Maryland Administrative Code

.01 Purpose. The purpose of this chapter is to ensure compliance with State laws requiring that home builders secure deposits and other advance payments through the use of escrow accounts, surety bonds, and letters of credit, under Real Property Article, Title 10, Subtitle 3, Ann…

.02 Scope. This chapter applies to all home builders and sellers of new homes, unless exempted by the terms of Real Property Article, §10-304, Annotated Code of Maryland.

.03 Definitions. A. In this chapter, the following terms have the meanings indicated. B. Terms Defined. (1) “Home builder” has the meaning stated in Business Regulation Article, §4.5-101(f), Annotated Code of Maryland. (2) “New home” has the meaning stated in Business Regulation …

.04 Procedures and Requirements. A. Form of Bond or Letter of Credit. Home builders and sellers of new homes shall: (1) Use the corporate surety bond or irrevocable letter of credit form provided by the Unit; or (2) Submit other corporate surety bond or letter of credit forms to …

.01 Purpose and Scope. A. The purpose of this chapter is to provide disclosure statements for persons who represent to the public that food that is sold or served is halal. B. This chapter sets forth the disclosures that shall be made to a consumer regarding the source of food an…

.02 Definitions. A. In this chapter, the following terms have the meanings indicated. B. Terms Defined. (1) “Division” means the Division of Consumer Protection of the Office of the Attorney General. (2) Packaged Food. (a) “Packaged food” means food packaged in advance of sale by…

.03 Disclosure Statements. A. This regulation does not apply to packaged food. B. A person who represents to the public that unpackaged food sold or served is halal shall complete a disclosure statement described in §C of this regulation. C. Disclosure Statement for Persons Who R…

.04 Method of Posting. The disclosure statement described in Regulation .03 of this chapter shall be posted in a clear and conspicuous manner, so that the consumer can easily see it before the consumer buys or consumes the foods about which the disclosures are made. Cross Referen…

.01 Definitions. A. As used in the Maryland Securities Act and in this subtitle, the following terms have the meanings indicated. B. Terms Defined. (1) “Commissioner” means the Maryland Securities Commissioner or the designated agent of the Maryland Securities Commissioner. (2) “…

.02 Administrative Files. A. Public Inspection. Except for materials accorded confidential treatment under §B of this regulation, all registration statements, applications for registration, and reports filed with the Division are available for public inspection during regular bus…

.03 Petition for Adoption of Regulations. A. Petition. An interested person may petition the Commissioner to adopt, amend, or repeal a regulation within the Commissioner's authority under the: (1) Maryland Securities Act; (2) Maryland Franchise Registration and Disclosure Law; or…

.04 Fines and Civil Penalties. A. Scope. This regulation applies to fines and civil penalties imposed under the Maryland Securities Act, Corporations and Associations Article, §§11-417 and 11-701.1(b)(4), Annotated Code of Maryland. B. Amount of Fine or Civil Penalty. For the pur…

.05 Interpretive Opinions. A. Filing of Request. A request for an interpretive opinion or a no action position under the Maryland Securities Act, Corporations and Associations Article, §11-206(e), Annotated Code of Maryland, shall be filed with the Commissioner. B. Form of Reques…

.06 Consent to Service of Process. A person required by the Maryland Securities Act, Corporations and Associations Article, §11-802, Annotated Code of Maryland, to appoint the Commissioner as agent for service of process shall file a Form U-2 (Uniform Consent to Service of Proces…

.07 Payment of Fees and Fines. A. Payee. Checks for fees required by the Maryland Securities Act, the Maryland Franchise Registration and Disclosure Law, or the Maryland Business Opportunities Sales Act, or for fines or civil penalties imposed by the Commissioner, shall be made p…

.08 Place of Filing. A registration application, pleading, correspondence, or other document required to be filed with or served upon the Commissioner shall be addressed to the Securities Commissioner, Office of the Attorney General, 200 St. Paul Place, Baltimore, Maryland 21202-…

.09 Senior or Retiree Designations and Credentials. A. It shall constitute a violation of the Maryland Securities Act, Corporations and Associations Article, §11-305, Annotated Code of Maryland, and a dishonest or unethical business practice under Corporations and Associations Ar…

.01 Initial Registration as Broker-Dealer. A. Scope. This regulation governs applications for initial registration as a broker-dealer in Maryland. B. National Association of Securities Dealers (NASD) Members. An applicant that is already a member of, or has applied for membership…

.02 Renewal Registration as Broker-Dealer. A. Scope. This regulation governs applications for renewal registration as a broker-dealer in Maryland. B. NASD Members. An applicant that is a member of the NASD shall: (1) File with the CRD the fee required by the Maryland Securities A…

.03 Mandatory Registration of an Agent. A broker-dealer registered with the Commissioner shall register at least one agent with the Commissioner.

.04 Initial Registration as Agent. A. Scope. This regulation governs applications for initial registration as a broker-dealer agent in Maryland. B. Agents of NASD Members. An applicant for initial registration as an agent for a broker-dealer that is a member of the NASD shall: (1…

.05 Renewal Registration as Agent. A. Scope. This regulation governs applications for renewal registration as a broker-dealer agent in Maryland. B. Agents of NASD Members. An applicant for renewal registration as an agent for a broker-dealer that is a member of the NASD shall: (1…

.06 Examination Requirement for Broker-Dealers and Agents. A. Examination Requirement. An applicant for registration as a broker-dealer or as a broker-dealer agent in Maryland shall: (1) Pass, with a score of 70 percent or better, the appropriate examination designated in §B of t…

.07 Amendment of Documents Filed by Broker-Dealers and Agents. A. Time of Filing. An amendment to a broker-dealer or agent filing required by the Maryland Securities Act, Corporations and Associations Article, §11-411(d), Annotated Code of Maryland, shall be filed within 30 days …

.08 Financial Requirements for Broker-Dealers. A. Terms Defined. For purposes of the Maryland Securities Act, Corporations and Associations Article, §11-409, Annotated Code of Maryland, and this regulation, the terms “net capital” and “aggregate indebtedness” have the meanings st…

.09 Financial Reporting Requirements for Broker-Dealers. A. Financial Reports. A broker-dealer registered in Maryland shall file financial reports with the Commissioner as required by this regulation. B. NASD Members. Unless otherwise ordered by the Commissioner, a broker-dealer …

.10 Book and Record-Keeping Requirements for Broker-Dealers. A. A broker-dealer registered or required to be registered in Maryland shall make and keep books and records as set forth in 17 CFR §240.17a-3 (SEC Rule 17a-3, Records to be Made by Certain Exchange Members, Brokers and…

.01 Prospectus. A. Scope of Regulation. This regulation prescribes the form and content of the prospectus required to be filed as part of a registration statement for registration of securities by qualification or notification, and to be used in connection with the offering of se…

.02 Acceptability of Uniform Forms in Registration by Coordination. The Commissioner will permit the use of the Uniform Application Form adopted by the North American Securities Administrators Association and the Uniform Application to Register Securities (Form U-1) adopted by th…

.03 Repealed.

.04 Quarterly Reports on Registered Securities. A. Except as provided in §B of this regulation, so long as a registration statement covering securities registered by notification or qualification is effective, the person who filed the registration statement shall file quarterly r…

.05 Financial Statements Filed As Part of Registration Statements for Registration of Securities by Qualification Notification. A. All financial statements required to be filed as part of registration statements for registration of securities by qualification or notification shal…

.06 Escrow Requirements. A. The Commissioner, in his discretion, shall have the right to require an escrow fund to be established and may, by regulation or order, require as a condition of registration by qualification that the proceeds from the sale of the registered securities …

.07 Registration by Coordination of Shelf Registrations Pursuant to SEC Rule 415. A. Initial Registration. Securities which are qualified to be registered on SEC Form S-3 and which are to be offered in series or offered and sold on a continuous or delayed basis pursuant to SEC Ru…

.08 Filing of Sales and Advertising Literature. A. Definitions. (1) “Act” means the Maryland Securities Act. (2) “Commissioner” means the Securities Commissioner of the State. (3) “Division” means the Division of Securities of the Office of the Attorney General. (4) “Regulation” …

.09 Procedure for Renewal of Registration Statement. A. Definitions. As used in this regulation: (1) “Effective date” means the date that a registration statement is declared effective by the Commissioner. (2) “Expiration/renewal date” means the date that is 1 year from the effec…

.10 Registration of Securities of Investment Companies. A. Filing Fee. (1) Subject to the registration provisions of the Maryland Securities Act, Corporations and Associations Article, §§11-502, 11-503, and 11-504, Annotated Code of Maryland, a registrant that files pursuant to t…

.11 Initial and Renewal Registration as Issuer Agent. A. Definitions. (1) For purposes of this regulation, the following terms have the meanings indicated. (2) Terms Defined. (a) “Agent” has the same meaning as set forth in the Maryland Securities Act, Corporations and Associatio…

.12 Small Corporate Offering Registration. A. Registration by Qualification. An issuer may register securities by qualification under the Maryland Securities Act, Corporations and Associations Article, §11-504, Annotated Code of Maryland, by using Form U-7 (Small Corporate Offeri…

.01 Requirements for Compliance with Not-for-Profit Exemption. A. Securities offered pursuant to the Maryland Securities Act, Corporations and Associations Article, §11-601(9)(i), Annotated Code of Maryland, shall be deemed exempt securities if the nationwide aggregate offering p…

.02 Employee Benefit Plans. A. Securities offered pursuant to a nonqualified benefit plan as described in the Maryland Securities Act, Corporations and Associations Article, §11-601(11), Annotated Code of Maryland, shall be deemed exempt securities if the following conditions are…

.03 Existing Security Holder Exemption. A. Transactions involving existing security holders pursuant to the Maryland Securities Act, Corporations and Associations Article, §11-602(11)(ii), Annotated Code of Maryland, shall be deemed exempt transactions if the following conditions…

.04 Designated Institutional Investor. A. Definitions. (1) “Accredited investor” has the same meaning as set forth in Regulation D, 17 CFR §230.501(a)(1)—(3), (7), and (8), which is incorporated by reference. (2) “Qualified institutional buyer” has the same meaning as set forth i…

.05 Recognized Securities Manuals. A. The following publications are designated recognized securities manuals for purposes of the Maryland Securities Act, Corporations and Associations Article, §11-602(2), Annotated Code of Maryland: (1) Mergent's Industrial Manual; (2) Mergent's…

.06 Designated Exchange Exemption. A. Definitions. (1) “CBOE” means The Chicago Board Options Exchange. (2) “NASDAQ/NMS” means the National Association of Securities Dealers Automated Quotations/National Market System. (3) “Release” means Securities Act Release 33-6810 published …

.07 Designated Clearing Agency Exemption. A. The Options Clearing Corporation (OCC) shall be designated as a “clearing agency” for purposes of the Maryland Securities Act, Corporations and Associations Article, §11-601(13), Annotated Code of Maryland. B. This designation may be r…

.08 Bank Securities. A. Federal Savings Banks. For purposes of the Maryland Securities Act, Corporations and Associations Article, §11-601(3), Annotated Code of Maryland, the term “bank” includes a savings bank organized under the laws of the United States. B. Exclusions. For pur…