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Session Laws, 1989
Volume 771, Page 4361   View pdf image
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WILLIAM DONALD SCHAEFER, Governor Ch. 805

adviser representative"; requiring investment advisers to
meet specific requirements as to the disclosure of certain
information to clients; expanding the scope of provisions of
law on antifraud and prohibited practices; expanding the
authority of the Securities Commissioner to grant exemptions
from the application of certain provisions of the antifraud
and prohibited practices subtitle; requiring certain

investment advisers and their investment adviser

representatives to register annually with the Securities
Commissioner; providing that the Securities Commissioner may
set certain minimum financial standards for, and require
certain financial reports of, investment advisers;
providing, in certain circumstances and pursuant to certain
procedures, that the registration of an investment adviser
or an investment adviser representative may be denied,
suspended, or revoked by the Securities Commissioner;
clarifying the grounds for denial, suspension, or revocation
of registration for all persons required to register under
Title 11 and expanding the class of registrants to include
certain investment advisers and their representatives;
including investment advisers and their representatives as
members of a class of applicants for registration who may be
subject to examination as a condition of registration;
expanding the class of individuals exempt from certain
filing and registration requirements; providing that
investment advisers and their representatives are included
in the class of registrants subject to a fine; expanding
civil liability to include private rights of action for
violations by a seller or offeror of a security; creating
certain private rights of action by which certain persons
may sue persons giving advice about securities for
violations of certain sections of Title 11; providing for
certain defenses and limitations periods; providing for the
measure of damages against certain persons; providing for a
statutory rate of interest applicable to judgments against
certain persons; providing for an effective date; generally
relating to the regulation of investment advisers and their
representatives, broker-dealers and their agents, and those
activities and persons regulated under Title 11 of the
Corporations and Associations Article; and making technical
changes.

BY repealing and reenacting, with amendments,

Article - Corporations and Associations

Section 11-101, 11-302, 11-703, and 11-801(f) 11-602(8), and

ll-801(f)
Annotated Code of Maryland
(1985 Replacement Volume and 1988 Supplement)

BY repealing and reenacting, with amendments,

- 4361 -

 

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Session Laws, 1989
Volume 771, Page 4361   View pdf image
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