Ch. 533

LAWS OF MARYLAND

(1)  Has filed an application for registration which
as of its effective date or as of any date after filing in the
case of an order denying effectiveness, was incomplete in any
material respect or contained any statement which was, in light
of the circumstances under which it was made, false or misleading
with respect to any material fact;

(2)  Has willfully violated or willfully failed to
comply with any provisions of this title, a predecessor act, or
any rule or order under this title or a predecessor act;

(3)  Has been [convicted of] CONVICTED, WITHIN THE
LAST 10 YEARS, OF a felony, [infamous crime, or other crime
involving moral turpitude;] OR OF AN OFFENSE THAT:

(I)   INVOLVES THE TAKING OF A FALSE OATH, THE
MAKING OF A FALSE REPORT, BRIBERY, PERJURY, BURGLARY, OR ATTEMPT
OR CONSPIRACY TO COMMIT ANY OF THOSE OFFENSES;

(II)  ARISES OUT OF THE CONDUCT OF BUSINESS AS A
BROKER-DEALER, MUNICIPAL SECURITIES DEALER, GOVERNMENT SECURITIES
BROKER, GOVERNMENT SECURITIES DEALER, INVESTMENT ADVISER, BANK,
INSURANCE COMPANY, FIDUCIARY, OR ANY ENTITY OR PERSON REQUIRED TO
BE REGISTERED UNDER THE COMMODITY EXCHANGE ACT; OR

(III)  INVOLVES THE LARCENY, THEFT, ROBBERY,
EXTORTION, FORGERY, COUNTERFEITING, FRAUDULENT CONCEALMENT,
EMBEZZLEMENT, FRAUDULENT CONVERSION, OR MISAPPROPRIATION OF FUNDS
OR SECURITIES, OR AN ATTEMPT OR CONSPIRACY TO COMMIT ANY OF THOSE
OFFENSES;

(4)  Is permanently or temporarily enjoined by any
court of competent jurisdiction from engaging in or continuing
any conduct or practices involving any aspect of the securities
business;

(5)  Is the subject of an order of the 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 THE SUBJECT OF AN ORDER BY THE COMMODITY FUTURES TRADING
COMMISSION DENYING, SUSPENDING, OR REVOKING REGISTRATION UNDER
THE COMMODITY EXCHANGE ACT, 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

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