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1989 pt. 7 4361 (1989)

handle is hein.ssl/ssmd0160 and id is 1 raw text is: WILLIAM DONALD SCHAEFER, Governor 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-1-88tey 11-602(8), and 11-801( ) Annotated Code of Maryland (1985 Replacement Volume and 1988 Supplement) BY repealing and reenacting, with amendments, - 4361 - Ch. 805

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