Minnesota Legislature
Office of the Revisor of Statutes
2006 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
80A.62 SECTION 407; SUCCESSION AND CHANGE IN REGISTRATION OF
BROKER-DEALER OR INVESTMENT ADVISER.
(a) 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 80A.56 or 80A.58 or a notice pursuant
to section 80A.60 for the unexpired portion of the current registration or notice filing.
(b) 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 45 days after filing its amendment to effect succession.
(c) 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.
(d) 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.
History: 2006 c 196 art 1 s 22
NOTE: This section, as added by Laws 2006, chapter 196, article 1, section 22, is effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.
BROKER-DEALER OR INVESTMENT ADVISER.
(a) 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 80A.56 or 80A.58 or a notice pursuant
to section 80A.60 for the unexpired portion of the current registration or notice filing.
(b) 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 45 days after filing its amendment to effect succession.
(c) 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.
(d) 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.
History: 2006 c 196 art 1 s 22
NOTE: This section, as added by Laws 2006, chapter 196, article 1, section 22, is effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.
Official Publication of the State of Minnesota
Revisor of Statutes