Section 11-402 – Agent Required to Be Registered
(a) (1) Except as provided in paragraph (3) of this subsection, a broker–dealer or issuer may not employ or associate with an agent unless the agent is registered. (2) Except as provided in paragraph (3) of this subsection, when an agent terminates a connection with a broker–dealer or issuer or terminates those activities which make the individual an […]
Section 11-403 – Expiration
Unless sooner terminated under other provisions of this title, the registration of each broker-dealer, agent, investment adviser, and investment adviser representative and the notice filing of each federal covered adviser expires December 31, unless renewed.
Section 11-404 – Agent or Representative Terminating Connection With Broker-Dealer, Issuer, or Investment Representative; Beginning Connection With Another Principal
(a) (1) The registration of an agent expires when the agent terminates a connection with a registered broker-dealer or with an issuer. (2) The registration of an investment adviser representative expires when the representative terminates a connection with: (i) An investment adviser registered under this subtitle; or (ii) A federal covered adviser subject to notice filing under § 11-405(b) of […]
Section 11-405 – Application; Effective Date of Registration
(a) A broker-dealer, agent, investment adviser, or investment adviser representative may obtain an initial registration by filing with the Commissioner, or any entity the Commissioner designates by rule or order, an application together with a consent to service of process under § 11-802(a) of this title. The application shall contain whatever information the Commissioner by rule […]
Section 11-406 – Renewal Registration
(a) A broker-dealer or investment adviser may obtain a renewal registration by filing with the Commissioner or any entity the Commissioner designates by rule or order an application containing whatever information the Commissioner by rule requires to keep current the information contained in the application for initial registration. (b) A broker-dealer or issuer may obtain a renewal […]
Section 11-407 – Filing Fee
(a) (1) An applicant for initial or renewal registration as a broker–dealer shall pay a fee of $250. (2) (i) An applicant for initial or renewal registration or transfer of registration as an agent shall pay a fee of $50. (ii) From the fee paid under this paragraph, $15 shall be distributed to the Securities Act Registration Fund established under […]
Section 11-408 – Successors
(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 fee. (b) The registration of a predecessor remains effective as the registration of a successor for 60 days after the succession, if: […]
Section 11-409 – Capital and Financial Requirements
(a) The Commissioner may require by rule or order: (1) A minimum capital for a registered broker-dealer, subject to the limitations of § 15 of the Securities Exchange Act of 1934; and (2) Minimum financial requirements for an investment adviser, subject to the limitations of § 222 of the Investment Advisers Act of 1940. (b) These financial requirements may […]
Section 11-410 – Surety
(a) (1) The Commissioner may require by rule or order a registered broker-dealer or agent to post a bond or deposit cash or any other equivalent form of security in amounts that the Commissioner may require. (2) The Commissioner’s authority to adopt rules or issue orders under paragraph (1) of this subsection is subject to the limitations of […]
Section 11-411 – Post-Registration Provisions
(a) (1) A registered broker-dealer shall make and keep correspondence, memoranda, papers, books, and other records that the Commissioner requires by rule. (2) The Commissioner’s authority to adopt rules under paragraph (1) of this subsection is subject to the limitations of § 15 of the Securities Exchange Act of 1934. (3) A registered investment adviser shall make, keep, and […]