Section 032-515-4 - Application for investment adviser representative licensure1.Initial Application. The application for initial licensure pursuant to Section 16406(1) of the Act shall made by completing Form U-4 in accordance with the form instructions and by filing the Form U-4 with the CRD. The application for initial licensure shall also include the following: A. Proof of compliance by the investment adviser representative applicant with the examination requirements set out in Section 10 of this chapter unless such proof is available to the Administrator through the CRD; B. The fee required by Rule Chapter 541; and C. A complete set of fingerprints taken by an authorized law enforcement officer. In Maine, authorized law enforcement officers are set forth in Title 25, Section 1549. Applicants who are residents of other jurisdictions shall use law enforcement officers in their home jurisdiction who are authorized by law to take fingerprints. This requirement shall be waived if the applicant is currently registered or licensed by a state securities regulator at the time application for licensure in this state is made and the applicant has previously submitted fingerprint impressions to NASD, the CRD, or another securities regulator in connection with registration or licensure.2.Annual Renewal. Pursuant to Section 16406(4) of the Act, a license is effective until midnight on December 31st of the year for which the application for licensing was filed. An investment adviser representative license may be renewed through the CRD with payment of the fee required by Rule Chapter 541.3.Sole Proprietors. Sole proprietor investment advisers are required to apply for licensure as an investment adviser representative pursuant to this section. Initial and annual renewal investment adviser representative fees are waived for sole proprietors.4.AmendmentsA. Pursuant to Section 16406(2) of the Act, if the information or record contained in an application filed under this section is or becomes inaccurate or incomplete in a material respect, the investment adviser or investment adviser representative shall "promptly" file a correcting amendment in accordance with the instructions in the Form U-4. The investment adviser and the investment adviser representative are under a continuing obligation to update information required by the Form U-4 as changes occur.B. An amendment will be considered to be filed "promptly" if the amendment is filed within thirty (30) days of the event that requires the filing. 5.Completion of Filing. An application for initial licensure or a renewal is not considered filed for purposes of Section 16406 of the Act until the required fee and all additional information and records requested by the Administrator under Section 16406 have been received.02-032 C.M.R. ch. 515, § 4