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Subtitle 1 - Definitions; General Provisions
Section 11-101 - Definitions - (a) In this title, unless the context requires otherwise, the...
Section 11-102 - Rules of Interpretation - (a) The terms “offer”, “offer to sell”, “sale”, and “sell”,...
Section 11-103 - No Preemption by Philanthropy Protection Act - In accordance with § 6 of the federal Philanthropy Protection...
Subtitle 2 - Division of Securities
Section 11-201 - Administration of Title - (a) There is a Division of Securities in the Office...
Section 11-203 - Rules, Forms, and Orders - (a) (1) The Commissioner from time to time may make,...
Section 11-204 - Hearings to Be Public - Every hearing in an administrative proceeding shall be public unless...
Section 11-205 - Filing of Sales and Advertising Literature - The Commissioner by rule or order may require the filing...
Section 11-206 - Administrative Files and Opinions - (a) A document is filed when it is received by...
Section 11-207 - Use or Disclosure of Information - (a) It is unlawful for the Commissioner or any of...
Section 11-208 - Securities Act Registration Fund - (a) In this section, “Fund” means the Securities Act Registration...
Section 11-209 - Action for Violation of 8-801 of Criminal Law Article - (a) The Commissioner may: (1) (i) Bring a civil action...
Subtitle 3 - Fraudulent and Other Prohibited Practices
Section 11-301 - Offers, Sales, or Purchases - It is unlawful for any person, in connection with the...
Section 11-302 - Advisory Activities - (a) It is unlawful for any person who receives, directly...
Section 11-303 - Misleading Filings - It is unlawful for any person to make or cause...
Section 11-304 - Unlawful Representations Concerning Registration, Notice Filing, or Exemption - (a) (1) Neither the fact that an application for registration...
Section 11-305 - Senior Investment Protection - (a) It is unlawful for any person to use a...
Section 11-306 - Dishonest or Unethical Practices by Broker-Dealer or Agent Prohibited - A person who engages in the business of effecting transactions...
Section 11-307 - Reporting Financial Exploitation of Adults - (a) (1) In this section the following words have the...
Subtitle 4 - Requirements of Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Advisers
Section 11-401 - Transaction of Business by Unregistered Person Unlawful - (a) Except as provided in subsection (d) of this section,...
Section 11-402 - Agent Required to Be Registered - (a) (1) Except as provided in paragraph (3) of this...
Section 11-403 - Expiration - Unless sooner terminated under other provisions of this title, the...
Section 11-404 - Agent or Representative Terminating Connection With Broker-Dealer, Issuer, or Investment Representative; Beginning Connection With Another Principal - (a) (1) The registration of an agent expires when the...
Section 11-405 - Application; Effective Date of Registration - (a) A broker-dealer, agent, investment adviser, or investment adviser representative...
Section 11-406 - Renewal Registration - (a) A broker-dealer or investment adviser may obtain a renewal...
Section 11-407 - Filing Fee - (a) (1) An applicant for initial or renewal registration as...
Section 11-408 - Successors - (a) A registered broker-dealer or investment adviser may file an...
Section 11-409 - Capital and Financial Requirements - (a) The Commissioner may require by rule or order: (1)...
Section 11-410 - Surety - (a) (1) The Commissioner may require by rule or order...
Section 11-411 - Post-Registration Provisions - (a) (1) A registered broker-dealer shall make and keep correspondence,...
Section 11-412 - Denial, Revocation, or Suspension of Registration - (a) The Commissioner by order may deny, suspend, or revoke...
Section 11-413 - Summary Postponement or Suspension - (a) The Commissioner by order summarily may postpone or suspend...
Section 11-414 - Cancellation of Registration or Application; Abandonment of Notice Filing - (a) By order, the Commissioner may cancel a registration or...
Section 11-415 - Withdrawal From Registration - (a) Withdrawal from registration as a broker-dealer, agent, investment adviser,...
Section 11-416 - Prerequisites to Order - An order may not be entered under any part of...
Section 11-417 - Fine for Violation of Title - On notice and hearing as provided in § 11-416 of...
Subtitle 5 - Registration of Securities
Section 11-501 - Registration Requirement - A person may not offer or sell any security in...
Section 11-502 - Registration by Notification - (a) The following securities may be registered by notification, whether...
Section 11-503 - Registration by Coordination - (a) Any security for which a registration statement has been...
Section 11-503.1 - Filing of Documents and Fees Required; Stop Orders - (a) A person may not offer or sell a federal...
Section 11-504 - Registration by Qualification - (a) Any security may be registered by qualification. (b) A...
Section 11-505 - Filing of Registration Statement - (a) A registration statement may be filed by the issuer,...
Section 11-506 - Filing Fee - (a) Except as provided in § 11–510.1 of this subtitle,...
Section 11-507 - Matters Required to Be Specified in Registration Statement - (a) Every registration statement shall specify: (1) The amount of...
Section 11-508 - Effective Period of Registration Statement; Withdrawal of Registration Statement; Abandonment of Registration Statement - (a) A registration statement remains effective for 1 year after...
Section 11-509 - Reports by Person Filing Registration Statement - As long as a registration statement registered by qualification or...
Section 11-510 - Amendment of Registration Statement to Increase Securities Proposed to Be Offered - (a) A registration statement relating to a security registered under...
Section 11-510.1 - Registration of Indefinite Amount of Securities - (a) A face–amount certificate company, an open–end management company, a...
Section 11-511 - Denial, Suspension, and Revocation of Registration - (a) The Commissioner may issue a stop order denying effectiveness...
Section 11-512 - Summary Postponement or Suspension - (a) The Commissioner by order summarily may postpone or suspend...
Section 11-513 - Prerequisites to Stop Order - A stop order may not be entered under any part...
Section 11-514 - Vacation or Modification of Stop Order - The Commissioner may vacate or modify a stop order if...
Subtitle 6 - Exemptions
Section 11-601 - Exempt Securities - The following securities are exempted from §§ 11–205 and 11–501...
Section 11-602 - Exempt Transactions - The following transactions are exempted from §§ 11-205 and 11-501...
Section 11-603 - Denial or Revocation of Exemption - (a) (1) The Commissioner by order may deny or revoke...
Section 11-604 - Burden of Proof - (a) In a civil or administrative proceeding under this title,...
Subtitle 7 - Enforcement and Penalties
Section 11-701 - Investigations and Subpoenas - (a) In his discretion, the Commissioner may: (1) Make public...
Section 11-701.1 - Actions to Be Taken by Commissioner - (a) Whenever the Commissioner determines that a person has engaged...
Section 11-702 - Remedies - (a) Whenever it appears to the Commissioner that any person...
Section 11-703 - Civil Liabilities - (a) (1) A person is civilly liable to the person...
Section 11-704 - Judicial Review of Orders - (a) Any person aggrieved by a final order of the...
Section 11-705 - Penalties - (a) (1) Any person who willfully violates any provision of...
Subtitle 8 - Miscellaneous Provisions
Section 11-801 - Scope of Title - (a) Sections 11-301, 11-302, 11-303, 11-304, 11-401, 11-501, and 11-703...
Section 11-802 - Appointment of Attorney to Receive Service of Process - (a) (1) Every issuer filing an application for registration under...
Section 11-804 - Uniformity of Interpretation - This title shall be construed to effectuate its general purpose...
Section 11-805 - Short Title - This title may be cited as the Maryland Securities Act.