Withdrawal from registration as a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective thirty days after receipt of an application to withdraw or within that shorter period of time as the securities commissioner may determine, unless a revocation or suspension proceeding is pending when the application is filed or a proceeding to revoke or suspend or to impose conditions upon the withdrawal is instituted within thirty days after the application is filed. If a proceeding is pending or instituted, withdrawal becomes effective at that time and upon those conditions as the securities commissioner by order determines. If no proceeding is pending or instituted and withdrawal automatically becomes effective, the securities commissioner may nevertheless institute a revocation or suspension proceeding under item (ii) of subsection (1) of Section 35-1-520 within one year after withdrawal became effective and enter a revocation or suspension order as of the last date on which registration was effective. Withdrawal of a notice filing by a federal covered adviser shall become effective upon receipt by the securities commissioner of notice of the intention to withdraw.