CODE OF VIRGINIA

REVOCATION OF REGISTRATION (§ 13.1-506)

The Commission may, by order entered after a hearing on notice duly served on
the defendant not less than thirty days before the date of the hearing, revoke
the registration of a broker-dealer, investment advisor, investment advisor
representative or agent, or refuse to renew a registration if an application for
renewal has been or is to be filed, if it finds that such an order is in the
public interest and that such broker-dealer, investment advisor or any partner,
officer or director of such broker-dealer or investment advisor, or any person
occupying a similar status or performing similar functions, or any person
directly or indirectly controlling or controlled by such broker-dealer or
investment advisor or that such agent or investment advisor representative:

   1.  Has engaged in any fraudulent transaction;

   2.  Is insolvent, or in danger of becoming insolvent, either in the sense that
   his liabilities exceed his assets or in the sense that he cannot meet his
   obligations as they mature;

   3.  Is a person for whom a conservator or guardian has been appointed and is
   acting;

   4.  Has been convicted, within or without this Commonwealth, of any
   misdemeanor involving a security or any aspect of the securities or investment
   advisory business or any felony;

   5.  Has failed to furnish information or records requested by the Commission
   concerning his conduct of the securities or investment advisory business; or

   6.  [Repealed.]

   7.  Has failed to conduct his securities or investment advisory business in
   accordance with the rules of the Commission.

HISTORY: 1956, c. 428; 1974, c. 479; 1981, c. 244; 1987, c. 678; 1997, c. 921.