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Virginia Administrative Code
Title 21. Securities And Retail Franchising
Agency 5. State Corporation Commission, Division of Securities And Retail Franchising
Chapter 80. Investment Advisors
10/7/2025

21VAC5-80-250. Employment of investment advisor representative by more than one investment advisor or federal covered advisor.

A. In accordance with § 13.1-504 C of the Act, an investment advisor representative (representative) may be employed by more than one investment advisor or federal covered advisor (employing advisor) if all of the following conditions are satisfied:

1. Each employing advisor is under common ownership and control as defined in subsection B of this section.

2. Each employing advisor is registered or has filed notice, as the case may be, in accordance with 21VAC5-80-10.

3. The representative is registered in accordance with 21VAC5-80-70 by and on behalf of each employing advisor.

B. The term "common ownership and control" as used in this section means possession of at least a 50% ownership interest in each employing advisor by the same individual.

Statutory Authority

§§ 12.1-13 and 13.1-523 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 14, Issue 22, eff. July 1, 1998; amended, Virginia Register Volume 41, Issue 24, eff. August 1, 2025.

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