Section 032-511-1 - Change of ownership or control of a broker-dealer or investment adviser1. Requirement. A broker-dealer or investment adviser is required to file a new license application if its direct or indirect ownership or control changes by more than 45% within a 10-year period.2. Applicability. This chapter does not apply to a broker-dealer or investment adviser that is a publicly-traded company whose securities are listed or authorized for listing on a national securities exchange.3. New application. A broker-dealer or investment adviser that is required to file a new license application under Subsection 1 shall, within 30 days of being required to file a new license application under Subsection 1: A. file with the Administrator the appropriate manually-signed and notarized application for an initial license under 32 M.R.S.A. §16406(1); andB. pay directly to the Administrator the appropriate filing fee required by Rule Chapter 541.4. Withdrawal of existing licensing. A broker-dealer or investment adviser that is required to file a new license application under Subsection 1 shall file for withdrawal of its existing licensing within 45 days after filing a new license application under this chapter.02-032 C.M.R. ch. 511, § 1