(a) In general.- Withdrawal from registration as a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 90 days after receipt of an application to withdraw or within any shorter period of time which the Commissioner determines, unless:
(1) A revocation or suspension proceeding is pending when the application is filed; or
(2) A proceeding to revoke, suspend, or impose conditions on the withdrawal is instituted within 90 days after the application is filed.
(b) Pending proceeding.- If a proceeding is pending or instituted, withdrawal becomes effective at the time and on the conditions the Commissioner by order determines.
(c) Commissioner's right to institute proceedings.- If no proceeding is pending or instituted and withdrawal automatically becomes effective, the Commissioner nevertheless may institute a revocation or suspension proceeding under § 11-412(a)(2) of this subtitle within 2 years after withdrawal became effective and enter a revocation or suspension order as of the last date on which registration was effective.
(a) In general.- Withdrawal from registration as a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 90 days after receipt of an application to withdraw or within any shorter period of time which the Commissioner determines, unless:
(1) A revocation or suspension proceeding is pending when the application is filed; or
(2) A proceeding to revoke, suspend, or impose conditions on the withdrawal is instituted within 90 days after the application is filed.
(b) Pending proceeding.- If a proceeding is pending or instituted, withdrawal becomes effective at the time and on the conditions the Commissioner by order determines.
(c) Commissioner's right to institute proceedings.- If no proceeding is pending or instituted and withdrawal automatically becomes effective, the Commissioner nevertheless may institute a revocation or suspension proceeding under § 11-412(a)(2) of this subtitle within 2 years after withdrawal became effective and enter a revocation or suspension order as of the last date on which registration was effective.
(a) In general.- Withdrawal from registration as a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 90 days after receipt of an application to withdraw or within any shorter period of time which the Commissioner determines, unless:
(1) A revocation or suspension proceeding is pending when the application is filed; or
(2) A proceeding to revoke, suspend, or impose conditions on the withdrawal is instituted within 90 days after the application is filed.
(b) Pending proceeding.- If a proceeding is pending or instituted, withdrawal becomes effective at the time and on the conditions the Commissioner by order determines.
(c) Commissioner's right to institute proceedings.- If no proceeding is pending or instituted and withdrawal automatically becomes effective, the Commissioner nevertheless may institute a revocation or suspension proceeding under § 11-412(a)(2) of this subtitle within 2 years after withdrawal became effective and enter a revocation or suspension order as of the last date on which registration was effective.
