Section 11-416 – Prerequisites to Order
An order may not be entered under any part of §§ 11-412 through 11-415 of this subtitle, except § 11-413(a), without: (1) Appropriate prior notice to the applicant or registrant, or person submitting a notice filing, as well as the employer or prospective employer if the applicant or registrant is an agent or investment adviser representative; […]
Section 11-401 – Transaction of Business by Unregistered Person Unlawful
(a) Except as provided in subsection (d) of this section, a person may not transact business in this State as a broker–dealer or agent unless the person is registered under this subtitle. (b) A person may not transact business in this State as an investment adviser or as an investment adviser representative unless: (1) The person is registered […]
Section 11-417 – Fine for Violation of Title
On notice and hearing as provided in § 11-416 of this subtitle, the Commissioner may fine any broker-dealer, agent, investment adviser, or investment adviser representative up to a maximum amount of $5,000 for any single violation of this title.
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: […]