Ch. 805                                       LAWS OF MARYLAND

11-412.

(a) 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 or, in the case of
a [broker-dealer,] BROKER-DEALER OR INVESTMENT ADVISER, any
partner, officer, or director, any person occupying a similar
status or performing similar functions, or any person directly or
indirectly controlling the broker-dealer OR INVESTMENT ADVISER:

(1)  Has filed an application for registration [which]
WHICH, as of its effective date or as of any date after filing in
the case of an order denying effectiveness, was incomplete in any
material respect or contained any statement which was, in light
of the circumstances under which it was made, false or misleading
with respect to any material fact;

(2)  Has willfully violated or willfully failed to
comply with any provisions of this title, a predecessor act, or
any rule or order under this title or a predecessor act;

(3)  Has been convicted of a felony, infamous crime,
or other crime involving moral turpitude;

(4)  Is permanently or temporarily enjoined by any
court of competent jurisdiction from engaging in or continuing
any conduct or practices involving any aspect of the securities
business;

(5)  Is the subject of an order of the Commissioner
denying, suspending, or revoking registration as a [broker-dealer
or agent] BROKER-DEALER, AGENT, INVESTMENT ADVISER, OR INVESTMENT
ADVISER REPRESENTATIVE;

(6)  Is the subject of an order entered within the
past five years by the securities administrator of any other
state or by the Securities and Exchange Commission denying or
revoking registration as a broker-dealer, INVESTMENT ADVISER,
INVESTMENT ADVISER REPRESENTATIVE, or agent or the substantial
equivalent of those terms as defined in this title, or is
suspended or expelled from a national securities exchange or
national securities association registered under the Securities
Exchange Act of 1934 either by action of a national securities
exchange or national securities association, the effect of which
action has not been stayed by appeal or otherwise, or by order of
the Securities and Exchange 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

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