2005 Minnesota Statutes

     80A.04 Licensing. 

    Subdivision 1.    Requirement.  It is unlawful for any person to 
 transact 
 business in this state as a broker-dealer or agent unless 
 licensed under this chapter.  

    Subd. 2.    Agent license.  It is unlawful for any broker-dealer 
 or issuer to 
 employ an agent as a representative in this state unless the 
 agent is licensed.  The licensing of an agent is not effective 
 during any period when the agent is not associated with a 
 specified broker-dealer licensed under this chapter or a 
 specified issuer.  No agent shall at any time represent more 
 than one broker-dealer or issuer, except that where 
 broker-dealers affiliated by direct common control are licensed 
 under this chapter, an agent may represent the broker-dealer.  
 When an agent begins or terminates employment with a 
 broker-dealer or issuer, or begins or terminates those 
 activities which make that person an agent, the agent as well as 
 the broker-dealer or issuer shall promptly notify the 
 commissioner or the commissioner's designated representative. 

    A broker-dealer or investment adviser is affiliated by 
 direct common control when 80 percent or more of the equity of 
 each broker-dealer or investment adviser is beneficially owned 
 by the same person or group of persons. 

    Subd. 3.    Investment adviser license.  It is unlawful for any 
 person to transact 
 business in this state as an investment adviser unless that 
 person is so licensed or licensed as a broker-dealer as 
 described in section 80A.14, subdivision 9, clause (3), or 
 unless:  (1) that person's only clients in this state are 
 investment companies as defined in the Investment Company Act of 
 1940, other investment advisers, broker-dealers, banks, trust 
 companies, savings associations, federal covered advisers 
 insurance companies, corporations with a class of equity 
 securities registered under section 12(b) or 12(g) of the 
 Securities Exchange Act of 1934, small business investment 
 companies, and government agencies or instrumentalities, whether 
 acting for themselves or as trustees with investment control, or 
 other institutional buyers; or (2) that person has no place of 
 business in this state and during the preceding 12-month period 
 has had fewer than six clients who are residents of this state. 

    Subd. 4.    Renewal.  Every license or notice filing expires on 
 December 31 of each year unless an application for renewal has 
 been received by the commissioner by November 15. 

    Subd. 5.    Federal covered adviser limitations.  Except with 
 respect to advisers whose only 
 clients are those described in subdivision 3, it is unlawful for 
 a federal covered adviser to conduct advisory business in this 
 state unless the person complies with section 80A.05, 
 subdivision 1a. 

    HIST: 1973 c 451 s 4; 1981 c 140 s 1; 1983 c 284 s 2,3; 1986 c 
 444; 1995 c 202 art 1 s 25; 1997 c 222 s 10-12; 3Sp1997 c 3 s 4; 
 2000 c 483 s 37,38