Series 66: Termination Or Restriction Of A Registration

Termination or Restriction of a Registration

Registration as an investment adviser, broker-dealer, IAR, or agent is by no means permanent. At a bare minimum, state approval to operate can terminate on December 31 of any year simply because the person forgets to submit their renewal paperwork. But an individual or firm’s registration can terminate or be restricted for a variety of other reasons, including:

• • Denial—If a state’s Administrator has reason to believe an applicant would not serve the best interests of the public (such as if they are unqualified), an application can be denied outright.
• • Revocation—If an adviser has acted in a way that has substantially harmed the public