H.B. 877

VETOES

if the Commissioner determines that the examination is not necessary or appropriate in
the public interest or for the protection of investors.

11-414.

(A)     [If the Commissioner finds that any registrant or applicant for registration has
abandoned its application, is no longer in existence, has ceased to do business as a
broker-dealer, agent, investment adviser, or investment adviser representative, is subject
to an adjudication of mental incompetence or to the control of a committee, conservator,
or guardian, or cannot be located after reasonable search, the Commissioner by order
may cancel the registration or application.] BY ORDER, THE COMMISSIONER MAY
CANCEL A REGISTRATION OR APPLICATION, IF THE COMMISSIONER FINDS THAT
THE APPLICANT OR REGISTRANT:

(1)     HAS ABANDONED THE APPLICATION;

(2)     IS NO LONGER IN EXISTENCE;

(3)     HAS CEASED TO DO BUSINESS AS A BROKER-DEALER, AGENT,
INVESTMENT ADVISER, OR INVESTMENT ADVISER REPRESENTATIVE;

(4)      IS SUBJECT TO AN ADJUDICATION OF MENTAL INCOMPETENCE OR
THE CONTROL OF A COMMITTEE, CONSERVATOR, OR GUARDIAN; OR

(5)     CANNOT BE LOCATED AFTER REASONABLE SEARCH.

(B)     THE COMMISSIONER MAY DEEM ABANDONED A NOTICE FILING THAT A
FEDERAL COVERED ADVISER HAS FILED UNDER § 11-405 OF THIS SUBTITLE, IF THE
COMMISSIONER FINDS THAT THE FEDERAL COVERED ADVISER:

(1)      HAS ABANDONED THE NOTICE FILING;

(2)      IS NO LONGER IN EXISTENCE;

(3)     HAS CEASED TO DO BUSINESS AS A FEDERAL COVERED ADVISER;

(4)     IS SUBJECT TO ADJUDICATION OF MENTAL INCOMPETENCE OR TO
THE CONTROL OF A COMMITTEE, CONSERVATOR, OR GUARDIAN; OR

(5)      CANNOT BE LOCATED AFTER A REASONABLE SEARCH.

11-415.

(a) Withdrawal from registration as a broker-dealer, agent, investment adviser, or
investment adviser representative becomes effective [30] 90 days after receipt of an
application to withdraw or within any shorter period of time which the Commissioner
determines, unless:

(1)     A revocation or suspension proceeding is pending when the application
is filed; or

(2)     A proceeding to revoke, suspend, or impose conditions on the
withdrawal is instituted within [30] 90 days after the application is filed.

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