(2) Restricted registration. A restricted registration
as an investment adviser or as an investment adviser representative
may be issued based upon the qualifying examination(s) passed by the
investment adviser or investment adviser representative.
(3) In restricted registration, the evidence of registration
shall indicate that the holder thereof is entitled to act as an investment
adviser, investment adviser representative, or solicitor only in the
restricted capacity.
(d) Prohibition on fraud and availability of an exemption
from registration. The Texas Securities Act prohibits fraud or fraudulent
practices in dealing in any manner in any securities whether or not
the person engaging in fraud or fraudulent practices is required to
be registered. The Agency has jurisdiction to investigate and bring
enforcement actions to the full extent authorized in the Texas Securities
Act with respect to fraud or deceit, or unlawful conduct by an investment
adviser or investment adviser representative in connection with transactions
involving securities in Texas. However, the registration requirements
detailed in this chapter do not apply to investment advisers and investment
adviser representatives that are exempt from registration as such
pursuant to the Texas Securities Act, §5, or by Board rule pursuant
to the Texas Securities Act, §5.T or §12.C, contained in
Chapters 109 or 139 of this title.
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Source Note: The provisions of this §116.1 adopted to be effective August 12, 2001, 26 TexReg 5799; amended to be effective November 26, 2001, 26 TexReg 9582; amended to be effective March 6, 2002, 27 TexReg 1475; amended to be effective August 22, 2004, 29 TexReg 7968; amended to be effective January 8, 2006, 30 TexReg 8868; amended to be effective August 18, 2011, 36 TexReg 5094; amended to be effective December 21, 2011, 36 TexReg 8507; amended to be effective November 12, 2019, 44 TexReg 6861 |