Texas Vernon's Texas Civil Statutes - Article 581-12. Registration Of Persons Selling Securities Or Rendering Investment Advice

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Art. 581-12. REGISTRATION OF PERSONS SELLING SECURITIES OR 
RENDERING INVESTMENT ADVICE.  A. Except as provided in Section 5 of 
this Act, no person, firm, corporation or dealer shall, directly or 
through agents, offer for sale, sell or make a sale of any 
securities in this state without first being registered as in this 
Act provided.  No agent shall, in behalf of any dealer, sell, offer 
for sale, or make sale of any securities within the state unless 
registered as an agent for that particular registered dealer under 
the provisions of this Act.
	B. Except as provided by Section 5 of this Act, a person may 
not, directly or through an investment adviser representative, 
render services as an investment adviser in this state unless the 
person is registered under this Act, submits a notice filing as 
provided by Section 12-1 of this Act, or is otherwise exempt under 
this Act.  A person may not act or render services as an investment 
adviser representative for a certain investment adviser in this 
state unless the person is registered or submits a notice filing as 
an investment adviser representative for that particular 
investment adviser as provided in Section 18 or 12-1 of this Act.
	C. The Board may adopt rules and regulations exempting 
certain classes of persons from the dealer, agent, investment 
adviser, and investment adviser representative registration 
requirements, or providing conditional exemptions from 
registration, if the Board determines that such rules and 
regulations are consistent with the purposes of this Act.

Acts 1957, 55th Leg., p. 575, ch. 269, Sec. 12.                               

Amended by Acts 1995, 74th Leg., ch. 228, Sec. 7, eff. Sept. 1, 
1995;  Acts 2001, 77th Leg., ch. 1091, Sec. 2.08, eff. Sept. 1, 
2001.

Last modified: August 10, 2007