The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
004
:
BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS
(Cite as: 9 V.S.A. § 5407)
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§ 5407. Succession and change in registration of broker-dealer or investment adviser
(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 5401
or 5403 of this chapter or a notice pursuant to section 5405 of this chapter 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 45
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. (Added 2005, No. 11, § 1, eff. Jan. 1, 2006.)