Section 11-411 – Post-Registration Provisions
(a) (1) A registered broker-dealer shall make and keep correspondence, memoranda, papers, books, and other records that the Commissioner requires by rule. (2) The Commissioner’s authority to adopt rules under paragraph (1) of this subsection is subject to the limitations of § 15 of the Securities Exchange Act of 1934. (3) A registered investment adviser shall make, keep, and […]
Section 11-412 – Denial, Revocation, or Suspension of Registration
(a) The Commissioner by order may deny, suspend, or revoke any registration if the Commissioner finds that the order is in the public interest and that the applicant or registrant or, in the case of a broker–dealer or investment adviser, any partner, officer, or director, any person occupying a similar status or performing similar functions, or […]
Section 11-413 – Summary Postponement or Suspension
(a) The Commissioner by order summarily may postpone or suspend registration pending final determination of any proceeding under § 11-412 of this subtitle. (b) On the entry of the order, the Commissioner promptly shall notify the applicant or registrant, as well as the employer or prospective employer if the applicant or registrant is an agent or investment […]
Section 11-305 – Senior Investment Protection
(a) It is unlawful for any person to use a senior or retiree credential or designation in a way that is or would be misleading in connection with: (1) The offer, sale, or purchase of securities; (2) Receiving, directly or indirectly, any consideration from another person for advising the other person as to the value of securities or […]
Section 11-414 – Cancellation of Registration or Application; Abandonment of Notice Filing
(a) By order, the Commissioner may cancel a registration or application, if the Commissioner finds that the applicant or registrant: (1) Has abandoned the application; (2) Is no longer in existence; (3) Has ceased to do business as a broker-dealer, agent, investment adviser, or investment adviser representative; (4) Is subject to an adjudication of mental incompetence or the control of […]
Section 11-306 – Dishonest or Unethical Practices by Broker-Dealer or Agent Prohibited
A person who engages in the business of effecting transactions in securities for the account of others or for the person’s own account or who acts as a broker–dealer or agent may not engage in dishonest or unethical practices in the securities or investment advisory business.
Section 11-415 – Withdrawal From Registration
(a) Withdrawal from registration as a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 90 days after receipt of an application to withdraw or within any shorter period of time which the Commissioner determines, unless: (1) A revocation or suspension proceeding is pending when the application is filed; or (2) A proceeding to revoke, suspend, or […]
Section 11-307 – Reporting Financial Exploitation of Adults
(a) (1) In this section the following words have the meanings indicated. (2) “Eligible adult” means an individual who resides in the State and is: (i) At least 65 years old; or (ii) A vulnerable adult. (3) “Financial exploitation” means: (i) The wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or property of an eligible adult; or (ii) An act […]
Section 11-416 – Prerequisites to Order
An order may not be entered under any part of §§ 11-412 through 11-415 of this subtitle, except § 11-413(a), without: (1) Appropriate prior notice to the applicant or registrant, or person submitting a notice filing, as well as the employer or prospective employer if the applicant or registrant is an agent or investment adviser representative; […]
Section 11-401 – Transaction of Business by Unregistered Person Unlawful
(a) Except as provided in subsection (d) of this section, a person may not transact business in this State as a broker–dealer or agent unless the person is registered under this subtitle. (b) A person may not transact business in this State as an investment adviser or as an investment adviser representative unless: (1) The person is registered […]