)(1) Application for an investment adviser representative license shall be made in accordance

with this section and by filing with the division the information, materials, and

forms specified in rules adopted by the division. (2) The division shall by rule require an applicant to pass an examination designated

by the division or achieve a specified professional designation. (3) Prior to issuing the investment adviser representative license, the division may

require the applicant to reimburse the division for the actual expenses incurred in

investigating the applicant.  An itemized statement of any such expenses that the applicant is required to pay

shall be furnished to the applicant by the division. (E)(1) Except as provided in division (E)(2) of this section, if the division finds that

the applicant is of good business repute, appears to be qualified to act as an investment

adviser representative, and has complied with sections 1707.01 to 1707.50 of the Revised Code and the rules adopted under those sections by the division, the division, upon payment

of the fees prescribed by division (B) of section 1707.17 of the Revised Code , shall issue to the applicant a license authorizing the applicant to act as an investment

adviser representative for the investment adviser, or investment advisers that are

under common ownership or control, named in the application. (2) The division shall issue a license to act as an investment adviser representative

in accordance with Chapter 4796. of the Revised Code to an applicant if either of

the following applies: (a) The applicant holds a license in another state. (b) The applicant has satisfactory work experience, a government certification, or a

private certification as described in that chapter as an investment adviser representative

in a state that does not issue that license.