1972

LAWS OF MARYLAND

[Ch. 311

DEROGATES FROM ANY PRIVILEGE WHICH EXISTS AT COMMON LAW
OR OTHERWISE WHEN DOCUMENTARY OR OTHER EVIDENCE IS SOUGHT
UNDER A SUBPOENA DIRECTED TO THE COMMISSIONER OR ANY OF
HIS OFFICERS OR EMPLOYEES.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §30(b).

The only changes are technical changes in
style.

Present §30 (a) is now contained in §11—201.

SUBTITLE 3. FRAUDULENT AND OTHER PROHIBITED PRACTICES.

11-301. OFFERS, SALES, OR PURCHASES.

IT IS UNLAWFUL FOR ANY PERSON, IN CONNECTION WITH
THE OFFER, SALE, OR PURCHASE OF ANY SECURITY, DIRECTLY OR
INDIRECTLY TO:

(1)     EMPLOY ANY DEVICE, SCHEME, OR ARTIFICE TO
DEFRAUD;

(2)    MAKE ANY UNTRUE STATEMENT OF A MATERIAL FACT
OR OMIT TO STATE A MATERIAL FACT NECESSARY IN ORDER TO
MAKE THE STATEMENTS MADE, IN THE LIGHT OF THE
CIRCUMSTANCES UNDER WHICH THEY ABE MADE, NOT MISLEADING;
OR

(3)    ENGAGE IN ANY ACT, PRACTICE, OR COURSE OF
BUSINESS WHICH OPERATES OR WOULD OPERATE AS A FRAUD OR
DECEIT ON ANY PERSON.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §13.

The only changes are technical changes in
style.

11-302. ADVISORY ACTIVITIES.

(A) FRAUD AND DECEIT.

IT IS UNLAWFUL FOR ANY PERSON WHO RECEIVES ANY
CONSIDERATION FROM ANOTHER PERSON PRIMARILY FOR ADVISING
THE OTHER PERSON AS TO THE VALUE OF SECURITIES OR THEIR
PURCHASE OR SALE, WHETHER THROUGH THE ISSUANCE OF
ANALYSES, REPORTS, OR OTHERWISE TO:

(1) EMPLOY ANY DEVICE, SCHEME, OR ARTIFICE
TO DEFRAUD THE OTHER PERSON; OR

(2) ENGAGE IN ANY ACT, PRACTICE, OR COURSE