Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
032 - OFFICE OF SECURITIES
Chapter 511 - CHANGE OF OWNERSHIP OR CONTROL OF A BROKER-DEALER OR INVESTMENT ADVISER
Section 032-511-1 - Change of ownership or control of a broker-dealer or investment adviser

Universal Citation: 02 ME Code Rules ยง 032-511-1

Current through 2024-38, September 18, 2024

1. Requirement. A broker-dealer or investment adviser is required to file a new license application if its direct or indirect ownership or control changes by more than 45% within a 10-year period.

2. Applicability. This chapter does not apply to a broker-dealer or investment adviser that is a publicly-traded company whose securities are listed or authorized for listing on a national securities exchange.

3. New application. A broker-dealer or investment adviser that is required to file a new license application under Subsection 1 shall, within 30 days of being required to file a new license application under Subsection 1:

A. file with the Administrator the appropriate manually-signed and notarized application for an initial license under 32 M.R.S.A. §16406(1); and

B. pay directly to the Administrator the appropriate filing fee required by Rule Chapter 541.

4. Withdrawal of existing licensing. A broker-dealer or investment adviser that is required to file a new license application under Subsection 1 shall file for withdrawal of its existing licensing within 45 days after filing a new license application under this chapter.

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