1976

LAWS OF MARYLAND

[Ch. 311

EVERY REGISTRATION OF AN AGENT EXPIRES WHEN THE
AGENT TERMINATES HIS CONNECTION WITH A BROKER-DEALER
REGISTERED UNDER THIS TITLE OR WITH AN ISSUER.

(B)   BEGINNING NEW CONNECTION.

WHEN THE PERSON WHO IS CURRENTLY REGISTERED AS AN
AGENT UNDER THIS TITLE BEGINS A CONNECTION WITH ANOTHER
BROKER-DEALER OR ISSUER, HE SHALL FILE AN APPLICATION FOR
INITIAL REGISTRATION AS PROVIDED IN §11-405 OF THIS
SUBTITLE AND SHALL PAY THE FILING FEE PRESCRIBED BY §
11-407 OF THIS SUBTITLE.

(C)       PERIOD OF REGISTRATION.

UNLESS THE COMMISSIONER TAKES ACTION UNDER §§
11-412 THROUGH 11-414 OF THIS TITLE TO DENY OR SUSPEND
THE REGISTRATION, THE AGENT REGISTRATION SHALL BECOME
EFFECTIVE 30 DAYS AFTER RECEIPT OF THE APPLICATION BY
THE COMMISSIONER AND SHALL CONTINUE IN EFFECT UNTIL IT
EXPIRES UNDER THE PROVISIONS OF §11-403 OF THIS SUBTITLE
OR UNDER THE PROVISIONS OF THIS SECTION, WHICHEVER WOULD
OCCUR EARLIER. THE COMMISSIONER SHALL BE EMPOWERED TO
WAIVE THE 30-DAY PERIOD OR ANY PORTION OF IT AT HIS
DISCRETION.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §15(d).

The only changes are technical changes in
style.

11-405.          APPLICATION; EFFECTIVE DATE OF REGISTRATION.

(A) APPLICATION.

A BROKER-DEALER OR AGENT MAY OBTAIN AN INITIAL
REGISTRATION BY FILING WITH THE COMMISSIONER AN
APPLICATION TOGETHER WITH A CONSENT TO SERVICE OF PROCESS
UNDER §11-802 (A) OF THIS SUBTITLE.          THE APPLICATION

SHALL CONTAIN WHATEVER INFORMATION THE COMMISSIONER BY
RULE REQUIRES CONCERNING SUCH MATTERS AS:

(1)       THE APPLICANT'S FORM AND PLACE OF
ORGANIZATION;

(2)    THE APPLICANTS PROPOSED METHOD OF DOING
BUSINESS;

(3) THE QUALIFICATIONS AND BUSINESS HISTORY
OF THE APPLICANT AND, IN THE CASE OF A BROKER-DEALER, ANY
PARTNER, OFFICER, OR DIRECTOR, ANY PERSON OCCUPYING A
SIMILAR STATUS OR PERFORMING SIMILAR FUNCTIONS, OR ANY
PERSON DIRECTLY OR INDIRECTLY CONTROLLING THE