WILLIAM DONALD SCHAEFER, Governor

Ch. 805

brought within two years after the contract of sale or other act
on which the suit is based; and

(2) The liability of the surety on each bond OR
EQUIVALENT FORM OF SECURITY to all persons aggrieved may not in
any event exceed in the aggregate the penal sum of the [board]
BOND.

11-411.

(a) Every registered broker-dealer AND INVESTMENT ADVISER
shall make and keep the accounts, correspondence, memoranda,
papers, books, and other records which the Commissioner by rule
prescribes. All required records shall be preserved for three
years unless the Commissioner by rule prescribes otherwise for
particular types of records.

(B) (1) WITH RESPECT TO INVESTMENT ADVISERS, THE
COMMISSIONER BY RULE OR ORDER MAY REQUIRE THAT CERTAIN
INFORMATION BE FURNISHED OR DISSEMINATED AS APPROPRIATE IN THE
PUBLIC INTEREST OR FOR THE PROTECTION OF INVESTORS AND ADVISORY
CLIENTS.

(2) TO THE EXTENT DETERMINED BY THE COMMISSIONER IN
HIS DISCRETION, INFORMATION FURNISHED TO CLIENTS OR PROSPECTIVE
CLIENTS OF AN INVESTMENT ADVISER PURSUANT TO THE INVESTMENT
ADVISERS ACT OF 1940 AND THE RULES THEREUNDER MAY BE USED IN
WHOLE OR PARTIAL SATISFACTION OF THIS REQUIREMENT.

[(b)] (C) Every registered broker-dealer AND INVESTMENT
ADVISER shall file the financial reports which the Commissioner
by rule prescribes.

[(c)] (D) If the information contained in any document
filed with the Commissioner is or becomes inaccurate or
incomplete in any material respect, the registrant promptly shall
file a correcting amendment, unless notification of the
correction has been given under § 11-402 of this subtitle.

[(d)] (E) (1) All the records referred to in subsection (a)
of this section are subject at any time or from time to time to
the reasonable periodic, special, or other examinations by
representatives of the Commissioner, within or without this
State, which the Commissioner considers necessary or appropriate
in the public interest or for the protection of investors.

(2) For the purpose of avoiding unnecessary duplication of
examinations, the Commissioner, to the extent he considers it
practicable in administering this subsection, may cooperate with
the securities administrators of other states, the Securities and
Exchange Commission, and any national securities exchange or
national securities association registered under the Securities
Exchange Act of 1934.

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