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 […]
Section 11-504 – Registration by Qualification
(a) Any security may be registered by qualification. (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 this subtitle and the consent to service of process required by § 11-802(a) of this title: (1) With respect to the […]
Section 11-505 – Filing of Registration Statement
(a) A registration statement may be filed by the issuer, any other person on whose behalf the offering is to be made, or a registered broker-dealer. (b) A registration statement may be filed in the manner and form designated by rule or order of the Commissioner, including filing by electronic transmission.
Section 11-506 – Filing Fee
(a) Except as provided in § 11–510.1 of this subtitle, a person filing an application to register securities shall pay a fee of 0.1 percent of the maximum aggregate offering price at which the securities are to be offered in this State, but the fee may not be less than $500 or more than $1,500. (b) (1) Except […]
Section 11-507 – Matters Required to Be Specified in Registration Statement
(a) Every registration statement shall specify: (1) The amount of securities to be offered in this State; (2) The states in which a registration statement or similar document in connection with the offering has been or is to be filed; and (3) Any adverse order, judgment, or decree entered in connection with the offering by the regulatory authorities in […]
Section 11-508 – Effective Period of Registration Statement; Withdrawal of Registration Statement; Abandonment of Registration Statement
(a) A registration statement remains effective for 1 year after its effective date unless the Commissioner by rule or order extends the period of effectiveness. A registration statement is not effective while a stop order is in effect under §§ 11-511 through 11-513 of this subtitle. (b) A registration statement may be withdrawn only in the discretion […]
Section 11-509 – Reports by Person Filing Registration Statement
As long as a registration statement registered by qualification or notification is effective, the Commissioner by rule or order may require the person who filed the registration statement to file reports, not more often than quarterly, to keep reasonably current the information contained in the registration statement and to disclose the progress of the offering.
Section 11-510 – Amendment of Registration Statement to Increase Securities Proposed to Be Offered
(a) A registration statement relating to a security registered under § 11-502, § 11-503, or § 11-504 of this subtitle may be amended after its effective date so as to increase the securities specified as proposed to be offered. (b) The amendment becomes effective when the Commissioner so orders. (c) The person filing the amendment shall pay a […]