WILLIAM DONALD SCHAEFER, Governor Ch. 805

REPRESENTATIVES ASSOCIATED WITH IT AND A CERTIFICATION THAT, TO
THE BEST KNOWLEDGE, INFORMATION, AND BELIEF OF THE INVESTMENT
ADVISER:

(1)  THERE HAS BEEN NO CHANGE IN THE INFORMATION
CONTAINED IN THE INVESTMENT ADVISER REPRESENTATIVES' APPLICATIONS
FOR THE REGISTRATION CURRENTLY IN EFFECT; OR

(2)   IF THERE HAS BEEN ANY SUCH CHANGE, SPECIFYING THE
CHANGE.

[(c)] (D) Every application for renewal registration is
effective on receipt by the Commissioner of the proper
application and fee or on the expiration of the previous
registration, whichever date is later.

11-407.

(a) (1) Every applicant for initial or renewal registration
as a broker-dealer OR INVESTMENT ADVISER shall pay a filing fee
of $125.

(2)  Every applicant for initial registration or
transfer of registration as an agent OR INVESTMENT ADVISER
REPRESENTATIVE shall pay a filing fee of $25.

(3)  Every applicant for renewal registration as an
agent OR INVESTMENT ADVISER REPRESENTATIVE shall pay a filing fee
of $20.

(B) THE COMMISSIONER BY RULE MAY WAIVE THE APPLICATION OF
THE FILING FEE REQUIREMENTS SET FORTH IN SUBSECTION (A)(2) AND
(3) OF THIS SECTION TO THOSE PERSONS REGISTERED AS INVESTMENT
ADVISER REPRESENTATIVES PURSUANT TO § 11-405(B) OF THIS SUBTITLE.

[(b)] (C) If an application is denied or withdrawn, the
Commissioner shall retain the filing fee.

11-408.

A registered broker-dealer OR INVESTMENT ADVISER may file an
application for registration of a successor, whether or not the
successor is then in existence, for the unexpired portion of the
year. There is no filing fee.

11-409.

(a) Any broker-dealer registered in this State shall have
and maintain a net capital of not less than $15,000, and a
broker-dealer registered in this State, other than one who deals
exclusively in securities exempt under § 11-601 (1) or (2) of
this title, may not permit his aggregate indebtedness to all
other persons to exceed 2,000 percent of his net capital; but the

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