Md. Code Regs. 02.02.05.11

Current through Register Vol. 51, No. 22, November 1, 2024

Section 02.02.05.11 - Applications for Investment Advisers and Notice Filings for Federal Covered Advisers

A. Application Form for Investment Adviser Registration.

(1) Initial Application. An application for initial registration as an investment adviser shall be made by completing Form ADV (Uniform Application for Investment Adviser Registration) in accordance with the form instructions and by filing the form with the IARD. The application for initial registration shall also include the following:

(a) Evidence of compliance by the applicant with or exemption from the examination requirements of Regulation .14 of this chapter;

(b) For those applicants subject to Regulation .15 of this chapter, a balance sheet prepared in accordance with the instructions to the Form ADV, and, if such balance sheet is as of a date more than 45 days from the date of filing of the application, an unaudited balance sheet prepared in accordance with the instructions to the Form ADV;

(c) A sample copy of each investment advisory contract used by the applicant;

(d) The fee required by the Maryland Securities Act, Corporations and Associations Article, §11-407, Annotated Code of Maryland; and

(e) Any other information the Commissioner may reasonably require.

(2) Renewal Application. An application for renewal registration as an investment adviser shall be made by filing with the IARD the fee required by the Maryland Securities Act, Corporations and Associations Article, §11-407, Annotated Code of Maryland.

(3) Updates and Amendments.

(a) An investment adviser shall file with the IARD, in accordance with the instructions in the Form ADV, any amendments to the investment adviser's Form ADV;

(b) An amendment shall be considered to be filed promptly if the amendment is filed within 30 days of the event that requires the filing of the amendment; and

(c) Within 90 days of the end of the investment adviser's fiscal year, an investment adviser shall file with the IARD an updated Form ADV.

(4) Investment Adviser Representative Registration. Each investment adviser registered or required to be registered in this State shall register at least one investment adviser representative with the Commissioner.

(5) Completion of Filing. An application for initial or renewal registration as an investment adviser will not be considered filed until the required fee and all required submissions have been received by the Commissioner.

B. Notice Filing Requirements for Federal Covered Advisers.

(1) Initial Notice Filing. An initial notice filing for a federal covered adviser shall be made by filing with the IARD a completed Form ADV (Uniform Application for Investment Adviser Registration) and the fee required by the Maryland Securities Act, Corporations and Associations Article, §11-407, Annotated Code of Maryland. An initial notice filing shall be considered filed when the fee required by Maryland Securities Act, Corporations and Associations Article, §11-407, Annotated Code of Maryland, and the Form ADV are filed with and accepted by the IARD on behalf of this State.

(2) Renewal Notice Filing. A renewal notice for a federal covered adviser shall be made by filing with the IARD the fee required by Maryland Securities Act, Corporations and Associations Article, §11-407, Annotated Code of Maryland. The renewal notice filing shall be considered filed when the fee required by Maryland Securities Act, Corporations and Associations Article, §11-407, Annotated Code of Maryland, is filed with and accepted by the IARD on behalf of this State.

(3) Updates and Amendments. A federal covered adviser shall file with the IARD, in accordance with the instructions in the Form ADV, any amendments to the federal covered adviser's Form ADV.

Md. Code Regs. 02.02.05.11

Regulations .11 adopted as an emergency provision effective August 1, 1990 (17:15 Md. R. 1845)
Regulations .11 adopted as an emergency provision effective December 1, 1990 (17:26 Md. R. 2972)
Regulations .11 adopted effective March 18, 1991 (18:5 Md. R. 592)
Regulations .11C amended as an emergency provision effective September 23, 1991 (18:20 Md. R. 2197); emergency status extended at 18:26 Md. R. 2826; adopted permanently effective February 3, 1992 (19:2 Md. R. 152); amended effective 48:26 Md. R.1109, eff. 12/27/2021