47-31B-407 Succession and change in registration of broker-dealer or investment advisor.
47-31B-407.
Succession and change in registration of broker-dealer or investment advisor.
(a) Succession. A broker-dealer or investment adviser may succeed to the current registration 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 registration of an investment
adviser or notice filing of another federal covered investment adviser, by filing as a successor an
application for registration pursuant to § 47-31B-401 or 47-31B-403 or a notice pursuant to § 47-31B-405 for the unexpired portion of the current registration or notice filing.
(b) Organizational change. A broker-dealer or investment adviser that changes its form of
organization or state of incorporation or organization may continue its registration by filing an
amendment to its registration 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 registrant in its filing. The new organization is a successor to the original registrant 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 registration. A predecessor
registered 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 registration within
forty-five days after filing its amendment to effect succession.
(c) Name change. A broker-dealer or investment adviser that changes its name may continue its
registration by filing an amendment to its registration. The amendment becomes effective when filed
or on a date designated by the registrant.
(d) Change of control. A change of control of a broker-dealer or investment adviser may be made
in accordance with a rule adopted or order issued under this chapter.
Source: SL 2004, ch 278, § 23.