(a) The Commissioner may require by rule or order:
(1) A minimum capital for a registered broker-dealer, subject to the limitations of § 15 of the Securities Exchange Act of 1934; and
(2) Minimum financial requirements for an investment adviser, subject to the limitations of § 222 of the Investment Advisers Act of 1940.
(b) These financial requirements may include different requirements for those investment advisers who maintain custody of clients’ funds or securities, or who require payment more than 6 months in advance of fees in excess of $500, and those investment advisers who do not.
Structure Maryland Statutes
Title 11 - Maryland Securities Act
Section 11-401 - Transaction of Business by Unregistered Person Unlawful
Section 11-402 - Agent Required to Be Registered
Section 11-405 - Application; Effective Date of Registration
Section 11-406 - Renewal Registration
Section 11-409 - Capital and Financial Requirements
Section 11-411 - Post-Registration Provisions
Section 11-412 - Denial, Revocation, or Suspension of Registration
Section 11-413 - Summary Postponement or Suspension
Section 11-414 - Cancellation of Registration or Application; Abandonment of Notice Filing
Section 11-415 - Withdrawal From Registration