reglab/statecodes huggingface dataset:
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 504 - BROKER-DEALER AND AGENT LICENSING › Section 032-504-2 - Electronic filing with designated entity

Current through 2024-29, July 17, 2024
1.
Designation
. Pursuant to Section 16406(1) of the Act, the
				Administrator designates the CRD to receive and store filings and collect
				related fees from broker-dealers and agents on behalf of the
				Administrator.
2.
Use of
				CRD
. Unless otherwise provided, all broker-dealer and agent
				applications, amendments, reports, notices, related filings and fees required
				to be filed with the Administrator shall be filed electronically with and
				transmitted to CRD.
3.
Electronic signature
. When a signature or signatures are required
				by the particular instructions of any filing made through CRD, the applicant or
				a duly authorized officer of the applicant, as required, shall affix his or her
				electronic signature to the filing by typing his or her name in the appropriate
				fields and submitting the filing to CRD. Submission of a filing in this manner
				shall constitute evidence of legal signature by any individuals whose names are
				typed on the filing.
4.
Non-CRD filings
. Notwithstanding subsection 2, any documents or
				fees required to be filed with the Administrator that are not permitted to be
				filed with or cannot be accepted by CRD shall be filed directly with the
				Administrator.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 504 - BROKER-DEALER AND AGENT LICENSING › Section 032-504-3 - Application for licensure

Current through 2024-29, July 17, 2024
1.
Initial
				application
. The application for initial licensure pursuant to Section
				16406(1)(A) of the Act shall be made by a broker-dealer completing Form BD or
				an agent completing Form U-4, in accordance with the form instructions, and by
				filing the form with CRD.The application for initial licensure shall also
				include the fee required by Rule Chapter 541.
2.
Annual renewal
. Pursuant to
				Section 16406(4) of the Act, a license is effective until midnight on December
				31st of the year for which the application for licensing was filed. Alicensee
				shall renew a license through CRD and pay the fee required by Rule Chapter
				541.
3.
Amendments
.
				Pursuant to Section 16406(2) of the Act, if the information or record contained
				in an application filed under this section is or becomes inaccurate or
				incomplete in a material respect, the licensee shall promptly file a correcting
				amendment. An amendment will be considered to be filed "promptly" if it is
				filed within thirty (30) days of the event that requires the filing.
4.
Completion of filing
. An
				application for initial licensure or a renewal is not considered filed for
				purposes of Section 16406 of the Act until all required forms have been
				completed and filed, all required fees have been paid, and all additional
				information and records requested by the Administrator under Section 16406 have
				been received.
5.
Branch
				offices
. Each broker-dealer shall file with CRD a Form BR, in accordance
				with the form instructions, for each branch office in Maine and shall pay the
				initial fee required by Rule Chapter 541.The filing is effective until midnight
				on December 31st of the year in which the filing was
				made. Each broker-dealer shall renew its branch office filings with CRD and
				shall pay the renewal fee required by Rule Chapter 541.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 504 - BROKER-DEALER AND AGENT LICENSING › Section 032-504-4 - Termination, transfer and withdrawal

Current through 2024-29, July 17, 2024
1.
Termination of agent's employment or association
. Pursuant to
				Section 16408(1) of the Act, if an agent licensed under the Act terminates (A)
				employment by or association with a broker-dealer or (B) activities that
				require licensing as an agent, the broker-dealer shall complete Form U-5 in
				accordance with the form instructions and promptly file the form with CRD. If
				the agent learns that the broker-dealer has not filed the form, then the agent
				shall promptly file it. The form will be considered to be filed "promptly" if
				it is filed within thirty (30) days of the termination.
2.
Transfer of agent's employment or
				association
. Pursuant to Section 16408(2) of the Act, if an agent
				licensed under the Act terminates employment by or association with a
				broker-dealer licensed under the Act and begins employment by or association
				with another broker-dealer licensed under the Act, an initial application for
				licensure must be filed in compliance with Section 16406 of the Act and Section
				3 of this chapter.
3.
Withdrawal of broker-dealer or agent
				licensing
. The application for withdrawal of licensing pursuant to
				Section 16409 of the Act shall be made by a broker-dealer completing Form BDW
				or Form U-5, or by an agent completing Form U-5, in accordance with the form
				instructions, and by filing the form with CRD.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 504 - BROKER-DEALER AND AGENT LICENSING › Section 032-504-5 - Broker-dealers not members of NASD and their agents; agents of issuers

Current through 2024-29, July 17, 2024
1.
Limited application of
				section
. This section applies only to:
A. broker-dealers that are licensed or
				required to be licensed under the Act and are not members of a self-regulatory
				organization registered under the United States Securities Exchange Act of
				1934;
B. agents of such
				broker-dealers; and
C. agents of
				issuers.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 504 - BROKER-DEALER AND AGENT LICENSING › Section 032-504-6 - Examination and training requirements

Current through 2024-29, July 17, 2024
1.
Examinations required
. Every individual applicant for a license
				shall take and pass:
A. The NASAA Series 63
				Uniform Securities Agent State Law Examination or the NASAA Series 66 Uniform
				Combined State Law Examination;
B.
				The Securities Industry Essentials ("SIE") examination; and C.A securities
				representative-level qualification examination or examinations administered by
				FINRA for the types of activity in which the applicant will be engaged, except
				that:
(1) an applicant who is not required to
				be registered with FINRA or who is applying to be an agent of a non-FINRA
				member broker-dealer or of an issuer may substitute a Series 7 General
				Securities Representative Examination for the examination or examinations that
				would otherwise be required under this paragraph; and
(2) a licensed agent who has passed only one
				or more of the limited representative-level qualification examinations
				administered by FINRA shall be deemed to be licensed in Maine only for those
				business activities for which those examinations would qualify the agent under
				FINRA rules, and it shall be unlawful for that person to effect any other
				securities transactions in Maine as an agent.
An applicant whose license has been invalid for a period of
				  two years or more must retake and receive a passing grade on the State Law
				  Examination and representative-level qualifying examinations. Applicants for
				  licensure whose license has been invalid for a period of four years or more
				  must also retake and receive a passing grade on the SIE examination.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 504 - BROKER-DEALER AND AGENT LICENSING › Section 032-504-9 - Dishonest or Unethical Practices: Investment Company Shares

Current through 2024-29, July 17, 2024
Broker-dealers and agents shall observe high standards of
				  commercial honor and just and equitable principles of trade in the conduct of
				  their business and shall give particular consideration to any conflicts of
				  interest that may arise or exist.The practices listed below are examples of
				  practices relating to investment company shares which may be considered
				  contrary to such standards and may thus constitute grounds for discipline under
				  Section 16412 of the Act.
This section is not intended to be all inclusive, and thus
				  practices not enumerated herein may also be deemed dishonest or unethical. This
				  section is also not intended to limit or define fraudulent and other prohibited
				  practices under Subchapter 5 of the Act or to preclude application of the
				  general anti-fraud provisions contained therein against any person for
				  practices similar in kind to those listed below.
For purposes of this section, the delivery of a prospectus,
				  in and of itself, shall not be dispositive that the broker-dealer or agent
				  provided the customer full and fair disclosure.
A person may be deemed to have engaged in "dishonest or
				  unethical practices" under Section 16412(4)(M) of the Act by engaging in one or
				  more of the following practices in connection with the solicitation of
				  investment company shares:
1. Failing
				to adequately disclose to a customer all sales charges, including asset based
				and contingent deferred sales charges, which may be imposed with respect to the
				purchase, retention or redemption of such shares;
2. Stating or implying to a customer that the
				shares are sold without a commission, are "no load" or have "no sales charge"
				if there is associated with the purchase of the shares:
A. A front-end load;
B. A contingent deferred sales
				load;
C. A SEC Rule 12 b-1 fee or a
				service fee if such fees in total exceeds .25%of average net fund assets per
				year; or
D. In the case of
				closed-end investment company shares, underwriting fees, commissions or other
				offering expenses;
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 504 - BROKER-DEALER AND AGENT LICENSING › Section 032-504-10 - Location of forms

Current through 2024-29, July 17, 2024
Copies of the forms referred to in this rule are available
				  at no charge on the website of the Office of Securities,
http://www.maine.gov/pfr/sec/sec_forms.htm
.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 506 - FINANCIAL INSTITUTIONS AND BROKER-DEALERS ENGAGING IN THIRD PARTY BROKERAGE ARRANGEMENTS › Section 032-506-1 - Purpose

Current through 2024-29, July 17, 2024
This joint rule, which repeals and replaces both the Bureau
				  of Financial Institutions Regulation 29 and the Office of Securities Rule 506,
				  gives direction to broker-dealers and financial institutions regarding their
				  respective obligations in any third party brokerage arrangements in Maine. This
				  joint rule also contains directives to financial institutions authorized to do
				  business in this state, for qualifying for the third party broker-dealer
				  exclusion from the definition of broker-dealer contained in
				   32 M.R.S.A.
				  §16102(4)(C). For
				  purposes of complying with the securities laws, the rule gives all financial
				  institutions a safe harbor under GLB from broker-dealer licensing if they enter
				  into a third party brokerage arrangement as described in the rule.
				  Broker-dealers must comply with the provisions of Sections
				  5 and
				  6 for any arrangement with financial
				  institutions whether the financial institution is state or federally chartered.
				  The rule does not grant a safe harbor to financial institution holding
				  companies, subsidiaries of financial institutions or credit union service
				  organizations, which must be licensed with the Maine Office of Securities as
				  broker-dealers.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 506 - FINANCIAL INSTITUTIONS AND BROKER-DEALERS ENGAGING IN THIRD PARTY BROKERAGE ARRANGEMENTS › Section 032-506-2 - Definitions

Current through 2024-29, July 17, 2024
For purposes of this rule, the following definitions shall
				  apply:
1.
Broker-dealer.
"Broker-dealer" has the same meaning as in
				 32 M.R.S.A.
				§16102(4).
2.
Control.
"Control" has the
				same meaning as in
				 9-B M.R.S.A.
				§1011(4).
3.
Financial institution.
"Financial institution" means a financial institution as defined in
				 9-B M.R.S.A.
				§131(17) and a credit
				union as defined in
				 9-B M.R.S.A.
				§131(12).
4.
Financial institution authorized to
				do business in this State.
"Financial institution authorized to do
				business in this State" means a financial institution authorized to do business
				in this state as defined in
				 9-B M.R.S.A.
				§131(17-A) and a credit
				union authorized to do business in this state as defined in
				 9-B M.R.S.A.
				§131(12-A), which
				includes a "financial institution" as defined in sub-section
				3 of this section.
5.
Mutual fund.
"Mutual fund"
				means an investment company as defined in the Investment Company Act of 1940,
				15 U.S.C. § 80 a-3 (2001).
6.
Retail area.
"Retail area" means all space occupied by a financial
				institution where the "business of banking" as defined in
				9-B M.R.S.A.
				§131(5) may
				occur.
7.
Agent.
"Agent" has the same meaning as in
				 32 M.R.S.A.
				§16102(2).
8.
Security.
"Security" has the
				same meaning as in
				32 M.R.S.A.
				§16102(28).
9.
Third party broker-dealer.
"Third party broker-dealer" means a broker-dealer, including a broker-dealer
				that is controlled by a financial institution authorized to do business in this
				State or financial institution holding company, licensed by the Maine Office of
				Securities and registered with the National Association of Securities Dealers,
				that has entered into a written contractual agreement with a financial
				institution authorized to do business in this State to offer brokerage services
				to customers of the institution with compensation to the institution, directly
				or indirectly, for the transactions or services conducted with the
				institution's customers.
10.
Third party brokerage arrangement.
"Third party brokerage
				arrangement" means an agreement between a third party broker-dealer and a
				financial institution authorized to do business in this State, whereby the
				broker-dealer agrees to provide securities services to the customers of the
				institution and to compensate the institution for the transactions or services
				conducted with its customers.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 506 - FINANCIAL INSTITUTIONS AND BROKER-DEALERS ENGAGING IN THIRD PARTY BROKERAGE ARRANGEMENTS › Section 032-506-3 - General authorization for third party brokerage arrangements

Current through 2024-29, July 17, 2024
1.
Authorization for financial
				institutions.
A financial institution may enter into third party
				brokerage arrangements to facilitate the sale of securities, subject to
				provisions of this rule.
2.
Authorization for financial institutions authorized to do business in
				this State.
A financial institution authorized to do business in this
				State may enter into third party brokerage arrangements and qualify for the
				exclusion from the definition of "broker-dealer" pursuant to
				 32 M.R.S.A.
				§16102(4)(C), if the
				financial institution authorized to do business in this State complies with
				Sections
				5 and
				6 of this rule.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 506 - FINANCIAL INSTITUTIONS AND BROKER-DEALERS ENGAGING IN THIRD PARTY BROKERAGE ARRANGEMENTS › Section 032-506-4 - Provisions applicable to financial institutions

Current through 2024-29, July 17, 2024
1.
Safety and soundness.
Financial institutions engaging in third
				party brokerage arrangements are subject to the following provisions to ensure
				the safety and soundness of those institutions:
A. The financial institution must adopt a
				written policy which:
(1) addresses the risks
				associated with the sales program;
(2) contains a summary of the policies and
				procedures necessary to implement the sales program and to ensure compliance
				with all applicable laws, rules and regulatory conditions; and
(3) identifies the scope of activities that
				will be performed by a third party broker-dealer.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 506 - FINANCIAL INSTITUTIONS AND BROKER-DEALERS ENGAGING IN THIRD PARTY BROKERAGE ARRANGEMENTS › Section 032-506-5 - Third party broker-dealer agreement

Current through 2024-29, July 17, 2024
This section applies to all third party broker-dealer
				  arrangements, whether with a financial institution or a financial institution
				  authorized to do business in this State. In order for a financial institution
				  authorized to do business in this State to qualify for the exclusion from the
				  definition of "broker-dealer" in
				   32 M.R.S.A.
				  §16102(4), that
				  financial institution authorized to do business in this State must comply with
				  all provisions of this section that are applicable to financial
				  institutions.
There shall be a written agreement ("the Agreement") between
				  the financial institution and the third party broker-dealer that shall, at a
				  minimum, address the areas listed below.
1.
Duties and responsibilities.
A description of the duties and responsibilities of each party, such as the
				separation of banking and brokerage service, compliance with disclosure and
				advertising requirements and the functions and compensation of financial
				institution employees.
2.
Customer information.
The use of financial institution and
				broker-dealer customer information and how compliance with Maine and federal
				law will be achieved.
3.
Compliance.
Authority for the financial institution and the third
				party broker-dealer to monitor transactions and to review and verify compliance
				with the Agreement.
4.
Access
				to records.
Authority for the financial institution and regulators to
				have access to relevant records of the third party broker-dealer and the
				financial institution in order to evaluate compliance with the
				Agreement.
5.
Licensed
				entities and persons.
Requirement that the activities be conducted only
				by the third party broker-dealer and its licensed agents.
6.
Agent disapproval and
				control.
The right of the financial institution to disapprove the
				placement or retention of any agent. The broker-dealer, however, has sole
				control and authority over agents, including sole responsibility for training
				and supervision of agents.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 506 - FINANCIAL INSTITUTIONS AND BROKER-DEALERS ENGAGING IN THIRD PARTY BROKERAGE ARRANGEMENTS › Section 032-506-7 - Broker-dealer unethical practice defined

Current through 2024-29, July 17, 2024
For purposes of
				  
				  32 M.R.S.A.
				  §16412(4)(M), it is an
				  unethical practice in the securities business for a broker-dealer engaging in a
				  third party brokerage arrangement with a financial institution authorized to do
				  business in this State to fail to comply with any of the requirements set forth
				  in Sections
				  5 or
				  6 of this rule, or to allow anyone
				  other than personnel licensed by the Maine Office of Securities to conduct
				  securities transactions.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 506 - FINANCIAL INSTITUTIONS AND BROKER-DEALERS ENGAGING IN THIRD PARTY BROKERAGE ARRANGEMENTS › Section 032-506-8 - Third party broker-dealer failure to supervise defined

Current through 2024-29, July 17, 2024
For purposes of
				  
				  32 M.R.S.A.
				  §16412(4)(I), it is a
				  failure reasonably to supervise an agent for a broker-dealer to allow the agent
				  to effect purchases or sales of securities on behalf of the broker-dealer with
				  customers of a financial institution authorized to do business in this State,
				  without adopting and furnishing the agent with written guidelines for engaging
				  in such activity, and maintaining supervisory procedures adequate for ensuring
				  that the guidelines are followed. Those guidelines shall, at minimum, instruct
				  the agent on the steps to be taken to ensure that the purchasers of securities
				  understand the differences between securities and a federally insured deposit,
				  and that only suitable transactions are effected.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 506 - FINANCIAL INSTITUTIONS AND BROKER-DEALERS ENGAGING IN THIRD PARTY BROKERAGE ARRANGEMENTS › Section 032-506-9 - Federal and state rules and regulations

Current through 2024-29, July 17, 2024
It is recognized that the Federal Deposit Insurance
				  Corporation, the Federal Reserve System, the Comptroller of the Currency, the
				  Office of Thrift Supervision, the National Credit Union Administration and the
				  Securities and Exchange Commission have promulgated, or may in the future
				  promulgate, regulations or guidelines governing the manner in which a financial
				  institution or any of its affiliates and a broker-dealer may engage in
				  securities activities. It is further recognized that there may exist
				  differences in scope and coverage between this rule and those regulations
				  promulgated by federal regulatory agencies. It is not the intent of this rule
				  to permit any practice that is not permitted by the appropriate state or
				  federal regulatory agency. In addition to any restriction or limitation stated
				  in this rule, each financial institution, or any of its affiliates, and each
				  broker-dealer must fully comply with the rules or regulations of any applicable
				  state or federal regulatory agency and self-regulatory organization.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 507 - LICENSING EXEMPTION FOR CERTAIN FOREIGN BROKER-DEALERS › Section 032-507-1 - Exempt Broker-dealers

Current through 2024-29, July 17, 2024
The following are exempt from the licensing requirements of
				   32
				  M.R.S.A. §§16401 and
				  16402:
1. A broker-dealer that is registered or
				licensed in Canada, has no place of business in this State, and who, in
				connection with its activities in this State:
A. Only effects transactions in securities
				with or for, or attempts to effect the purchase or sale of any securities by:
(1) An individual from Canada who is
				temporarily present in this State, with whom the Canadian broker-dealer had a
				bona-fide customer relationship before the individual entered the United
				States;
(2) An individual from
				Canada who is present in this State, and whose transactions are in a
				self-directed tax advantaged retirement plan in Canada of which the individual
				is the holder or contributor; or
(3) An individual who is present in this
				State with whom the broker-dealer customer relationship arose while the
				individual was temporarily or permanently resident in Canada; and
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 507 - LICENSING EXEMPTION FOR CERTAIN FOREIGN BROKER-DEALERS › Section 032-507-2 - Exempt Transactions

Current through 2024-29, July 17, 2024
Offers or sales of any security effected by a broker-dealer
				  that is exempt from licensing under this rule are exempt from the registration
				  requirements of
				   32 M.R.S.A.
				  §16301.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 507 - LICENSING EXEMPTION FOR CERTAIN FOREIGN BROKER-DEALERS › Section 032-507-3 - Preservation of Exemptions

Current through 2024-29, July 17, 2024
A broker-dealer that is registered or licensed in Canada and
				  otherwise qualifies for a licensing exemption provided for in
				   32
				  M.R.S.A. §16401(2)
				  shall not lose that exemption solely as a result of effecting transactions in
				  compliance with this rule. In addition, a broker-dealer that otherwise
				  qualifies for the exemption provided for in this rule shall not lose this
				  exemption solely as a result of also effecting transactions pursuant to an
				  exemption provided for in
				   32
				  M.R.S.A.
				  §16401(2).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 510 - BROKER-DEALERS, INVESTMENT ADVISERS, AND OTHERS USING THE INTERNET FOR GENERAL DISSEMINATION OF INFORMATION ABOUT SECURITIES PRODUCTS AND SERVICES › Section 032-510-1 - Definitions

Current through 2024-29, July 17, 2024
For purposes of this rule, the following definitions shall
				  apply:
1. "Internet" means the single
				interconnected world-wide system of commercial, governmental, educational, and
				other computer networks that share the set of protocols specified by the
				Internet Architecture Board (IAB) and the name and address spaces managed by
				the Internet Corporation for Assigned Names and Numbers (ICANN).
2. "Internet communication" means the sharing
				of information over the Internet which is directed generally to anyone,
				including persons in Maine, accessing, without limitation, postings on web
				pages, social media, emails, instant messages, advertising platforms or similar
				methods.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 510 - BROKER-DEALERS, INVESTMENT ADVISERS, AND OTHERS USING THE INTERNET FOR GENERAL DISSEMINATION OF INFORMATION ABOUT SECURITIES PRODUCTS AND SERVICES › Section 032-510-2 - Licensing Exemption

Current through 2024-29, July 17, 2024
Broker-dealers, investment advisers, agents and investment
				  adviser representatives ("IA representatives") who use the Internet to
				  distribute information on available products and services through Internet
				  communications shall not be considered to be "transacting business" in this
				  State for purposes of Sections 16401 through 16404 of the Maine Uniform
				  Securities Act based solely on that fact, if the following conditions are
				  observed:
1. The Internet
				communication contains a legend in which it is clearly stated that:
A. The broker-dealer, investment adviser,
				agent or IA representative may only transact business in this State if first
				licensed, excluded or exempted from state broker-dealer, investment adviser,
				agent or IA representative licensing requirements; and
B. Follow-up, individualized responses to
				persons in this State by the broker-dealer, investment adviser, agent or IA
				representative that involve either effecting or attempting to effect
				transactions in securities, or the rendering of personalized investment advice
				for compensation, will not be made absent compliance with state broker-dealer,
				investment adviser, agent or IA representative licensing requirements, or an
				applicable exemption or exclusion;
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 510 - BROKER-DEALERS, INVESTMENT ADVISERS, AND OTHERS USING THE INTERNET FOR GENERAL DISSEMINATION OF INFORMATION ABOUT SECURITIES PRODUCTS AND SERVICES › Section 032-510-3 - Limitations of Exemption

Current through 2024-29, July 17, 2024
The exemption provided in Section
				  2 extends to broker-dealer, investment
				  adviser, agent and IA representative licensing requirements only and does not
				  excuse compliance with applicable securities registration, antifraud or related
				  provisions.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 511 - CHANGE OF OWNERSHIP OR CONTROL OF A BROKER-DEALER OR INVESTMENT ADVISER › Section 032-511-1 - Change of ownership or control of a broker-dealer or investment adviser

Current through 2024-29, July 17, 2024
1. Requirement. A broker-dealer or investment
				adviser is required to file a new license application if its direct or indirect
				ownership or control changes by more than 45% within a 10-year
				period.
2. Applicability. This
				chapter does not apply to a broker-dealer or investment adviser that is a
				publicly-traded company whose securities are listed or authorized for listing
				on a national securities exchange.
3. New application. A broker-dealer or
				investment adviser that is required to file a new license application under
				Subsection
				1 shall, within 30 days of being
				required to file a new license application under Subsection
				1:
A. file with the Administrator the
				appropriate manually-signed and notarized application for an initial license
				under
				
				32 M.R.S.A. §16406(1);
				and
B. pay directly to the
				Administrator the appropriate filing fee required by Rule Chapter
				541.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 512 - PROHIBITION AGAINST USE OF MISLEADING SENIOR DESIGNATIONS › Section 032-512-1 - Prohibition on use of senior certifications or designations

Current through 2024-29, July 17, 2024
1.
General prohibition
. The use
				of a senior specific certification or designation by any person in connection
				with the offer, sale, or purchase of securities, or the provision of advice as
				to the value of or the advisability of investing in, purchasing, or selling
				securities, either directly or indirectly or through publications or writings,
				or by issuing or promulgating analyses or reports relating to securities, that
				indicates or implies that the user has special certification or training in
				advising or servicing senior citizens or retirees, in such a way as to mislead
				any person shall be a dishonest and unethical practice in the securities
				business within the meaning of
				
				32 M.R.S.A.
				§16412(4)(M).
2.
Specific prohibitions
. The
				prohibited use of such certifications or professional designations includes,
				but is not limited to, the following:
A. use
				of a certification or professional designation by a person who has not actually
				earned or is otherwise ineligible to use such certification or
				designation;
B. use of a
				nonexistent or self-conferred certification or professional
				designation;
C. use of a
				certification or professional designation that indicates or implies a level of
				occupational qualifications obtained through education, training, or experience
				that the person using the certification or professional designation does not
				have; and
D. use of a certification
				or professional designation that was obtained from a designating or certifying
				organization that:
(1) is primarily engaged
				in the business of instruction in sales and/or marketing;
(2) does not have reasonable standards or
				procedures for assuring the competency of its designees or
				certificants;
(3) does not have
				reasonable standards or procedures for monitoring and disciplining its
				designees or certificants for improper or unethical conduct; or
(4) does not have reasonable continuing
				education requirements for its designees or certificants in order to maintain
				the designation or certificate.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 512 - PROHIBITION AGAINST USE OF MISLEADING SENIOR DESIGNATIONS › Section 032-512-2 - Enforcement of Existing Provisions of Law

Current through 2024-29, July 17, 2024
Nothing in this rule shall limit the Administrator's
				  authority to enforce existing provisions of law.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 515 - INVESTMENT ADVISER LICENSING › Section 032-515-1 - Definitions

Current through 2024-29, July 17, 2024
For the purposes of this chapter, the following definitions
				  shall apply:
1.
Act.
"Act" means the Maine Uniform Securities Act,
				32 M.R.S.A.
				§§16101 to
				16702.
2.
Administrator.
"Administrator" has the same meaning as in
				32 M.R.S.A.
				§16102(1).
3.
CRD.
"CRD" means the
				Internet-based Central Registration Depository.
4.
Federal Covered Investment Adviser.
"Federal Covered Investment Adviser" has the same meaning as in
				32 M.R.S.A.
				§16102(6).
5.
Form ADV.
"Form ADV" means
				the Uniform Application for Investment Adviser Registration, a uniform form
				which is hereby adopted for use in the State of Maine.
6.
Form ADV-H.
"Form ADV-H"
				means the Uniform Application for a temporary or continuing Hardship Exemption,
				a uniform form which is hereby adopted for use in the State of Maine.
7.
Form ADV-W.
"Form ADV-W"
				means the Uniform Notice of Withdrawal from Registration as Investment Adviser,
				a uniform form which is hereby adopted for use in the State of Maine.
8.
Form BR.
"Form BR" means the
				Uniform Branch Office Registration Form, a uniform form that is hereby adopted
				for use in the State of Maine.
9.
Form U-4.
"Form U-4" means the Uniform Application for Securities
				Industry Registration or Transfer, a uniform form which is hereby adopted for
				use in the State of Maine.
10.
Form U-5.
"Form U-5" means the Uniform Termination Notice for
				Investment Adviser licensure or registration, a uniform form which is hereby
				adopted for use in the State of Maine.
11.
IARD.
"IARD" means the
				Internet-based Investment Adviser Registration Depository.
12.
Investment Adviser.
"Investment Adviser" has the same meaning as in
				32 M.R.S.A.
				§16102(15).
13.
Investment Adviser
				Representative.
"Investment Adviser Representative" has the same meaning
				as in
				32 M.R.S.A.
				§16102(16).
14.
Investment Advisory
				Contract.
"Investment Advisory Contract" means any contract or agreement
				whereby a person agrees to act as investment adviser to or manage any
				investment or trading account of another person other than an investment
				company registered under the United States Investment Company Act of
				1940.
15.
SEC.
"SEC"
				means the United States Securities and Exchange Commission.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 515 - INVESTMENT ADVISER LICENSING › Section 032-515-2 - Electronic filing with designated entity

Current through 2024-29, July 17, 2024
1.
Designation.
Pursuant to Section 16406(1) of the Act, the
				Administrator designates the IARD and the CRD to receive and store filings and
				collect related fees from investment advisers and investment adviser
				representatives on behalf of the Administrator.
2.
Use of the IARD and the CRD.
Unless otherwise provided, all investment adviser and investment adviser
				representative applications, amendments, reports, notices, related filings and
				fees required to be filed with the Administrator shall be filed electronically
				with and transmitted to the IARD or the CRD.
3.
Electronic Signature.
When a
				signature or signatures are required by the particular instructions of any
				filing made through the IARD or the CRD, the applicant or a duly authorized
				officer of the applicant, as required, shall affix his or her electronic
				signature to the filing by typing his or her name in the appropriate fields and
				submitting the filing to the IARD or the CRD. Submission of a filing in this
				manner shall constitute evidence of legal signature by any individuals whose
				names are typed on the filing.
4.
Non-IARD and non-CRD Filings.
Notwithstanding Sub-section 2, any
				documents or fees required to be filed with the Administrator that are not
				permitted to be filed with or cannot be accepted by the IARD or the CRD shall
				be filed directly with the Administrator.
5.
Hardship Exemptions.
This
				sub-section provides two "hardship exemptions" from the requirements to make
				electronic filings:
A.
Temporary
				hardship exemption
(1) Investment
				advisers licensed or required to be licensed under the Act that experience
				unanticipated technical difficulties that prevent submission of an electronic
				filing to the IARD may request a temporary hardship exemption from the
				requirements to file electronically.
(2) To request a temporary hardship
				exemption, the investment adviser must:
(a)
				file the Form ADV-H in paper format with the Administrator no later than one
				(1) business day after the filing that is the subject of the Form ADV-H was
				due; and
(b) submit the filing that
				is the subject of the Form ADV-H in electronic format to the IARD no later than
				seven (7) business days after the filing was due.
(3) The temporary hardship exemption will be
				deemed effective upon receipt by the Administrator of the complete Form ADV-H.
				Multiple temporary hardship exemption requests within the same calendar year
				may be disallowed by the Administrator.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 515 - INVESTMENT ADVISER LICENSING › Section 032-515-3 - Application for investment adviser licensure

Current through 2024-29, July 17, 2024
1.
Initial Application.
The application for initial licensure as an
				investment adviser pursuant to Section 16406(1) of the Act shall be made by
				completing the Form ADV in accordance with the form instructions, and by filing
				the form with the IARD. Until the IARD provides for the filing of Form ADV,
				Part II, it shall be filed directly with the Administrator. Once the IARD can
				accept such filings, Form ADV, Part II shall be filed with the IARD. The
				application for initial licensure shall also include the following:
A. A financial statement demonstrating
				compliance with the requirements of Section
				12, if necessary;
B. The fee required by Rule Chapter
				541;
C. For sole proprietors, proof
				of compliance by the applicant with the examination requirements of Section
				10 of this chapter unless such proof
				is available to the Administrator through the CRD; and D. Any other information
				required by the Administrator.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 515 - INVESTMENT ADVISER LICENSING › Section 032-515-4 - Application for investment adviser representative licensure

Current through 2024-29, July 17, 2024
1.
Initial Application.
The
				application for initial licensure pursuant to Section 16406(1) of the Act shall
				made by completing Form U-4 in accordance with the form instructions and by
				filing the Form U-4 with the CRD. The application for initial licensure shall
				also include the following:
A. Proof of
				compliance by the investment adviser representative applicant with the
				examination requirements set out in Section
				10 of this chapter unless such proof
				is available to the Administrator through the CRD;
B. The fee required by Rule Chapter 541;
				and
C. A complete set of
				fingerprints taken by an authorized law enforcement officer. In Maine,
				authorized law enforcement officers are set forth in Title 25, Section 1549.
				Applicants who are residents of other jurisdictions shall use law enforcement
				officers in their home jurisdiction who are authorized by law to take
				fingerprints. This requirement shall be waived if the applicant is currently
				registered or licensed by a state securities regulator at the time application
				for licensure in this state is made and the applicant has previously submitted
				fingerprint impressions to NASD, the CRD, or another securities regulator in
				connection with registration or licensure.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 515 - INVESTMENT ADVISER LICENSING › Section 032-515-5 - Notice filing requirements for Federal Covered Investment Advisers

Current through 2024-29, July 17, 2024
1.
Notice Filing.
The notice
				filing for a Federal Covered Investment Adviser under Section 16405(3) of the
				Act shall be filed with the IARD on an executed Form ADV. A notice filing shall
				be deemed filed when the fee required by Rule Chapter 541 and the complete Form
				ADV are filed with and accepted by the IARD on behalf of the State.
2.
Portions of Form ADV Not Yet
				Accepted by the IARD.
Until the IARD provides for the filing of Form
				ADV, Part II, the Administrator will deem Form ADV, Part II filed if a Federal
				Covered Investment Adviser provides, within five (5) days of a request by the
				Administrator, Form ADV, Part II.
3.
Annual Renewal.
The annual
				renewal of the notice filing for a Federal Covered Investment Adviser pursuant
				to Section 16405(3) of the Act shall be filed with the IARD. The renewal of the
				notice filing for a Federal Covered Investment Adviser shall be deemed filed
				when the fee required by Rule Chapter 541 is filed with and accepted by the
				IARD on behalf of the state.
4.
Updates and Amendments
A. A
				Federal Covered Investment Adviser shall file with the IARD, in accordance with
				the instructions in the Form ADV, any amendments to the Federal Covered
				Investment Adviser's Form ADV by filing an annual updating amendment within
				ninety (90) days after the end of its fiscal year.
B. In addition to filing its annual updating
				amendment, the Federal Covered Investment Adviser shall amend its Form ADV by
				filing additional amendments "promptly" with the IARD if:
(1) information provided in response to items
				1, 3, 9, or 11 of Part 1A or items 1, 2.A through 2.F, or 2I or Part 1B of Form
				ADV become inaccurate in any way;
(2) information provided in response to items
				4, 8, 10 of Part 1A or item 2.G of Part 1.B of Form ADV become materially
				inaccurate; or
(3) information
				provided in its brochure becomes materially inaccurate.
C. An amendment shall be considered to be
				filed "promptly" if filed within thirty (30) days of the event that requires
				the filing of the amendment.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 515 - INVESTMENT ADVISER LICENSING › Section 032-515-6 - Advertising

Current through 2024-29, July 17, 2024
1. It is unlawful to publish, circulate, or
				distribute any advertisement that:
A. Refers
				either directly or indirectly to any testimonial of any kind concerning the
				investment adviser or investment adviser representative, or concerning any
				advice, analysis, report or other service rendered by such investment adviser
				or investment adviser representative;
B. Refers either directly or indirectly to
				past specific recommendations of such investment adviser or investment adviser
				representative which were or would have been profitable to any person. However,
				this shall not prohibit an advertisement which sets out or offers to furnish a
				list of all recommendations made by an investment adviser or investment adviser
				representative within the immediately preceding period of not less than one
				year if such advertisement or list is furnished separately and:
(1) states
(a) the name of each such security
				recommended;
(b) the date and
				nature of each such recommendation, for example, whether to buy, sell or
				hold;
(c) the market price at that
				time;
(d) the price at which the
				recommendation was to be acted upon; and
(e) the market price of each such security as
				of the most recent practicable date; and
(2) contains the following cautionary legend
				on the first page thereof in print or type as large as the largest print or
				type used in the body or text thereof: "it should not be assumed that
				recommendations made in the future will be profitable or will equal the
				performance of the securities in this list";
C. Either directly or indirectly represents
				that any graph, chart, formula or other device being offered can, in and of
				itself, be used to determine which securities to buy or sell, or when to buy or
				sell them;
D. Represents, either
				directly or indirectly, that any graph, chart, formula or other device being
				offered will assist any person in making his or her own decisions as to which
				securities to buy, sell, or when to buy or sell them, without prominently
				disclosing in such advertisement the limitations thereof and the difficulties
				with respect to its use;
E.
				Contains any statement to the effect that any report, analysis, or other
				service will be furnished free or without charge, unless such report, analysis
				or other service actually is or will be furnished entirely free and without any
				condition or obligation, directly or indirectly; or
F. Contains any untrue statement of a
				material fact, or is otherwise false or misleading.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 032 - OFFICE OF SECURITIES › Chapter 515 - INVESTMENT ADVISER LICENSING › Section 032-515-8 - Investment adviser brochure rule

Current through 2024-29, July 17, 2024
1.
Sectional
				Definitions.
For the purposes of this section, the following definitions
				shall apply:
A. "Current brochure" and
				"current brochure supplement" mean the most recent revision of the brochure or
				brochure supplement, including all subsequent amendments, containing at least
				as much information then required by Form ADV, Part II, which may itself be
				used as the "current brochure."
B.
				"Entering into," in reference to an investment advisory contract, does not
				include an extension or renewal without material change of any such contract
				which is in effect immediately prior to such extension or renewal.
C. "Sponsor" of a wrap fee program means an
				investment adviser that is compensated under a wrap fee program for sponsoring,
				organizing, or administering the program, or for selecting, or providing advice
				to clients regarding the selection of other investment advisers in the
				program.
D. "Wrap fee program"
				means an advisory program under which a specified fee or fees, not based
				directly upon transactions in a client's account, is charged for investment
				advisory services, which may include portfolio management or advice concerning
				the selection of other investment advisers, and the execution of client
				transactions.