WILLIAM DONALD SCHAEFER, Governor Ch. 805

BROKER-DEALER, AGENT, INVESTMENT ADVISER, AND INVESTMENT ADVISER
REPRESENTATIVE expires [annually in accordance with the rules and
orders of the Commissioner] DECEMBER 31, UNLESS RENEWED.

11-404.

(a)  (1) [Every] THE registration of an agent expires when
the agent terminates his connection with a broker-dealer
registered under this [title] SUBTITLE or with an issuer.

(2) THE REGISTRATION OF AN INVESTMENT ADVISER
REPRESENTATIVE EXPIRES WHEN THE REPRESENTATIVE TERMINATES HIS
CONNECTION WITH AN INVESTMENT ADVISER REGISTERED UNDER THIS
SUBTITLE.

(b)  (1) When [the] A person who is currently registered as
an agent under this [title] SUBTITLE 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.

(2) WHEN A PERSON WHO IS CURRENTLY REGISTERED AS AN
INVESTMENT ADVISER REPRESENTATIVE UNDER THIS SUBTITLE BEGINS A
CONNECTION WITH ANOTHER INVESTMENT ADVISER, HE SHALL FILE AN
APPLICATION FOR INITIAL REGISTRATION AS PROVIDED IN § 11-405 OF
THIS SUBTITLE AND PAY THE FILING FEE PRESCRIBED BY § 11-407 OF
THIS SUBTITLE.

(c)  Unless the Commissioner takes action under §§ 11-412
through 11-414 of this [title] SUBTITLE to deny or suspend the
registration, the agent OR INVESTMENT ADVISER REPRESENTATIVE
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.

11-405.

(a) A [broker-dealer or agent] BROKER-DEALER, AGENT,
INVESTMENT ADVISER, OR INVESTMENT ADVISER REPRESENTATIVE may
obtain an initial registration by filing with the Commissioner,
or any entity he designates by rule or order, an application
together with a consent to service of process under § ll-802(a)
of this [subtitle] TITLE. The application shall contain whatever
information the Commissioner by rule requires.

(B) (1) NOTWITHSTANDING THE PROVISIONS OF SUBSECTION (A) OF
THIS SECTION, A REGISTERED BROKER-DEALER WHO IS ALSO A REGISTERED
INVESTMENT ADVISER IN THIS STATE MAY EFFECT THE INITIAL
REGISTRATION OF ANY OR ALL OF ITS REGISTERED AGENTS IN THIS STATE
AS INVESTMENT ADVISER REPRESENTATIVES. BY THE FILING OF;

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