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.