CHAPTER 201
S.P. 495 - L.D. 1489
Be it enacted by the People of the State of Maine as follows:
Sec. 1. 32 MRSA §10302, sub-§2, ¶B, as enacted by PL 1985, c. 400, §2, is amended to read:
B. A sales representative bona fide officer, director, partner or member of the issuer, or an individual occupying a similar status or performing similar functions, or a bona fide employee of the issuer who is acting for an issuer in effecting transactions in a security exempt by one or more paragraphs of section 10502, subsection 1, except paragraphs E, F, G, H, I and J;
Sec. 2. 32 MRSA §10302, sub-§2, ¶C, as amended by PL 1999, c. 279, §1, is further amended to read:
C. A sales representative bona fide officer, director, partner or member of the issuer, or an individual occupying a similar status or performing similar functions, or a bona fide employee of the issuer who is acting for an issuer effecting offers or sales of securities in transactions exempt by one or more paragraphs of section 10502, subsection 2, except paragraph S;
Sec. 3. 32 MRSA §10302, sub-§2, ¶D, as amended by PL 1991, c. 82, §1, is further amended to read:
D. A sales representative bona fide officer, director, partner or member of the issuer, or an individual occupying a similar status or performing similar functions, or a bona fide employee of the issuer who is acting for an issuer effecting transactions with existing employees, partners, offi-cers or directors of the issuer, a parent or wholly owned subsidiary of the issuer, provided that no commissions or other remuneration are paid or given directly or indirectly to that person for soliciting any employee, partner, officer or director in this State; and
Sec. 4. 32 MRSA §10306, sub-§1, ¶A, as amended by PL 1993, c. 410, Pt. K, §3, is further amended to read:
A. Broker-dealer, $200 and for each branch office in this State, $50;
Sec. 5. 32 MRSA §10306, sub-§1, ¶C, as amended by PL 2001, c. 183, Pt. A, §4 and affected by §14, is further amended to read:
C. Investment adviser, $200; and
Sec. 6. 32 MRSA §10306, sub-§1, ¶D, as enacted by PL 2001, c. 183, Pt. A, §5 and affected by §14, is amended to read:
D. Investment adviser representative, $40.; and
Sec. 7. 32 MRSA §10306, sub-§1, ¶E is enacted to read:
E. Each branch office in this State, as defined in subsection 3, $50.
Sec. 8. 32 MRSA §10306, sub-§2, ¶A, as amended by PL 1993, c. 410, Pt. K, §4, is further amended to read:
A. Broker-dealer, $200 and for each branch office in this State, $30;
Sec. 9. 32 MRSA §10306, sub-§2, ¶C, as amended by PL 2001, c. 183, Pt. A, §7 and affected by §14, is further amended to read:
C. Investment adviser, $100; and
Sec. 10. 32 MRSA §10306, sub-§2, ¶D, as enacted by PL 2001, c. 183, Pt. A, §8 and affected by §14, is amended to read:
D. Investment adviser representative, $40.; and
Sec. 11. 32 MRSA §10306, sub-§2, ¶E is enacted to read:
E. Each branch office in this State, as defined in subsection 3, $30.
Sec. 12. 32 MRSA §10306, sub-§3-A is enacted to read:
3-A. Duplicate branch fees. Notwithstanding subsection 1, paragraph E and subsection 2, paragraph E, only one branch office fee is due if an office is a branch office of both a broker-dealer and an investment adviser affiliated by direct or indirect common control.
Sec. 13. 32 MRSA §10306, sub-§4, as amended by PL 1989, c. 542, §16, is further amended to read:
4. Fees nonrefundable. If an application is denied or, withdrawn or abandoned, or the license is terminated by revocation, cancellation or withdrawal, the administrator shall retain the fee paid.
Sec. 14. 32 MRSA §10308, sub-§1, as amended by PL 1989, c. 542, §18, is further amended to read:
1. Effective date of license. Unless a proceeding under section 10313 has been is instituted, the license of any broker-dealer, sales representative or, investment adviser or investment adviser representative becomes effective 30 days after an application for licensing and the last of any additional information requested by the administrator or the administrator's designee has been filed and provided that as long as all examination requirements imposed under section 10307 have been are satisfied. The administrator may, by order, authorize an earlier effective date of licensing.
Sec. 15. 32 MRSA §10311, sub-§2, as enacted by PL 1985, c. 400, §2, is amended to read:
2. Sales representatives; investment adviser representatives. Licensing of the sales representatives of the broker-dealer or investment adviser representatives of the investment adviser filing the application under subsection 1 shall continue continues upon licensing of the successor and no separate filing or fee shall be is required for the their continued licensing of the sales representatives.
Sec. 16. 32 MRSA §10313, sub-§7 is enacted to read:
7. Abandonment of license application. A pending license application may be considered abandoned if the administrator has not received a response to inquiries or deficiency notices for a period of at least 120 days. The administrator shall send an abandonment notice to the last known address of the applicant. The applicant must respond to the abandonment notice within 30 days to avoid an abandonment determination. The abandonment of an application does not preclude the filing of a subsequent application for licensure.
Sec. 17. 32 MRSA §10405, sub-§2, as amended by PL 1993, c. 410, Pt. K, §5, is further amended to read:
2. Fees. A person filing a registration statement must pay a filing fee of $500 for each security offered, except that for a registration statement filed under section 10404 for an offering for which the total amount raised in state and out of state does not exceed $1,000,000, the filing fee is $300 for each security offered. When a registration statement is withdrawn before the effective date or abandoned pursuant to section 10406, subsection 5 or a preeffective stop order is entered under section 10406, the administrator retains the fee.
Sec. 18. 32 MRSA §10406, sub-§5 is enacted to read:
5. Abandonment of filing. A registration statement that is pending effectiveness may be considered abandoned if the administrator has not received a response to inquiries or deficiency notices for a period of at least 120 days. The administrator shall send an abandonment notice to the last known address of the filer. The filer must respond to the abandonment notice within 30 days to avoid an abandonment determination. The abandonment of a registration statement does not preclude the filing of a subsequent registration statement.
Sec. 19. 32 MRSA §10502, sub-§§8 and 9 are enacted to read:
8. Abandonment of exemption or notice filing. An exemption filing or notice filing required pursuant to this section may be considered abandoned if the administrator has not received a response to inquiries or deficiency notices for a period of at least 120 days. The administrator shall send an abandonment notice to the last known address of the filer. The filer must respond to the abandonment notice within 30 days to avoid an abandonment determination. The abandonment of a filing does not preclude the filing of a subsequent exemption filing or notice filing.
9. Fees nonrefundable. If an exemption filing or notice filing is withdrawn, abandoned, denied or revoked, the administrator shall retain the fee paid.
Sec. 20. 32 MRSA §10504, sub-§1, as amended by PL 1999, c. 279, §9, is further amended to read:
1. Filing of sales and advertising literature. The administrator, by rule or order, may require the filing of any a prospectus, pamphlet, circular, form letter, advertisement or other sales literature or, advertising communication or business plan addressed or intended for distribution to prospective investors, including clients or prospective clients of an investment adviser, unless the security is a federal covered security or the security or transaction qualifies for an exemption under section 10502, subsection 2, paragraphs A to R for which the filing of a notice with the administrator is not required.
Sec. 21. 32 MRSA §10505, sub-§4, as enacted by PL 1997, c. 168, §28, is repealed.
Sec. 22. 32 MRSA §10505, sub-§4-A is enacted to read:
4-A. Fees nonrefundable. If a notice filing required pursuant to this section is withdrawn, abandoned or the subject of a stop order, the administrator shall retain the fee paid. A notice filing may be considered abandoned if the administrator has not received a response to inquiries or deficiency notices for a period of at least 120 days. The administrator shall send an abandonment notice to the last known address of the filer. The filer must respond to the abandonment notice within 30 days to avoid an abandonment determination. The abandonment of a filing does not preclude the filing of a subsequent exemption or notice filing.
Sec. 23. 32 MRSA §10701, sub-§5, as amended by PL 1989, c. 542, §55, is further amended to read:
5. Disclosure for enforcement purposes. The administrator may disclose any information obtained in connection with an investigation pursuant to section 10601 that would otherwise be nonpublic information to the securities agencies and administrators specified in section 10702, subsection 1, but only if disclosure is required for the purpose of a civil, administrative or criminal enforcement investigation and the requesting agency certifies that under applicable law reasonable protections exist to preserve the integrity, confidentiality and security of the information, comparable to the protections existing under the laws of this State.
Sec. 24. 32 MRSA §10701, sub-§5-A is enacted to read:
5-A. Public disclosure for enforcement purposes. The administrator may disclose any information obtained in connection with an investigation pursuant to section 10601 that would otherwise be nonpublic information to the public, but only if the administrator determines that disclosure is necessary for the protection of investors or the public.
Sec. 25. 32 MRSA §10702, sub-§2, ¶H, as enacted by PL 1985, c. 400, §2, is amended to read:
H. Issuing and enforcing subpoenas at the request of a federal or another state securities agency or the United States Commodity Futures Trading Commission, if the activities constituting an alleged violation for which the information is sought would also be a violation of this Act if the activities had taken place in this State and provided that any person against whom a subpoena may be issued shall have an opportunity for hearing before the subpoena is issued.
Effective September 13, 2003, unless otherwise indicated.
| Revisor of Statutes Homepage | Subject Index | Search | 121st Laws of Maine | Maine Legislature |
