(a)    A broker-dealer, agent, investment adviser, or investment adviser representative may obtain an initial registration by filing with the Commissioner, or any entity the Commissioner designates by rule or order, an application together with a consent to service of process under § 11-802(a) of this title. The application shall contain whatever information the Commissioner by rule or order requires.

(b)    (1)    This subsection does not apply to a federal covered adviser who conducts advisory business in accordance with § 11-401(b)(2) or (3) of this subtitle.

(2)    Before acting as a federal covered adviser in this State, a person shall pay the fee required by § 11-407 of this subtitle and shall file the following documents as the Commissioner may require by rule or order:

(i)    The documents that the person filed with the Securities and Exchange Commission; and

(ii)    A consent to service of process under § 11-802(a) of this title.

(c)    (1)    For purposes of this subsection, “private fund adviser” means an investment adviser that provides advice solely to one or more qualifying private funds, as defined in Securities and Exchange Commission Rule 203(m)–1 (17 C.F.R. 275.203(m)–1).

(2)    Before acting as a private fund adviser, a person who is not a federal covered adviser shall pay the fee required under § 11–407 of this subtitle and shall file the following documents as the Commissioner may require by rule or order:

(i)    The documents that the person filed with the Securities and Exchange Commission; and

(ii)    A consent to service of process under § 11–802(a) of this title.

(d)    Notwithstanding the provisions of subsection (a) of this section, a registered broker–dealer who is also a registered investment adviser in this State may effect the initial registration of any or all of its registered agents in this State as investment adviser representatives by the filing of:

(1)    A notice with the Commissioner designating the registered agents as representatives of the investment adviser;

(2)    A consent to service of process under § 11–802(a) of this title; and

(3)    Such other information as the Commissioner by rule or order may require.

(e)    Notwithstanding the provisions of subsection (a) of this section, a registered broker–dealer who is also a federal covered adviser that has filed a notice under subsection (b) of this section may effect the initial registration of its registered agents with a place of business in this State as investment adviser representatives by the filing of:

(1)    A notice with the Commissioner designating the registered agents as representatives of the federal covered adviser;

(2)    A consent to service of process under § 11–802(a) of this title; and

(3)    Such other information as the Commissioner by rule or order may require.

(f)    The Commissioner in the Commissioner’s discretion may publish an announcement of the applicants for registration in the media the Commissioner determines.

(g)    If a denial order is not in effect and a proceeding is not pending under §§ 11–412 through 11–414 of this subtitle, registration becomes effective at noon of the 30th day after an application is filed. The Commissioner by rule or order may specify an earlier effective date, and the Commissioner by order may defer the effective date until noon of the 30th day after the filing of any amendment.