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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-B163. TRANSFER PROCEDURES
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163.1An investment adviser may apply to the Commissioner to transfer its investment adviser's license in order to transfer the affiliate of the investment adviser representative to another licensed investment adviser. The investment adviser representative may not conduct the activity of an investment adviser representative on behalf of the other investment adviser until the transferred registration is effective.
163.2An investment adviser shall transfer an investment adviser representative's affiliation from the investment adviser by filing with the Department a signed, complete FINRA Form U-4, or its successor, with 'DC" checked, together with the applicable fee as provided in § 161.
163.3An investment adviser shall transfer an investment adviser's affiliation from another investment adviser by filing the appropriate application with the Department, or any successor system, and shall comply with applicable rules regarding filing requirements, dates, and payments of applicable fees set out in § 161.
163.4An application filed under this subsection is processed as an initial application in accordance with § 152.
163.5A licensed investment adviser may register a successor by filing with the Department the following:
(a)a current, complete, and signed copy of SEC Form ADV, or its successor, with "DC" checked; and
(b)a list of investment adviser representatives associated or to be associated with the successor investment adviser;
163.6If an investment adviser succeeds to and continues the business of another investment adviser, the license of the predecessor investment adviser is effective as the registration of the successor investment adviser for sixty (60) days after that succession or until the last day of the calendar year, whichever is sooner, but only if the successor investment adviser has filed the SEC Form ADV or its replacement, with the Department within thirty (30) days after the succession or before the last day of the calendar year, whichever occurs earlier.
163.7If a investment adviser partnership that is not licensed with the Department succeeds to and continues the business of a predecessor partnership that was licensed as an investment adviser and files an SEC Form ADV, or its successor, with the Department to reflect changes in the partnership the Commissioner will treat a SEC Form ADV, or its successor, as an application for licensure. The Commissioner will take this action even though the form filed may be designated as an amendment to an existing license of the predecessor partnership.
163.8An investment adviser effecting a mass transfer of investment adviser representatives licenses pursuant to Section 205 of the Act (D.C. Register at 47 DCR 7849) shall be exempt from the fee requirement of § 161.