Ch. 533

LAWS OF MARYLAND

directly or through publications or writings, as to the value of
securities or as to the advisability of investing in, purchasing,
or selling 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" means the federal
statute of that name.

(h) "Issuer" means any person who issues or proposes to
issue a security, except that:

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