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COMMONWEALTH OF PENNSYLVANIA

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10 Pa. Code § 303.021. Registration and notice filing procedures for successors to a broker-dealer, investment adviser or Federally covered adviser.

§ 303.021. Registration and notice filing procedures for successors to a broker-dealer, investment adviser or Federally covered adviser.

 (a)  If a broker-dealer is formed or proposed to be formed to succeed to, and continue the business of, a broker-dealer registered under section 301 of the act (70 P.S. §  1-301) and as a broker or dealer under section 15(b) of the Securities Exchange Act of 1934 (15 U.S.C.A. §  77o(b)) (successor broker-dealer), and the decision is for either of the following reasons:

   (1)  Based solely on a change in the predecessor’s date or state of incorporation, form of organization or composition of a partnership, the successor broker-dealer shall comply with the requirements of Rule 15b1-3(a) promulgated under the Securities Exchange Act of 1934 (15 U.S.C.A. § §  78a—78qq), except that the successor broker-dealer shall file the amendments to Form BD with the Department.

   (2)  For reasons other than a change in the predecessor’s date or state of incorporation, form of organization or composition of a partnership, the successor broker-dealer shall comply with the requirements of Rule 15b1-3(b) promulgated under the Securities Exchange Act of 1934, except that the successor shall file Form BD with the Department.

 (b)  If an investment adviser is formed or proposed to be formed to succeed to, and continue the business of, an investment adviser registered under section 301 of the act (successor investment adviser), and the decision is for either of the following reasons:

   (1)  Based solely on a change in the predecessor’s date or state of incorporation, form of organization or composition of a partnership, the successor investment adviser shall:

     (i)   File an initial application for registration by amending Form ADV of the predecessor.

     (ii)   Succeed to the unexpired part of the predecessor’s term of registration under section 303(b) of the act (70 P.S. §  1-303(b)).

   (2)  For reasons other than a change in the predecessor’s date or state of incorporation, form of organization or composition of a partnership, the successor investment adviser shall:

     (i)   File Form ADV with the Department.

     (ii)   Succeed to the unexpired part of the predecessor’s term of registration, after registration under section 303(b) of the act.

 (c)  If a Federally covered adviser is formed or proposed to be formed to succeed to, and continue the business of, a registered investment adviser or of another Federally covered adviser, the successor Federally covered adviser shall:

   (1)  File with the Department either Form ADV or an amendment to Form ADV as required under Securities and Exchange Commission Release No. IA-1357 (December 28, 1992) and under section 303(b) of the act.

   (2)  Succeed to the unexpired part of the predecessor’s notice period.

Authority

   The provisions of this §  303.021 issued under sections 303(b) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. § §  1-303(b) and 1-609(a)); amended under sections 303(a)—(e) and 609(a) of the Pennsylvania Securities Act of 1972 (70 P.S. § §  1-303(a)—(e) and 1-609(a)); section 202.C of the Department of Banking and Securities Code (71 P.S. §  733-202.C); and section 9(b) of the Takeover Disclosure Law (70 P.S. §  79(b)).

Source

   The provisions of this §  303.021 adopted January 17, 1992, effective January 18, 1992, 22 Pa.B. 283; amended September 25, 1992, effective September 26, 1992, 22 Pa.B. 4782; amended September 1, 2000, effective September 2, 2000, 30 Pa.B. 4551; transferred and renumbered from 64 Pa. Code §  303.021, December 14, 2012, effective December 15, 2012, 42 Pa.B. 7533; amended January 12, 2018, effective January 13, 2018, 48 Pa.B. 389. Immediately preceding text appears at serial pages (364741) to (364742).



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