Under the authority contained in section 302(f) of the act (70 P.S. § 1-302(f)), the Department considers it appropriate and in the public interest to exempt agents from the registration provisions of section 301 of the act (70 P.S. § 1-301), if all the following requirements are met:

1. (1) The agent is representing a broker-dealer which is:

   1. (i) Registered under section 301 of the act.
   2. (ii) A member of a National securities exchange.
2. (2) The agent’s only customers are broker-dealers registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934 (15 U.S.C.A. § § 78a—78qq) or section 301 of the act.

3. (3) The agent is not subject to either of the following:

   1. (i) A currently effective order under section 305 of the act (70 P.S. § 1-305) denying, suspending, conditioning or revoking registration.
   2. (ii) A currently effective order of the Department issued under section 512 of the act (70 P.S. § 1-512).

Authority

The provisions of this § 302.064 issued under sections 302(f) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P. S. § § 1-302(f) and 1-609(a)); amended under section 202.C of the Department of Banking and Securities Code (71 P.S. § 733-202.C); section 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. § 1-609(a)); and section 9(b) of the Takeover Disclosure Law (70 P.S. § 79(b)).

Source

The provisions of this § 302.064 adopted March 9, 1990, effective March 10, 1990, 20 Pa.B. 1407; amended December 28, 2001, effective December 29, 2001, 31 Pa.B. 7032; transferred and renumbered from 64 Pa. Code § 302.064, December 14, 2012, effective December 15, 2012, 42 Pa.B. 7533; amended January 12, 2018, effective January 13, 2018, 48 Pa.B. 389. Immediately preceding text appears at serial page (364732).