Maine Comments

1. Section 16408(4): The Securities Administrator may also delay the effectiveness of licensing pursuant to a request made under section 16406(1)(B).

§16409.__Withdrawal of licensing of broker-dealer, agent, investment

adviser and investment adviser representative

Withdrawal of licensing by a broker-dealer, agent, investment adviser or investment adviser representative becomes effective 60 days after the filing of the application to withdraw or within any shorter period authorized by the administrator, unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, the administrator shall make a determination with respect to the withdrawal application as part of the proceeding. The administrator may institute a revocation or suspension proceeding under section 16412 within one year after the withdrawal became effective automatically and issue a revocation or suspension order as of the last date on which licensing was effective.

Official Comments

Prior Provisions: 1956 Act Section 204(e); RUSA Section 214

1. This section generally follows the 1956 Act Section 204(e) and RUSA Section 214. This section does not affect any applicant's privilege of withdrawal of an application from registration before the registration becomes effective. It is simply designed to prevent withdrawal of an effective registration under fire. The last sentence preserves the ability of the administrator to initiate an action under Section 412 when the administrator does not know of a reason to object to withdrawal until after withdrawal has become effective.