Section 26-B164. INCOMPLETE OR DEFICIENT FILINGS

 

164.1An application for license or renewal as an investment adviser or an investment adviser representative, or any other filing required by these regulations, shall be deemed incomplete for purposes of § 202 of the Act (D.C. Register at 47 DCR 7845) if it omits documents or material facts specified and required by the Act (D.C. Register at 47 DCR 7845), and rules promulgated thereunder.

 

164.2If the Department finds that a registrant's application contains a misrepresentation, omits a document or material fact required, the Department will notify the applicant of the deficiency by letter. Notwithstanding the requirements of this section, the filer remains responsible for ensuring the accuracy of its filings with the Department.

 

164.3A deficiency letter shall require the applicant to perfect the application within twenty-one (21) days after issuance of the deficiency letter.

 

164.4A deficiency letter shall postpone the effectiveness of the applicant's registration application for thirty (30) days after the applicant perfects the application.

 

164.5The Director may accelerate the effective date of a license once the Director determines that the application is complete and that all applicable requirements are satisfied.

 

164.6An investment adviser or investment adviser representative whose application was denied under Section 207 of the Act (D.C. Register at 47 DCR 7849) shall not reapply for licensing until one (1) year after the initial application was acted upon, unless the Department in its discretion declares otherwise.

 

source

Final Rulemaking published at 40 DCR 6732 (September 24, 1993); as amended by Emergency Rulemaking published at 48 DCR 1987 (March 2, 2001) [EXPIRED]; as amended by Final Rulemaking published at 48 DCR 4106 (May 11, 2001).