Virginia Adopts Securities Rule Changes

Rule revisions were adopted by the Virginia Division of Securities and Retail Franchising, effective July 1, 2009. One amendment eliminates the Form U-2 filing requirement for Rule 505 and 506 offerings but mandates issuers to submit as their notice to the Division the same Form D filed with the SEC. Other changes adopt NASAA's Model Custody Rule 102(e)(1)-1 and the NASAA policy statement on corporate securities definitions, require additional information on investment adviser and federal covered investment adviser registration applications, amend the examination and termination requirements for agents and investment adviser representatives, and allow agents terminating employment with registered broker-dealers because of retirement or disability to continue to receive compensation after termination if certain conditions are met.

Please click here for more information.

.