Minnesota Statutes 80A.64 – Section 409; Withdrawal of Registration of Broker-Dealer, Agent, and Investment Adviser

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Terms Used In Minnesota Statutes 80A.64

Administrator: means the commissioner of commerce. See Minnesota Statutes 80A.41
Agent: means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. See Minnesota Statutes 80A.41
Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Minnesota Statutes 80A.41
Filing: means the receipt under this chapter of a record by the administrator or a designee of the administrator. See Minnesota Statutes 80A.41
Investment adviser: means a person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See Minnesota Statutes 80A.41

Withdrawal of registration by a broker-dealer, agent, or investment adviser becomes effective 60 days after the filing of the application to withdraw or within any shorter period as provided by rule adopted or order issued under this chapter unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, withdrawal becomes effective when and upon such conditions as required by rule adopted or order issued under this chapter. The administrator may institute a revocation or suspension proceeding under section 80A.67 within one year after the withdrawal became effective automatically and issue a revocation or suspension order as of the last date on which registration was effective if a proceeding is not pending.