Vermont § 5402 - Agent registration requirement and exemptions

§ 5402. Agent registration requirement and exemptions

• (a) It is unlawful for an individual to 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 subsection (b) of this section. (b) The following individuals are exempt from the registration requirement of subsection
  (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(a)(2); (2) an individual who represents a broker-dealer that is exempt under subsection 5401(b)
  or (d) of this chapter; (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 section 5202 of this chapter, other than subdivisions 5202(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 (4)(D) 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 subsection
  5401(a) of this chapter or exempt from registration under subsection 5401(b) of this
  chapter in the offer and sale of securities for an account of a nonaffiliated federal
  covered investment adviser with investments under management in excess of $100,000,000.00
  acting for the account of others pursuant to 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 rule 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 its securities in this State. (d) It is unlawful for a broker-dealer, or an issuer engaged in offering, selling, or
  purchasing securities in this State, to 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 subsection (a) of this section or exempt from registration under
  subsection (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 rule or order under this
  chapter. (Added 2005, No. 11, § 1, eff. July 1, 2006.)