(a) Persons registering as investment advisers or investment adviser representatives are required to keep reasonably current the information set forth in their applications for registration and to notify the Commissioner of any material change to any information reported in their applications for registration.

(b) A federal covered adviser who has made a notice filing under the Act shall file with the Commissioner a copy of any amendment to its Form ADV or any schedule thereto as and when such amendment is filed with the SEC.

(c) Failure to keep current the information set forth in an application or to notify the Commissioner of any material change to any information reported in the application shall constitute a waiver of any objection to or claim regarding any action taken by the Commissioner in reliance on information currently on file with the Commissioner.