209 CMR 20.06 - Notice of Significant Events and Proposed Change in Ownership or Personnel

(1) A Licensee shall be required to notify the Division in writing within one business day of the occurrence of any of the following significant developments:
(a) Licensee filing for bankruptcy or reorganization.
(b) Notification of the institution of license revocation procedures in any state against the Licensee.
(c) The filing of a criminal indictment any way related to the activities of a licensee, an officer, director, or principal, including, but not limited to, the handling and/or reporting of moneys received and/or instruments sold.
(d) A Licensee, officer, director, or principal being convicted of a crime.
(2)
(a) 30 days prior to any proposed change in control occurs in the ownership of a Licensee, or among the officers, partners or directors of a Licensee, a notice shall forth with be filed with the Commissioner who may thereupon cause such investigation to be made as he deems necessary, as if it were a new license. In the case of a corporation, control is defined as a change of ownership by a person or group acting in concert to acquire 10% of the stock, or the ability of a person or group acting in concert to elect a majority of the directors or otherwise effect a change in policy of the corporation.
(b) A notice of change in personnel or ownership shall contain the following information:
1. the name, address and occupation of each proposed officer, partner, director or shareholders; and
2. provide such other information as the Commissioner may require.

Notes

209 CMR 20.06

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