Final answer:
When an agent is no longer employed by a broker-dealer, their registration with the broker-dealer is typically terminated. They may choose to affiliate with a different broker-dealer or their registration may be canceled or expire.
Step-by-step explanation:
When an agent is no longer employed by a broker-dealer, their registration with the broker-dealer is typically terminated. This means that they are no longer authorized to act as an agent on behalf of that broker-dealer.
In some cases, the agent may choose to affiliate with a different broker-dealer. They would need to go through the registration process again with the new broker-dealer to be authorized to act as an agent for them.
If the agent decides not to affiliate with another broker-dealer, their registration may be canceled or expire after a certain period of time. They would no longer have the authorization to act as an agent for any broker-dealer.