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.

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.

Official Comments

Prior Provisions: 1956 Act Section 202(c); RUSA 210.

1. Section 407 is intended to avoid unnecessary interruptions of business by specifying procedures for a successor broker- dealer or investment adviser; a broker-dealer or investment adviser to maintain its registration if it changes its form of organization or name; or, in accordance with a rule or order adopted under this Act, a change of control of a broker-dealer or investment adviser.

2. There is no filing fee under Section 407.

Maine Comments

1. Section 16407(3) and (4). A broker-dealer or investment adviser may succeed to the current license of another broker- dealer or investment adviser by filing an amendment to its Form BD or Form ADV for any name change or for any changes that do not involve a material change in financial condition or management. Any succession that involves a material change in financial condition or management, or a change in ownership or control, requires that the broker-dealer or investment adviser file a license application under Section 16406 and pay the