An applicant for initial or renewal registration as a broker–dealer shall pay a fee of $250. An applicant for initial or renewal registration or transfer of registration as an agent shall pay a fee of $65. From the fee paid under this paragraph, $25 shall be distributed to the Securities Act Registration Fund established under § 11–208 of this title. An applicant for initial or renewal registration as an investment adviser shall pay a fee of $300. A federal covered adviser filing notice under § 11–405(b) of this subtitle shall pay an initial fee of $300 and a renewal fee of $300. A private fund adviser filing notice under § 11–405(c) of this subtitle shall pay an initial fee of $300 and a renewal fee of $300. An applicant for initial or renewal registration or transfer of registration as an investment adviser representative shall pay a fee of $50. The Commissioner by rule may waive or reduce for any class of applicant the application of the fee requirements set forth in subsection (b) of this section. If an application is denied or an application or notice filing is withdrawn, the Commissioner shall retain the fee.