Md. Code Regs. 02.02.05.12

Current through Register Vol. 51, No. 24, December 2, 2024

Section 02.02.05.12 - Initial and Renewal Registration as Investment Adviser Representative

A. Method of Filing. Until the IARD is capable of accepting applications to register investment adviser representatives, an application for initial or renewal registration as an investment adviser representative shall be submitted in accordance with §C of this regulation. When the IARD is capable of accepting applications to register investment adviser representatives, an application for initial and renewal registration as an investment adviser representative shall be submitted in accordance with §B of this regulation.

B. Electronic Filings.

(1) Initial Application. An application for initial registration as an investment adviser representative shall be made by completing the Uniform Application for Securities Industry Registration or Transfer (Form U-4), in accordance with the form instructions and by filing the Form U-4 with the IARD. The application for initial registration also shall include:

(a) Evidence of compliance by the applicant with or exemption from the examination requirements of Regulation .14 of this chapter; and

(b) The fee required by the Maryland Securities Act, Corporations and Associations Article, § 11-407, Annotated Code of Maryland.

(2) Annual Renewal. An application for renewal registration for an investment adviser representative registered in this State shall be made by filing with the IARD the fee required by the Maryland Securities Act, Corporations and Associations Article, § 11-407, Annotated Code of Maryland.

(3) Updates and Amendments.

(a) The investment adviser representative is under a continuing obligation to update information required by Form U-4 as changes occur.

(b) An investment adviser representative and the investment adviser shall file promptly with the IARD any amendments to the representative's Form U-4.

(c) An amendment shall be considered to be filed promptly if the amendment is filed within 30 days of the event that requires the filing of the amendment.

C. Paper Filings.

(1) Except for an individual specified in §A(2) of this regulation, an application for initial registration as an investment adviser representative shall be filed with the Commissioner upon Form U-4 (Uniform Application for Securities Industry Registration or Transfer). The Form U-4 shall be manually executed by both the individual applicant and the investment adviser. The application also shall contain the following:

(a) Evidence of compliance by the applicant with or exemption from the examination requirements of Regulation .14 of this chapter; and

(b) The fee required by the Maryland Securities Act, Corporations and Associations Article, § 11-407, Annotated Code of Maryland.

(2) An individual registered as an agent in this State for a registered broker-dealer that is also a registered investment adviser in this State or is the affiliate of the registered investment adviser shall file an application for initial registration as an investment adviser representative with the Commissioner. The application shall contain the following:

(a) The name and CRD number of the applicant;

(b) Evidence of compliance by the applicant with or exemption from the examination requirements of Regulation .14 of this chapter; and

(c) The fee required by the Maryland Securities Act, Corporations and Associations Article, § 11-407, Annotated Code of Maryland.

(3) An application for renewal registration for an investment adviser representative registered in this State shall be filed by the investment adviser with the Commissioner. A renewal application will be accepted not earlier than 60 days before the December 31 expiration date and shall contain:

(a) A list of the names and, when applicable, CRD numbers of the investment adviser representatives;

(b) Amendments of documents previously filed with the Commissioner that were not amended as required by the Maryland Securities Act, Corporations and Associations Article, § 11-411(d), Annotated Code of Maryland;

(c) A certification that, to the best knowledge, information, and belief of the investment adviser, there has been no change in the information contained in the investment adviser representatives' applications for registration currently in effect; and

(d) The fee required by the Maryland Securities Act, Corporations and Associations Article, § 11-407, Annotated Code of Maryland.

(4) Applications for initial and renewal registration as an investment adviser representative will not be considered filed until the required fee and all required submissions have been received by the Commissioner.

Md. Code Regs. 02.02.05.12

Regulations .12 adopted as an emergency provision effective August 1, 1990 (17:15 Md. R. 1845)
Regulations .12 adopted as an emergency provision effective December 1, 1990 (17:26 Md. R. 2972)
Regulations .12 adopted effective March 18, 1991 (18:5 Md. R. 592)