(a) 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 35-1-401 or 35-1-403 or a notice pursuant to Section 35-1-405 for the unexpired portion of the current registration or notice filing.
(b) 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 forty-five days after filing its amendment to effect succession.
(c) 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) 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: 2005 Act No. 110, Section 1, eff January 1, 2006.
Structure South Carolina Code of Laws
Chapter 1 - South Carolina Uniform Securities Act Of 2005
Section 35-1-101. Short title.
Section 35-1-102. Definitions.
Section 35-1-103. References to federal statutes.
Section 35-1-104. References to federal agencies.
Section 35-1-105. Electronic records and signatures.
Section 35-1-201. Exempt securities.
Section 35-1-202. Exempt transactions.
Section 35-1-203. Additional exemptions and waivers.
Section 35-1-204. Denial, suspension, revocation, condition, or limitation of exemptions.
Section 35-1-301. Securities registration requirement.
Section 35-1-302. Notice filing.
Section 35-1-303. Securities registration by coordination.
Section 35-1-304. Securities registration by qualification.
Section 35-1-305. Securities registration filings.
Section 35-1-306. Denial, suspension, and revocation of securities registration.
Section 35-1-307. Waiver and modification.
Section 35-1-401. Broker-dealer registration requirement; exemptions.
Section 35-1-402. Agent registration requirement and exemptions.
Section 35-1-403. Investment adviser registration requirement; exemptions.
Section 35-1-404. Investment advisor representative registration requirement; exemptions.
Section 35-1-405. Federal covered investment adviser notice filing requirement.
Section 35-1-407. Succession and change in registration of broker-dealer or investment adviser.
Section 35-1-410. Examination and filing fee requirements.
Section 35-1-411. Postregistration requirements.
Section 35-1-501. General fraud.
Section 35-1-502. Prohibited conduct in providing investment advice regarding securities.
Section 35-1-503. Evidentiary burden.
Section 35-1-504. Filing of sales and advertising literature.
Section 35-1-505. Misleading filings.
Section 35-1-506. Misrepresentations concerning registration or exemption.
Section 35-1-507. Qualified immunity.
Section 35-1-508. Criminal penalties.
Section 35-1-509. Civil liability.
Section 35-1-510. Rescission offers.
Section 35-1-601. Administration.
Section 35-1-602. Investigations and subpoenas.
Section 35-1-603. Civil enforcement.
Section 35-1-604. Administrative enforcement.
Section 35-1-605. Rules, forms, orders, interpretative opinions, and hearings.
Section 35-1-606. Administrative files and opinions.
Section 35-1-607. Public records; confidentiality.
Section 35-1-608. Uniformity and cooperation with other agencies.
Section 35-1-609. Judicial review.
Section 35-1-610. Jurisdiction.
Section 35-1-611. Service of process.
Section 35-1-612. Severability clause.
Section 35-1-701. Application of act to existing proceeding and existing rights and duties.
Section 35-1-703. Effective date.
Section 35-1-800. Definitions.
Section 35-1-810. Notification of agencies.
Section 35-1-830. Disclosure of financial exploitation to designated third party.
Section 35-1-850. Delay of a disbursement or transaction due to suspected financial exploitation.