1982

LAWS OF MARYLAND

[Ch. 311

COMMISSIONER            DENYING,            SUSPENDING,            OR           REVOKING

REGISTRATION AS A BROKER-DEALER OR AGENT;

(6)       IS THE SUBJECT OF AN ORDER ENTERED
WITHIN THE PAST        FIVE YEARS BY THE SECURITIES
ADMINISTRATOR OF ANY OTHER STATE OR BY THE SECURITIES AND
EXCHANGE COMMISSION DENYING OR REVOKING REGISTRATION AS A
BROKER-DEALER OR AGENT OR THE SUBSTANTIAL EQUIVALENT OF
THOSE TERMS AS DEFINED IN THIS TITLE, 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 COMMISSIONER MAY NOT INSTITUTE A
REVOCATION OR SUSPENSION PROCEEDING UNDER THIS ITEM (6)
MORE THAN ONE YEAR FROM THE DATE OF THE ORDER OR ACTION
RELIED ON; AND

(II)       HE MAY NOT ENTER AN ORDER UNDER THIS
ITEM (6) 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;

(7)       HAS ENGAGED IN DISHONEST OR UNETHICAL
PRACTICES;

(8)          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 ITEM (8) WITHOUT A FINDING OF
INSOLVENCY AS TO THE BROKER-DEALER; OF

(9)          IS NOT QUALIFIED ON THE BASIS OF
FACTORS SUCH AS TRAINING, EXPERIENCE, AND KNOWLEDGE OF
THE SECURITIES BUSINESS, EXCEPT AS OTHERWISE PROVIDED IN
SUBSECTION (D) OF THIS SECTION.

(B) ADDITIONAL GROUNDS.

THE COMMISSIONER BY ORDER MAY DENY, SUSPEND,     OR

REVOKE ANY REGISTRATION IF HE FINDS THAT THE ORDER IS   IN

THE PUBLIC INTEREST AND THAT THE APPLICANT OR

REGISTRANT:

(1) HAS FAILED REASONABLY TO SUPERVISE HIS
AGENTS, IF HE IS A BROKER-DEALER; OR