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record or successor record does not contain a new or amended | disciplinary disclosure within the previous 12 months; or |
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| B.__Temporarily effective as of the date of the completed | filing if the agent's Central Registration Depository record | or successor record or the investment adviser | representative's Investment Adviser Registration Depository | record or successor record contains a new or amended | disciplinary disclosure within the previous 12 months. |
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| | 3.__Withdrawal of temporary license.__The administrator may | withdraw a temporary license if there are or were grounds for | discipline as specified in section 16412 and the administrator | does so within 30 days after the filing of the application. If | the administrator does not withdraw the temporary license within | the 30-day period, licensing becomes automatically effective on | the 31st day after filing. |
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| | 4.__Power to prevent licensing.__The administrator may prevent | the effectiveness of a transfer of an agent or investment adviser | representative under subsection 2, paragraph A or B based on the | public interest and the protection of investors or based upon a | request for other information pursuant to section 16406, | subsection 1, paragraph B. |
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| | 5.__Termination of license or application for licensing.__If | the administrator determines that a licensee or applicant for | licensing is no longer in existence or has ceased to act as a | broker-dealer, agent, investment adviser or investment adviser | representative, or is the subject of an adjudication of | incapacity or is subject to the control of a committee, | conservator or guardian, or can not reasonably be located, a rule | adopted or order issued under this chapter may require the | license be canceled or terminated or the application denied. The | administrator may reinstate a canceled or terminated license, | with or without hearing, and may make the license retroactive.__ | Rules adopted pursuant to this section are routine technical | rules as defined in Title 5, chapter 375, subchapter 2-A. |
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| | Prior Provision: 1956 Act Section 204(d). |
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| | 1. Under Sections 402(c) and 404(c) registration of an agent | or investment adviser representative is effective only while the | agent or investment adviser representative is employed by or | associated with a broker-dealer, issuer, or investment adviser, | as may be the case. Section 408(a) specifies a procedure to | inform the administrator of a notice of termination. |
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