Section 11-513 – Prerequisites to Stop Order
A stop order may not be entered under any part of § 11–503.1, § 11–511, or § 11–512 of this subtitle, except § 11–512(a) of this subtitle, without: (1) Appropriate prior notice to the applicant or registrant, the issuer, and the person on whose behalf the securities are to be or have been offered; (2) Opportunity for […]
Section 11-514 – Vacation or Modification of Stop Order
The Commissioner may vacate or modify a stop order if he finds that the conditions which prompted entry have changed or that it is otherwise in the public interest to do so.
Section 11-501 – Registration Requirement
A person may not offer or sell any security in this State unless: (1) The security is registered under this title; (2) The security or transaction is exempted under Subtitle 6 of this title; or (3) The security is a federal covered security.
Section 11-601 – Exempt Securities
The following securities are exempted from §§ 11–205 and 11–501 of this title: (1) (i) Any security, including a revenue obligation, issued or guaranteed by the United States, any state, any political subdivision of a state, or any agency or corporation or other instrumentality of one or more of them; or (ii) Any certificate of deposit for any […]
Section 11-502 – Registration by Notification
(a) The following securities may be registered by notification, whether or not they are also eligible for registration by coordination under § 11–503 of this subtitle: (1) Any security whose issuer and any predecessor have been in continuous operation for at least five years if: (i) There has been no default during the current fiscal year or within […]
Section 11-602 – Exempt Transactions
The following transactions are exempted from §§ 11-205 and 11-501 of this title: (1) Any isolated nonissuer transaction, whether effected through a broker-dealer or not; (2) Any nonissuer distribution of an outstanding security if: (i) A recognized securities manual contains the names of the officers and directors of the issuer, a balance sheet of the issuer as of […]
Section 11-503 – Registration by Coordination
(a) Any security for which a registration statement has been filed under the Securities Act of 1933 in connection with the same offering may be registered by coordination. (b) A registration statement under this section shall contain the following information and be accompanied by the following documents, in addition to the information specified in § 11–507(a) of […]
Section 11-603 – Denial or Revocation of Exemption
(a) (1) The Commissioner by order may deny or revoke any exemption specified in § 11–601(9), (11), or (17) or § 11–602 of this subtitle with respect to a specific security or transaction. (2) The order may not be entered without appropriate prior notice to all interested parties, opportunity for hearing, and written findings of fact and conclusions […]
Section 11-503.1 – Filing of Documents and Fees Required; Stop Orders
(a) A person may not offer or sell a federal covered security in this State unless the documents required by this section are filed and the fees required by § 11–506 or § 11–510.1 of this subtitle are paid. (b) With respect to a federal covered security specified in § 18(b)(2) of the Securities Act of 1933, […]
Section 11-604 – Burden of Proof
(a) In a civil or administrative proceeding under this title, a person claiming an exemption or an exception from a definition has the burden of proving the exemption or exception. (b) In a criminal proceeding under this title, the burden of going forward with evidence of a claim or exemption or exception from a definition is on […]