Ch. 805

LAWS OF MARYLAND

(II) THE HONORARIUM IS OFFERED PRIMARILY BY
REASON OF THE INDIVIDUAL'S OFFICIAL POSITION.

(II) THE OFFERING OF THE HONORARIUM IS IN ANY
WAY RELATED TO THE INDIVIDUAL'S OFFICIAL POSITION.

(2) (I) THE PROHIBITION UNDER THIS SUBSECTION DOES
NOT APPLY TO:

(I) 1. PAYMENT OF OR REIMBURSEMENT FOR
REASONABLE EXPENSES FOR THE OFFICIAL'S MEAL, TRAVEL, AND LODGING,
AND REASONABLE AND VERIFIABLE EXPENSES FOR CARE FOR CHILDREN OR
DEPENDENT ADULTS, ACTUALLY INCURRED BY THE OFFICIAL IN SPEAKING
TO, PARTICIPATING IN, OR ATTENDING A MEETING, CONFERENCE, OR
OTHER FUNCTION OR IN WRITING AN ARTICLE, OTHER THAN A BOOK, THAT
HAS BEEN OR IS INTENDED TO BE PUBLISHED; OR

(II) 2. ACCEPTANCE OR RECEIPT OF GIFTS
DESCRIBED UNDER SUBSECTION (B)(2) AND (3) OF THIS SECTION.

(II) THE LIMITATIONS OF THIS SUBSECTION MAY NOT
BE CONSTRUED TO LIMIT THE ACCEPTANCE OF AN HONORARIUM BY A
FACULTY MEMBER OF A STATE INSTITUTION OF HIGHER EDUCATION IF THAT
HONORARIUM WOULD OTHERWISE BE ALLOWABLE UNDER THE PROVISIONS OF
THIS SECTION AND IF THE FACULTY MEMBER IS NOT ALSO AN OFFICIAL BY
REASON OF HOLDING SOME OTHER POSITION THAT WOULD BE PROHIBITED
FROM RECEIVING THAT HONORARIUM UNDER THE PROVISIONS OF THIS

SECTION.----------------------------------------------------------------

[(c)] (D) The Commission by regulation may define further
exemptions from this section as necessary.

SECTION 2. 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1989.

Approved May 25, 1989.

CHAPTER 805

(House Bill 712)

AN ACT concerning

Investment Advisers, Broker-Dealers and
Associated Persons - Regulation of Activities

FOR the purpose of amending the definition of "investment
adviser" to include persons engaged in certain financial
planning activities; adding a definition of "investment

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