Ch. 805

LAWS OF MARYLAND

Commissioner by rule or order may permit any class of
broker-dealers to maintain a net capital in an amount other than
$15,000 or to increase or decrease the required percent of net
capital except that the Commissioner may not permit any net
capital or percent of net capital requirement which is contrary
to the limits set by the federal securities and exchange
commission.

(b) The terms "aggregate indebtedness" and "net capital"
shall be defined by rule of the Commissioner.

(C) (1) THE COMMISSIONER BY RULE OR ORDER MAY ESTABLISH
MINIMUM FINANCIAL REQUIREMENTS FOR INVESTMENT ADVISERS.

(2) THESE FINANCIAL REQUIREMENTS MAY INCLUDE
DIFFERENT REQUIREMENTS FOR THOSE INVESTMENT ADVISERS WHO MAINTAIN
CUSTODY OF CLIENTS' FUNDS OR SECURITIES OR WHO HAVE DISCRETIONARY
AUTHORITY OVER CLIENT'S FUNDS OR SECURITIES AND THOSE INVESTMENT
ADVISERS WHO DO NOT.

11-410.

[(a) (1) The Commissioner by rule may require registered
broker-dealers and agents to post surety bonds in amounts up to
$10,000, conditioned that the registrant will comply with the
provisions of this title and the rules and regulations issued
under this title. The bond may be drawn to cover the original
registration and any renewals of the registration.

(2) Any appropriate deposit of cash or security shall
be accepted in place of the bond.]

(A) (1) THE COMMISSIONER BY RULE OR ORDER MAY REQUIRE A
REGISTERED BROKER-DEALER OR AGENT, OR A REGISTERED INVESTMENT
ADVISER WHO HAS CUSTODY OF OR DISCRETIONARY AUTHORITY OVER CLIENT
FUNDS OR SECURITIES, TO POST A SURETY BOND, OR DEPOSIT CASH OR
ANY OTHER EQUIVALENT FORM OF SECURITY AS THE COMMISSIONER MAY
PERMIT, IN AMOUNTS UP TO $10,000.

(2)  THE CONDITION OF SUCH BOND OR EQUIVALENT FORM OF
SECURITY SHALL BE THAT THE REGISTRANT WILL COMPLY WITH THE
PROVISIONS OF THIS TITLE AND THE RULES AND REGULATIONS ISSUED
UNDER THIS TITLE.

(3)  THE BOND OR EQUIVALENT FORM OF SECURITY MAY BE
DRAWN TO COVER THE ORIGINAL REGISTRATION AND ANY RENEWALS OF THE
REGISTRATION.

(b) Every bond OR EQUIVALENT FORM OF SECURITY shall provide
that:

(1) A suit may not be maintained to enforce any
liability on the bond OR EQUIVALENT FORM OF SECURITY unless

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