PARRIS N. GLENDENING, Governor

H.B. 877

(b)     (1) [Every] AN applicant for initial or renewal registration as an investment
adviser shall pay a [filing] fee of $300.

(2) A FEDERAL COVERED ADVISER FILING NOTICE UNDER § 11-405(B)
OF THIS SUBTITLE SHALL PAY AN INITIAL FEE OF $300 AND A RENEWAL FEE OF $300.

[(2)] (3) [ Every] AN applicant for initial or renewal registration or transfer
of registration as an investment adviser representative shall pay a [filing] fee of $50.

(c)     The Commissioner by rule may waive or reduce for any class of applicant the
application of the [filing] fee requirements set forth in subsection (b) of this section.

(d)     If an application OR NOTICE FILING is denied or AN APPLICATION OR
NOTICE FILING IS withdrawn, the Commissioner shall retain the [filing] fee.

11-408.

(a)     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.

(b)     [If a broker-dealer or investment adviser succeeds to and continues the
business of a registered broker-dealer or investment adviser and the successor files an
application for registration within 30 days after the succession, the registration of the
predecessor remains effective as the registration of the successor for 60 days after the
succession.] THE REGISTRATION OF A PREDECESSOR REMAINS EFFECTIVE AS THE
REGISTRATION OF A SUCCESSOR FOR 60 DAYS AFTER THE SUCCESSION, IF:

(1)     A BROKER-DEALER OR INVESTMENT ADVISER SUCCEEDS TO AND
CONTINUES THE BUSINESS OF A REGISTERED BROKER-DEALER OR INVESTMENT
ADVISER; AND

(2)     THE SUCCESSOR FILES AN APPLICATION FOR REGISTRATION
WITHIN 30 DAYS AFTER THE SUCCESSION.

[(c) Each registered agent of a broker-dealer and each registered representative
of an investment adviser whose successor is registered pursuant to either subsection (a) or
(b) of this section shall continue to be registered in accordance with such rules as the
Commissioner shall adopt.]

(C)     A FEDERAL COVERED ADVISER WHO HAS FILED A NOTICE UNDER §
11-405(B) OF THIS SUBTITLE MAY FILE A NOTICE FILING OF A SUCCESSOR FOR THE
UNEXPIRED PORTION OF THE YEAR, WHETHER OR NOT THE SUCCESSOR IS IN
EXISTENCE AT THE TIME OF THE FILING. THERE IS NO FEE.

(D)    THE NOTICE FILING OF A FEDERAL COVERED .ADVISER STANDS AS THE
NOTICE FILING OF A SUCCESSOR FOR 60 DAYS AFTER THE SUCCESSION IF:

(1) THE FEDERAL COVERED ADVISER SUCCEEDS TO AND CONTINUES
THE BUSINESS OF A FEDERAL COVERED ADVISER THAT HAS FILED A NOTICE

UNDER § 11-405(B) OF THIS SUBTITLE; AND

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