§ 502.409 — Withdrawal of registration of broker-dealer, agent, investment adviser, and investment adviser representative — cessation of business — abandoned filings

Iowa § 502.409

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

Text

investment adviser representative — cessation of business — abandoned filings.
1. Withdrawal of registration. Withdrawal of registration by a broker-dealer, agent,
investment adviser, or investment adviser representative becomes effective sixty days after
the filing of the application to withdraw or within any shorter period as provided by rule
adopted or order issued under this chapter unless a revocation or suspension proceeding
is pending when the application is filed. If a proceeding is pending, withdrawal becomes
effective when and upon such conditions as required by rule adopted or order issued under
this chapter. The administrator may institute a disciplinary action under section 502.412,
including an action to revoke, suspend, condition, or limit the registration of a registrant,
censure, impose a bar, or impose a civil penalty, within two years after the withdrawal
became effective automatically and issue a disciplinary order as of the last date on which
registration was effective if a proceeding is not pending.
2. Ceasing to do business and abandoned filings. If the administrator finds that any
registrant or applicant for registration is no longer in existence or has ceased to do business
as a broker-dealer, agent, investment adviser, or investment adviser representative, or
is subject to an adjudication of mental incompetence or to the control of a committee,
conservator, or guardian, or cannot be located after search, the administrator may by order
revoke the registration or application. If the administrator finds that the applicant for
registration or registrant has abandoned the application or registration, the administrator
may enter an order of abandonment, and limit or eliminate further consideration of the
application or registration, as provided by the administrator. The administrator may enter
an order under this subsection if notice is sent to the applicant or registrant, and either the
administrator does not receive a response by the applicant or registrant within forty-five
days from the date that the notice was delivered, or action is not taken by the applicant or
registrant within the time specified by the administrator in the notice, whichever is later.