NAC90.360. Cessation of employment or contractual relationship with broker-dealer.

     1. The license of a sales representative terminates upon the withdrawal, cancellation or termination of his or her employment or contractual relationship with a broker-dealer. Except as otherwise provided in subsection 2, the sales representative, broker-dealer or issuer shall file with the Office of the Administrator the Uniform Termination Notice for Securities Industry Registration (Form U-5).

     2. In the case of the termination, cancellation or withdrawal of a sales representative who is a member of the Financial Industry Regulatory Authority, the notice referred to in subsection 1 must be submitted by the broker-dealer to the Central Registration Depository.

     3. A sales representative whose employment or contractual relationship with a broker-dealer ceases and who intends to continue to transact business in this State as a sales representative must file a new application for a license, together with the required fee. If the sales representative is applying for a license with a broker-dealer who is a member of the Financial Industry Regulatory Authority, the application and fee may be processed through the relicensing program of the Central Registration Depository.

     (Added to NAC by Sec’y of State, eff. 4-22-88; A 10-16-89; R016-02, 8-6-2002; R033-08, 6-17-2008)