MARVIN MANDEL, Governor                               1983

(2) HAS FAILED TO PAY THE PROPER FILING FEE,
BUT THE COMMISSIONER MAY ENTER ONLY A DENIAL ORDER UNDER
THIS ITEM (2), AND HE SHALL VACATE THE ORDER WHEN THE
DEFICIENCY IS CORRECTED.

(C) LIMITATION ON PROCEEDINGS.

THE COMMISSIONER MAY NOT INSTITUTE A SUSPENSION OR
REVOCATION PROCEEDING ON THE BASIS OF A FACT OR
TRANSACTION KNOWN TO HIM WHEN THE REGISTRATION BECAME
EFFECTIVE UNLESS THE PROCEEDING IS INSTITUTED WITHIN THE
NEXT 30 DAYS.

(D) LACK OF QUALIFICATIONS.

THE FOLLOWING PROVISIONS GOVERN THE APPLICATION OF
SUBSECTION (A)(9) OF THIS SECTION:

(1) THE COMMISSIONER MAY NOT ENTER AN ORDER
AGAINST A BROKER-DEALER ON THE BASIS OF THE [[LAC]) LACK
OF QUALIFICATION OF ANY PERSON OTHER THAN THE

BROKER-DEALER HIMSELF, IF HE IS AN INDIVIDUAL, OR AN
AGENT OF THE BROKER-DEALER;

(2) THE COMMISSIONER MAY NOT ENTER AN ORDER
SOLELY ON THE BASIS OF LACK OF EXPERIENCE IF THE
APPLICANT OR REGISTRANT IS QUALIFIED BY TRAINING IN OR
KNOWLEDGE OF SECURITIES, OR BOTH;

(3)          THE COMMISSIONER SHALL CONSIDER THAT AN
AGENT WHO WILL WORK UNDER THE SUPERVISION OF A REGISTERED
BROKER-DEALER NEED NOT HAVE THE SAME QUALIFICATIONS AS A
BROKER-DEALER; AND

(4)       THE COMMISSIONER BY RULE MAY PROVIDE FOR
AN EXAMINATION, WHICH MAY BE WRITTEN, ORAL, OR BOTH, TO
BE TAKEN BY ANY CLASS OF OR ALL APPLICANTS.

REVISOR'S NOTE: This section presently appears as
Art. 32A, §18(a) and (b).

The only changes are technical changes in
style.

11-413. SUMMARY POSTPONEMENT OR SUSPENSION.

(A)       COMMISSIONER'S ORDER.

THE COMMISSIONER BY ORDER SUMMARILY MAY POSTPONE OR
SUSPEND REGISTRATION PENDING FINAL DETERMINATION OF ANY
PROCEEDING UNDER §11-412 OF THIS SUBTITLE.

(B)   NOTIFICATION.