Ch. 805

LAWS OF MARYLAND

(I) AN INVESTMENT ADVISER REPRESENTATIVE;

[(i)] (II) A bank, savings institution, or
trust company, OR CREDIT UNION, OR AN EMPLOYEE OF ANY BANK,
SAVINGS INSTITUTION, TRUST COMPANY, OR CREDIT UNION, WHO, IN THE
ORDINARY COURSE OF BUSINESS, ANSWERS REQUESTS FOR INFORMATION BY
THE PUBLIC CONCERNING ITS VARIOUS INSTRUMENTS OR SERVICES;

[(ii)] (III) A lawyer, accountant, engineer,
INSURANCE AGENT OR BROKER, or teacher:

1.   [whose] WHOSE performance of these
services is solely incidental to the practice of his profession;
and

2.  WHO DOES NOT HOLD HIMSELF OUT AS AN
INVESTMENT ADVISER;

[(iii)] (IV) A broker-dealer OR ITS  AGENT 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)] (V) A publisher of any bona fide
newspaper, NEWS COLUMN, NEWSLETTER, news magazine, or business or
financial publication [of general, regular, and paid circulation]
OR SERVICE, WHETHER COMMUNICATED IN HARD COPY FORM, OR BY
ELECTRONIC MEANS, OR OTHERWISE, THAT DOES NOT CONSIST OF THE
RENDERING OF ADVICE ON THE BASIS OF THE SPECIFIC INVESTMENT
SITUATION OF EACH CLIENT; OR

[(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]

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