A. It shall be unlawful for any person to transact business in this Commonwealth as (i) a broker-dealer or an agent, except in transactions exempted by subsection B of § 13.1-514, unless he is so registered under this chapter; (ii) an investment advisor or investment advisor representative unless he is so registered under this chapter; or (iii) a federal covered advisor unless he has filed such documents and paid such fee as the Commission by rule or order may require.
B. The registration of an agent shall be deemed effective only so long as he is connected with a specified broker-dealer registered under this chapter or a specified issuer. When an agent begins or terminates a connection with a broker-dealer or issuer, both the agent and the broker-dealer or issuer shall promptly notify the Commission. An agent who changes his connection from one broker-dealer or issuer to another shall be required to file a new application for registration and pay the necessary fee in accordance with § 13.1-505. It shall be unlawful for any broker-dealer or issuer to employ an unregistered agent. No agent shall be employed by more than one broker-dealer or issuer, except pursuant to such rules or regulations as the Commission shall prescribe.
C. The registration of an investment advisor representative shall be deemed effective only so long as he is connected with an investment advisor registered under this chapter or a federal covered advisor. When an investment advisor representative begins or terminates a connection with an investment advisor, the investment advisor shall promptly notify the Commission. When an investment advisor representative begins or terminates a connection with a federal covered advisor, the investment advisor representative shall promptly notify the Commission. An investment advisor representative who changes his connection from one investment advisor or federal covered advisor to another shall be required to file a new application for registration and pay the necessary fee in accordance with § 13.1-505. It shall be unlawful for (i) any person who is required to be registered as an investment advisor under this chapter to employ an unregistered investment advisor representative or (ii) a federal covered advisor to employ, supervise, or associate with an unregistered investment advisor representative having a place of business in the Commonwealth. No investment advisor representative shall be employed by more than one investment advisor or federal covered advisor except pursuant to such rules or regulations as the Commission shall prescribe.
1956, c. 428; 1974, cc. 374, 479; 1979, c. 312; 1982, c. 407; 1987, c. 678; 1991, cc. 223, 281, 418; 1997, c. 279; 1998, cc. 22, 255; 2003, c. 595; 2007, c. 458.
Notes of Decisions
Tanner v. State Corp. Comm'n, 574 S.E.2d 525 (Va. 2003).
· cites it 6× “That Tanner be penalized the sum of $1,000 for one violation of Code § 13.1-504(A) (failure to register as a securities agent); the sum of $11,000 for 22 violations ($500 per violation) of Code § 13.”
Ascher v. Commonwealth, 408 S.E.2d 906 (Va. Ct. App. 1991).
· cites it 4× “EVIDENTIARY ISSUES Right of Confrontation Ascher argues she was denied her sixth amendment right to confront her accusers as to the three counts alleging that she knowingly and willfully offered or sold securities in violation of Code § 13.1-504 to Mary Cathleene Waddell.”
Lintz v. Gulf Partners Ltd., 613 F. Supp. 543 (W.D. Va. 1985).
· cites it 2× “It has been suggested that the only limitation on the reach of the statute is that the state have a real nexus to the transaction, i.e. that one or more of the prohibited actions occur in the state.”
Merch. v. Oppenheimer & Co., Inc., 568 F. Supp. 639 (E.D. Va. 1983).
· cites it 3× “Finder, however, was not registered as an agent, as required by Va.Code § 13.1-504(a). Finder was among the Oppenheimer agents, who, during the time period pertinent hereto, handled plaintiffs brokerage account.”
Cors v. Langham, 683 F. Supp. 1056 (E.D. Va. 1988).
· cites it 2× “Considering that this statute applies to violations of the registration provisions of the Act, Va.Code Ann. § 13.1-504, as well as those for securities fraud, Va.”
Pollok v. Commonwealth, 229 S.E.2d 858 (Va. 1976).
“1-507, but also that he had sold the securities without registering as an agent, in violation of § 13.1-504(a). The Commission imposed upon Pollok a penalty of $1,000 and enjoined him from further violations of the Act.”
Maneval v. Davis (In Re Davis), 155 B.R. 123 (Bankr. E.D. Va. 1993).
“1-520(a), as well as §§ 13.1-504 and 13.1-502(2) of securities laws of the Code of Virginia (“Va.”
Ahn v. C2 Educ. Sys., Inc., 83 Va. Cir. 457 (Fairfax Cir. Ct. 2011).
· cites it 9× “Defendants first argue that Plaintiff has failed to plead a violation of Va. Code § 13.1-504 because this section prohibits any person from transacting business ás a broker-dealer or investment advisor in the commonwealth without first registering, and Plaintiff has not alleged…”
Underhill Assocs., Inc. v. Bradshaw, 674 F.2d 293 (4th Cir. 1982).
“appeal from the judgment of the district court denying them relief and holding constitutional the registration provision of the Virginia Securities Act (Act), Va. Code § 13.1-504. The appellants instituted this action in district court against the commissioners of the State…”
Patel v. DAB Inspection & Consulting Servs. LLC (E.D. Va. 2025).
· cites it 7× “1 - 522(A)(i) because she sold the note as an unregistered security as an unregistered broker-dealer in violation of Va. Code Ann. §§ 13.1-504 , 13.1-507. SAC ¶¶ 137–143.”
Bazemore v. Epps, 54 Va. Cir. 305 (Norfolk Cir. Ct. 2000).
· cites it 6× “1-522, Defendant sold a security in violation of Va Code § 13.1-504(AXii) and 13.1-507(i).”
Va. Code Ann. § 13.1-504(A): 2 cases
Tanner v. State Corp. Comm'n, 574 S.E.2d 525 (Va. 2003).
“That Tanner be penalized the sum of $1,000 for one violation of Code § 13.1-504(A) (failure to register as a securities agent); the sum of $11,000 for 22 violations ($500 per violation) of Code § 13.”
Ahn v. C2 Educ. Sys., Inc., 83 Va. Cir. 457 (Fairfax Cir. Ct. 2011).
“Defendants first argue that Plaintiff has failed to plead a violation of Va. Code § 13.1-504 because this section prohibits any person from transacting business ás a broker-dealer or investment advisor in the commonwealth without first registering, and Plaintiff has not alleged…”
Va. Code Ann. § 13.1-504(AXii): 1 case
Bazemore v. Epps, 54 Va. Cir. 305 (Norfolk Cir. Ct. 2000).
“1-522, Defendant sold a security in violation of Va Code § 13.1-504(AXii) and 13.1-507(i).”
Va. Code Ann. § 13.1-504(C): 2 cases
Ahn v. C2 Educ. Sys., Inc., 83 Va. Cir. 457 (Fairfax Cir. Ct. 2011).
“Defendants first argue that Plaintiff has failed to plead a violation of Va. Code § 13.1-504 because this section prohibits any person from transacting business ás a broker-dealer or investment advisor in the commonwealth without first registering, and Plaintiff has not alleged…”
Bazemore v. Epps, 54 Va. Cir. 305 (Norfolk Cir. Ct. 2000).
“1-522, Defendant sold a security in violation of Va Code § 13.1-504(AXii) and 13.1-507(i).”
Va. Code Ann. § 13.1-504(a): 3 cases
Lintz v. Gulf Partners Ltd., 613 F. Supp. 543 (W.D. Va. 1985).
“It has been suggested that the only limitation on the reach of the statute is that the state have a real nexus to the transaction, i.e. that one or more of the prohibited actions occur in the state.”
Merch. v. Oppenheimer & Co., Inc., 568 F. Supp. 639 (E.D. Va. 1983).
“Finder, however, was not registered as an agent, as required by Va.Code § 13.1-504(a). Finder was among the Oppenheimer agents, who, during the time period pertinent hereto, handled plaintiffs brokerage account.”
Pollok v. Commonwealth, 229 S.E.2d 858 (Va. 1976).
“1-507, but also that he had sold the securities without registering as an agent, in violation of § 13.1-504(a). The Commission imposed upon Pollok a penalty of $1,000 and enjoined him from further violations of the Act.”
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