Corporations, Associations, and Partnerships
Rhode Island Uniform Securities Act
Licensing of Broker-Dealers, Sales Representatives, and Investment Advisers and Investment Adviser Representatives
R.I. Gen. Laws § 7-11-203
§ 7-11-203. Investment adviser and investment adviser representative licensing.
(a) No person may transact business in this state as an investment adviser or an investment adviser representative unless licensed or exempt from licensing under this chapter.
(b) No investment adviser licensed under this chapter may employ a person as an investment adviser representative in this state unless the investment adviser representative is licensed or exempt from licensing under this chapter.
(c) No investment adviser may directly or indirectly employ a person to engage in any activity in this state contrary to a suspension or bar from association with a broker-dealer or investment adviser imposed against that person by the director. A federal covered adviser may not directly or indirectly employ a person having a place of business in this state to engage in any activity in this state if that person is currently subject to a suspension or bar from association with a broker-dealer or investment adviser against that person by the director. No investment adviser or federal covered adviser violates this subsection unless the investment adviser or federal covered adviser knows or in the exercise of reasonable care should know of the suspension or bar. Upon request from an investment adviser or a federal covered adviser and for good cause shown, the director may by order waive the prohibition of this subsection regarding a suspended or barred person.
History of Section.
P.L. 1990, ch. 460, § 2; P.L. 1997, ch. 69, § 1.