1962

LAMS OF MARYLAND

[Ch. 311

SECURITIES, OR WHO, FOR COMPENSATION AND AS A PART OF A
REGULAR BUSINESS, ISSUES OR PROMULGATES ANALYSES OR
REPORTS CONCERNING SECURITIES.

(2) "INVESTMENT ADVISER" DOES NOT INCLUDE:

(I)    A BANK, SAVINGS INSTITUTION, OR TRUST
COMPANY;

(II)   A LAWYER, ACCOUNTANT, ENGINEER, OR
TEACHER WHOSE PERFORMANCE OF THESE SERVICES IS SOLELY
INCIDENTAL TO THE PRACTICE OF HIS PROFESSION;

(III)   A BROKER-DEALER WHOSE PERFORMANCE OF
THESE SERVICES IS SOLELY INCIDENTAL TO THE CONDUCT OF HIS
BUSINESS AS A BROKER-DEALER AND WHO RECEIVES NO SPECIAL
COMPENSATION FOR THEM;

(IV)   A PUBLISHER OF ANY BONA FIDE NEWSPAPER,
NEWS MAGAZINE, OR BUSINESS OR FINANCIAL PUBLICATION OF
GENERAL, REGULAR, AND PAID CIRCULATION;

(V) A PERSON WHOSE ADVICE, ANALYSES, OR
REPORTS RELATE ONLY TO SECURITIES EXEMPTED BY §11-601(1)
OF THIS TITLE;

(VI) A PERSON WHO HAS NO PLACE OF BUSINESS
IN THE STATE IF:

1. HIS ONLY CLIENTS IN THIS STATE ARE OTHER
INVESTMENT ADVISERS, BROKER-DEALERS, BANKS, SAVINGS
INSTITUTIONS, TRUST COMPANIES, INSURANCE COMPANIES,
INVESTMENT COMPANIES AS DEFINED IN THE INVESTMENT
COMPANY ACT OF 1940, PENSION OR PROFIT-SHARING TRUSTS, OR
OTHER FINANCIAL INSTITUTIONS OR INSTITUTIONAL BUYERS,
WHETHER ACTING FOR THEMSELVES OR AS TRUSTEES; OR

2. DURING ANY PERIOD OF 12 CONSECUTIVE
MONTHS HE DOES NOT DIRECT BUSINESS COMMUNICATIONS INTO
THE STATE IN ANY MANNER TO MORE THAN FIVE CLIENTS OTHER
THAN THOSE SPECIFIED IN PARAGRAPH (2)(VI) 1. OF THIS
SUBSECTION, WHETHER OR NOT HE OR ANY PERSON TO WHOM THE
COMMUNICATIONS ARE DIRECTED IS THEN PRESENT IN THE STATE;
OR

(VII) ANY OTHER PERSON NOT WITHIN THE
INTENT OF THIS SUBSECTION AS THE COMMISSIONER BY RULE
OR ORDER DESIGNATES.

(G) INVESTMENT COMPANY ACT OF 1940.

"INVESTMENT COMPANY ACT OF 1940" MEANS THE FEDERAL
STATUTE OF THAT NAME.