(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 […]
(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 […]
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.
(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 […]
(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 […]
(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 […]
(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 […]
(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: […]
(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 […]
(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 […]
(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 […]
(a) The Commissioner by order may deny, suspend, or revoke any registration if the Commissioner finds that the order is in the public interest and that the applicant or registrant or, in the case of a broker–dealer or investment adviser, any partner, officer, or director, any person occupying a similar status or performing similar functions, or […]
(a) The Commissioner by order summarily may postpone or suspend registration pending final determination of any proceeding under § 11-412 of this subtitle. (b) On the entry of the order, the Commissioner promptly shall notify the applicant or registrant, as well as the employer or prospective employer if the applicant or registrant is an agent or investment […]
(a) 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) Withdrawal from registration as a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 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 […]
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; […]
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.
