WILLIAM DONALD SCHAEFER, Governor                    Ch. 533

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
IN THE SECURITIES BUSINESS;

(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; or

(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)  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

(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)  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)  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 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;

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