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2017 Maryland Code
Corporations and Associations
Title 11 - Maryland Securities Act
Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers
§ 11-415. Withdrawal from registration
Universal Citation: MD Corp & Assn Code § 11-415 (2017)
- (a) In general. -- Withdrawal from registration as a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 90 days after receipt of an application to withdraw or within any shorter period of time which the Commissioner determines, unless:
- (1) A revocation or suspension proceeding is pending when the application is filed; or
- (2) A proceeding to revoke, suspend, or impose conditions on the withdrawal is instituted within 90 days after the application is filed.
- (b) Pending proceeding. -- If a proceeding is pending or instituted, withdrawal becomes effective at the time and on the conditions the Commissioner by order determines.
- (c) Commissioner's right to institute proceedings. -- If no proceeding is pending or instituted and withdrawal automatically becomes effective, the Commissioner nevertheless may institute a revocation or suspension proceeding under ยง 11-412(a)(2) of this subtitle within 2 years after withdrawal became effective and enter a revocation or suspension order as of the last date on which registration was effective.
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