7 Tex. Admin. Code § 116.4 - Evidences of Registration
(a) Issuance. An
evidence of registration or certificate of registration shall be issued for each registered investment adviser reflecting the registered officer or
partner.
(b) Amendments. Any changes in the information reflected on the evidence of registration must be
submitted to the Securities Commissioner within 30 days of such change. An amendment fee, in the amount set forth in the Texas Securities Act,
§4006.054, is required to amend the evidence of registration.
(c) Successions.
(1) Succession by application.
(A) If a succession results in a surviving entity
that is not currently registered as an investment adviser, the successor entity must file a new application, including the fees, as required in
§
116.2 of this chapter (relating to
Application Requirements). Such a succession may include, but is not limited to, any of the following that results in either a change in control of
the beneficial owners, or a change in management:
(i) a merger;
(ii) a
consolidation;
(iii) an acquisition; or
(iv) a
reorganization.
(B) A complete application for the successor entity should be filed far enough
in advance, but no later than thirty (30) days after succession, so the application can be reviewed and approved prior to the successor entity taking
over the business of the predecessor investment adviser. If a successor entity has taken over the business of a predecessor investment adviser before
the application of the successor entity has been reviewed and approved, the registration of the successor entity will be automatically granted a
temporary registration for 60 days from the date of succession to complete the registration for the new entity. If the successor entity fails to
complete the registration requirements within the 60-day temporary registration period, it may submit a written request to the Securities
Commissioner to grant an extension of the temporary registration for up to 30 additional days. If the Commissioner, in the exercise of his or her
discretion, declines to grant the extension request, the registration will terminate for the investment adviser and all its investment adviser
representatives on the expiration of the 60-day temporary registration. Any investment advisory services rendered by the investment adviser and/or
its investment adviser representatives after termination of the temporary registration are subject to the sanctions provided by the Texas Securities
Act for rendering investment advice while unregistered.
(C) Upon registration of the successor entity,
the registration of the predecessor investment adviser will be terminated.
(2) Succession by
amendment.
(A) When a succession does not result in a change in control of the beneficial owners or management, or
does not result in any acquisition or assumption of substantially all of the assets and liabilities of the predecessor investment adviser, the
successor entity may file an amendment in lieu of filing a new application. Such a succession may include, but is not limited to, any of the
following:
(i) an internal corporate reorganization or restructuring;
(ii) a conversion;
(iii) a change in the form of business; or
(iv) a change in the composition of a partnership that does not result in change of control of the
partnership.
(B) The provisions in subsection (b) of this section apply to successions by
amendment.
(3) All procedures set forth in this subsection shall also apply to investment
advisers and investment adviser representatives who have submitted a notice filing and fee to the Securities Commissioner.
(d) Termination. An investment adviser is required to notify the Securities Commissioner upon termination of any
registered investment adviser representative from its employ. Upon receipt of such notification, the Securities Commissioner may terminate the
registration. Investment advisers must file a Form U-5, Uniform Termination Notice for Securities Industry Registration, through the IARD to comply
with this subsection.
(e) Renewal.
(1) Procedures for renewing expired
and unexpired registrations are set forth in the Texas Securities Act, Chapter 4004, Subchapter F, and §4004.304.
(2) A notice of impending expiration of registration (renewal application) will be sent by IARD to a currently
registered investment adviser. The renewal application should be filed through IARD, along with the appropriate fee.
(3) If a person's registration is not renewed in a timely manner because such person is a military service member
as defined in §
116.18(a)
of this chapter (relating to Special Provisions Relating to Military Applicants), such person may renew the
registration pursuant to the provisions of §116.18(e).
Notes
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