1974

LAWS OF MARYLAND

[Ch. 311

ADVISER FAILS TO NOTIFY THE COMMISSIONER THAT HE HAS OR
MAY HAVE CUSTODY.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §14.

The only changes are technical changes in
style.

11-303. MISLEADING FILINGS.

IT IS UNLAWFUL FOR ANY PERSON TO MAKE OR CAUSE TO BE
MADE, IN ANY DOCUMENT FILED WITH THE COMMISSIONER OR IN
ANY PROCEEDING UNDER THIS TITLE, ANY STATEMENT WHICH IS,
AT THE TIME AND IN THE LIGHT OF THE CIRCUMSTANCES UNDER
WHICH IT IS MADE, FALSE OR MISLEADING IN ANY MATERIAL
RESPECT.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §28.

The only change is in nomenclature.

11-304. UNLAWFUL REPRESENTATIONS CONCERNING
REGISTRATION OR EXEMPTION.

(A)   EFFECT OF REGISTRATION OR EXEMPTION.

(1)   NEITHER THE FACT THAT AN APPLICATION FOR
REGISTRATION UNDER SUBTITLE 4 OF THIS TITLE OR A
REGISTRATION STATEMENT UNDER SUBTITLE 5 OF THIS TITLE
HAS BEEN FILED, NOP THE FACT THAT A PERSON OR SECURITY
IS EFFECTIVELY REGISTERED CONSTITUTES A FINDING BY THE
COMMISSIONER THAT ANY DOCUMENT FILED UNDER THIS TITLE IS
TRUE, COMPLETE, AND NOT MISLEADING.

(2)    NEITHER ANY SUCH FACT NOR THE FACT THAT
AN EXEMPTION OR    EXCEPTION IS AVAILABLE FOR A SECURITY OR
A TRANSACTION     MEANS THAT THE COMMISSIONER HAS PASSED IN
ANY WAY ON THE     MERITS OR QUALIFICATIONS OF, OR HAS
RECOMMENDED OR      GIVEN APPROVAL TO, ANY PERSON, SECURITY,
OR TRANSACTION.

(B)   PROHIBITED REPRESENTATION.

IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE    MADE, TO ANY

PROSPECTIVE PURCHASER, CUSTOMER, OR CLIENT ANY

REPRESENTATION INCONSISTENT WITH SUBSECTION    (A) OF THIS
SECTION.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §29.

The only changes are technical changes in