Section 11-204 – Hearings to Be Public
Every hearing in an administrative proceeding shall be public unless the Commissioner in his discretion grants a request joined in by all the respondents that the hearing be conducted privately.
Section 11-205 – Filing of Sales and Advertising Literature
The Commissioner by rule or order may require the filing of any prospectus, pamphlet, circular, form letter, advertisement, or other sales literature or advertising communication, whether communicated in hard copy, electronic means, or otherwise, addressed or intended for distribution to prospective investors, including clients or prospective clients of an investment adviser, unless the security or […]
Section 11-206 – Administrative Files and Opinions
(a) A document is filed when it is received by the Commissioner. (b) (1) The Commissioner shall keep a register of every application for registration, every notice filing, and every registration statement which is or has ever been effective under this title and every denial, suspension, or revocation order which is entered under this title. (2) The register shall […]
Section 11-207 – Use or Disclosure of Information
(a) It is unlawful for the Commissioner or any of the officers or employees in the Division of Securities to use for personal benefit any information which is filed with or obtained by the Commissioner and which is not made public. (b) No provision of this title authorizes the Commissioner or any of his officers or employees […]
Section 11-208 – Securities Act Registration Fund
(a) In this section, “Fund” means the Securities Act Registration Fund. (b) There is a Securities Act Registration Fund. (c) The purpose of the Fund is to help fund the direct and indirect costs of administering and enforcing the Maryland Securities Act. (d) The Commissioner shall administer the Fund. (e) (1) The Fund is a special, nonlapsing fund that is not […]
Section 11-209 – Action for Violation of 8-801 of Criminal Law Article
(a) The Commissioner may: (1) (i) Bring a civil action for damages against a person that violates § 8–801 of the Criminal Law Article on behalf of a victim of the violation or, if the victim is deceased, the victim’s estate; (ii) Recover damages under this subsection for property loss or damage; and (iii) If the Commissioner prevails in an […]
Section 11-301 – Offers, Sales, or Purchases
It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly to: (1) Employ any device, scheme, or artifice to defraud; (2) Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light […]
Section 11-302 – Advisory Activities
(a) It is unlawful for any person who receives, directly or indirectly, any consideration from another person for advising the other person as to the value of securities or their purchase or sale, or for acting as an investment adviser or representative under § 11–101(i) and (j) of this title, whether through the issuance of analyses, […]
Section 11-303 – Misleading Filings
It is unlawful for any person to make or cause to be made, in any document filed with the Commissioner or in any proceeding under this title, any statement which is, at the time and in the light of the circumstances under which it is made, false or misleading in any material respect.
Section 11-304 – Unlawful Representations Concerning Registration, Notice Filing, or Exemption
(a) (1) Neither the fact that an application for registration under Subtitle 4 of this title or a registration statement or notice filing under Subtitle 5 of this title has been filed, nor the fact that a person or security is effectively registered constitutes a finding by the Commissioner that any document filed under this title is […]