§16407. Succession and change in licensing of broker-dealer or investment adviser








1. Succession. 
A broker-dealer or investment adviser may succeed to the current license of another
broker-dealer or investment adviser or a notice filing of a federal covered investment
adviser, and a federal covered investment adviser may succeed to the current license
of an investment adviser or notice filing of another federal covered investment adviser,
by filing as a successor an application for licensing pursuant to section 16401 or
16403 or a notice pursuant to section 16405 for the unexpired portion of the current
license or notice filing.


[
2005, c. 65, Pt. A, §2 (NEW)
.]








2. Organizational change. 
A broker-dealer or investment adviser that changes its form of organization or state
of incorporation or organization may continue its license by filing an amendment to
its license if the change does not involve a material change in its financial condition
or management. The amendment becomes effective when filed or on a date designated
by the licensee in its filing. The new organization is a successor to the original
licensee for the purposes of this chapter. If there is a material change in financial
condition or management, the broker-dealer or investment adviser shall file a new
application for licensing. A predecessor licensed under this chapter shall stop conducting
its securities business other than winding down transactions and shall file for withdrawal
of broker-dealer or investment adviser licensing within 45 days after filing its amendment
to effect succession.


[
2005, c. 65, Pt. A, §2 (NEW)
.]








3. Name change. 
A broker-dealer or investment adviser that changes its name may continue its license
by filing an amendment to its license. The amendment becomes effective when filed
or on a date designated by the licensee.


[
2005, c. 65, Pt. A, §2 (NEW)
.]








4. Change of ownership or control. 
A change of ownership or control of a broker-dealer or investment adviser may require
the filing of a new application pursuant to a rule adopted or order issued under this
chapter. Rules adopted pursuant to this section are routine technical rules as defined
in Title 5, chapter 375, subchapter 2-A.


[
2005, c. 65, Pt. A, §2 (NEW)
.]





SECTION HISTORY

2005, c. 65, §A2 (NEW).