Cancellation of registration or application; abandonment of notice filing

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    (a)    By order, the Commissioner may cancel a registration or application, if the Commissioner finds that the applicant or registrant:

        (1)    Has abandoned the application;

        (2)    Is no longer in existence;

        (3)    Has ceased to do business as a broker-dealer, agent, investment adviser, or investment adviser representative;

        (4)    Is subject to an adjudication of mental incompetence or the control of a committee, conservator, or guardian; or

        (5)    Cannot be located after reasonable search.

    (b)    The Commissioner may deem abandoned a notice filing that a federal covered adviser has filed under § 11-405 of this subtitle, if the Commissioner finds that the federal covered adviser:

        (1)    Has abandoned the notice filing;

        (2)    Is no longer in existence;

        (3)    Has ceased to do business as a federal covered adviser;

        (4)    Is subject to adjudication of mental incompetence or to the control of a committee, conservator, or guardian; or

        (5)    Cannot be located after a reasonable search.


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