§ 502.407 — Succession and change in registration of broker-dealer or investment adviser

Iowa § 502.407

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 502: UNIFORM SECURITIES ACT (BLUE SKY LAW)

Text

1. Succession. A broker-dealer or investment adviser may succeed to the current
registration of another broker-dealer or investment adviser or a notice filing of a federal
covered investment adviser, and a federal covered investment adviser may succeed to the
current registration of an investment adviser or notice filing of another federal covered
investment adviser, by filing as a successor an application for registration pursuant to section
502.401 or 502.403 or a notice pursuant to section 502.405 for the unexpired portion of the
current registration or notice filing.
2. Organizational change. A broker-dealer or investment adviser that changes its form
of organization or state of incorporation or organization may continue its registration by
filing an amendment to its registration if the change does not involve a material change
in its financial condition or management. The amendment becomes effective when filed
or on a date designated by the registrant in its filing. The new organization is a successor
to the original registrant for the purposes of this chapter. If there is a material change
in financial condition or management, the broker-dealer or investment adviser shall file a
new application for registration. A predecessor registered under this chapter shall stop
conducting its securities business other than winding down transactions and shall file for
withdrawal of broker-dealer or investment adviser registration within forty-five days after
filing its amendment to effect succession.
3. Name change. A broker-dealer or investment adviser that changes its name may
continue its registration by filing an amendment to its registration. The amendment becomes
effective when filed or on a date designated by the registrant.
4. Change of control. A change of control of a broker-dealer or investment adviser may
be made in accordance with a rule adopted or order issued under this chapter.

Legislative History

[SS15, §1920-u21; C24, 27, §8579; C31, 35, §8581-c23; C39, §8581.28; C46, 50, 54, 58, 62, 66, 71, 73, 75, §502.28; C77, 79, 81, §502.407]