(a)    A registered broker-dealer or investment adviser may file an application for registration of a successor, whether or not the successor is then in existence, for the unexpired portion of the year. There is no fee.

(b)    The registration of a predecessor remains effective as the registration of a successor for 60 days after the succession, if:

(1)    A broker-dealer or investment adviser succeeds to and continues the business of a registered broker-dealer or investment adviser; and

(2)    The successor files an application for registration within 30 days after the succession.

(c)    A federal covered adviser who has filed a notice under § 11-405(b) of this subtitle may file a notice filing of a successor for the unexpired portion of the year, whether or not the successor is in existence at the time of the filing. There is no fee.

(d)    The notice filing of a federal covered adviser stands as the notice filing of a successor for 60 days after the succession if:

(1)    The federal covered adviser succeeds to and continues the business of a federal covered adviser that has filed a notice under § 11-405(b) of this subtitle; and

(2)    The successor files a notice filing within 30 days after the succession.

(e)    (1)    Each registered agent of a broker-dealer and each registered representative of an investment adviser whose successor is registered in accordance with subsection (a) or (b) of this section shall continue to be registered in accordance with rules that the Commissioner adopts.

(2)    A registered investment adviser representative of a federal covered adviser whose successor has filed in accordance with subsection (d) of this section shall continue to be registered in accordance with rules that the Commissioner adopts.