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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 26. INSURANCE, SECURITIES, AND BANKING |
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SubTilte 26-B. SECURITIES |
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Chapter 26-B1. BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, AND INVESTMENT ADVISER REPRESENTATIVES |
Section 26-B156. TERMINATION AND WITHDRAWAL OF REGISTRATION AS AN INVESTMENT ADVISER REPRESENTATIVE AND ASSOCIATED PERSON OF AN INVESTMENT ADVISER
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156.1Every investment adviser shall promptly file with the Department a notice as to the termination of employment of any person licensed in the District as an investment adviser representative and any associated person for such investment adviser in the District, and shall also furnish the reason or reasons for such termination.
156.2An investment adviser shall file any withdrawals, cancellations, or terminations of registrations of registration with the Department through the IARD, except as provided in § 165.4. Notice of any termination of employment of an associated person shall be sent to the Department in paper form.
156.3Prior to the date on which IARD begins to process filings regarding Investment Adviser registration, all persons shall file on forms prescribed below. Those exempt from filing through the IARD shall file any withdrawals, cancellations, or terminations of registrations with the Department on the forms prescribed in § 165.5.
156.4An investment adviser shall be responsible for the acts, practices, and conduct of investment adviser representatives in connection with the purchase and sale of securities or in connection with the rendering of investment advice until such time as they have been properly terminated as provided in these regulations; and such investment adviser may be subject disciplinary action pursuant to Section 207 of the Act (D.C. Official Code § 31-5602.07; D.C. Register at 47 DCR 7849), for such associated persons as have been terminated but for whom the appropriate termination notices have not been filed at date of license renewal.
156.5An investment adviser shall provide notice for effected investment adviser representatives of on the Uniform Termination Notice for Securities Industry Registration (Form U-5). An investment adviser shall provide notice for effected associated persons in a letter to the Department.
156.6The Commissioner, in his or her discretion, may institute a disciplinary proceeding pursuant to Section 207 (D.C. Official Code § 31-5602.07)of the Act after the effective date of a termination or withdrawal of a license, as provided in Section 209 of the Act (D.C. Offical Code § 31-5602.09; D.C. Register at 47 DCR 7852).