Section 11-412 – Denial, Revocation, or Suspension of Registration
(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 […]
Section 11-413 – Summary Postponement or Suspension
(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 […]
Section 11-414 – Cancellation of Registration or Application; Abandonment of Notice Filing
(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 […]
Section 11-415 – Withdrawal From Registration
(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 […]
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 […]