SPIRO T. AGNEW, Governor                      1489

contained any statement which was, in light of the circumstances
under which it was made, false or misleading with respect to any
material fact;

(B)    Has willfully violated or willfully failed to comply with any
provision of this subtitle or a predecessor act or any rule or order
under this subtitle or a predecessor act ;

(C)    Has been convicted [, within the past ten years, of any mis-
demeanor involving a security or any aspect of the securities busi-
ness, or any] of a felony, infamous crime, or other crime involving
moral turpitude;

(D)    Is permanently or temporarily enjoined by any court of
competent jurisdiction from engaging in or continuing any conduct
or practice involving any aspect of the securities business;

(E)    Is the subject of an order of the Commissioner denying,
suspending, or revoking registration as a broker-dealer or agent;

(F)    Is the subject of an order entered within the past five years
by the securities administrator of any other state or by the Securi-
ties and Exchange Commission denying or revoking registration as
a broker-dealer or agent, or the substantial equivalent of those terms
as defined in this subtitle, or is suspended or expelled from a national
securities exchange or national securities association registered
under the Securities Exchange Act of 1934 either by action of a
national securities exchange or national securities association, the
effect of which action has not been stayed by appeal or otherwise,
or by order of the Securities and Exchange Commission, or is the
subject of a United States post-office fraud order; but (i) the Com-
missioner may not institute a revocation or suspension proceeding
under clause (F) more than one year from the date of the order or
action relied on, and (ii) he may not enter an order under clause
(F) on the basis of an order under another state act unless that
order was based on facts which would currently constitute a ground
for an order under this section ;

(G)    Has engaged in dishonest or unethical practices [in the
securities business];

(H) Is insolvent, either in the sense that his liabilities exceed
his assets or in the sense that he cannot meet his obligations as they
mature; but the Commissioner may not enter an order against a
broker-dealer under this clause without a finding of insolvency as
to the broker-dealer; or

(I) Is not qualified on the basis of such factors as training,
experience, and knowledge of the securities business, except as other-
wise provided in subsection (b).

The Commissioner may by order deny, suspend, or revoke any
registration if he finds (1) that the order is in the public interest
and (2) that the applicant or registrant

(J) Has failed reasonably to supervise his agents if he is a
broker-dealer; or

(K) Has failed to pay the proper filing fee; but the Commis-
sioner may enter only a denial order under this clause, and he shall
vacate any such order when the deficiency has been corrected.