Ch. 805

LAWS OF MARYLAND

the applicant or registrant is an agent OR INVESTMENT ADVISER
REPRESENTATIVE;

(2)  Opportunity for hearing; and

(3)  Written findings of fact and conclusions of law.

11-417.

On notice and hearing as provided in § 11-416 of this
subtitle, the Commissioner may fine any [broker-dealer or agent]
BROKER-DEALER, AGENT, INVESTMENT ADVISER, OR INVESTMENT ADVISER
REPRESENTATIVE in an amount not to exceed $100 for each violation
of this title.

11-602.

The following transactions are exempted from §§ 11-205 and
11-501 of this title;

(8) Any offer or sale to [a bank, savings
institution, trust company, insurance company, investment company
as defined in the Investment Company Act of 1940, pension or
profit-sharing trust, or other financial institution or
institutional buyer, or to a broker-dealer, whether the purchaser
is acting for itself or in some fiduciary capacity] AN INVESTMENT
COMPANY AS DEFINED IN THE INVESTMENT COMPANY ACT OF 1940, AN
INVESTMENT ADVISER WITH ASSETS UNDER MANAGEMENT OF NOT LESS THAN
$1,000,000, A BROKER-DEALER, BANK, TRUST COMPANY, SAVINGS AND
LOAN ASSOCIATION, INSURANCE COMPANY, EMPLOYEE BENEFIT PLAN WITH
ASSETS OF NOT LESS THAN $1,000,000, OR GOVERNMENTAL AGENCY OR
INSTRUMENTALITY, WHETHER ACTING FOR ITSELF OR AS A TRUSTEE OR A
FIDUCIARY WITH INVESTMENT CONTROL, OR OTHER INSTITUTIONAL
INVESTOR AS DESIGNATED BY RULE OR ORDER OF THE COMMISSIONER;

11-703.

(a) (1) A person is civilly liable to the person buying a
security from him if he:

(i) Offers or sells the security in violation
of § ll-304(b), [§ 11-401] § 11-401(A), § 11-402(A), or § 11-501
of this title, or of any rule or order under § 11-205 of this
title which requires the affirmative approval of sales literature
before it is used; or

(ii) Offers or sells the security by means of
any untrue statement of a material fact or any omission to state
a material fact necessary in order to make the statements made,
in the light of the circumstances under which they are made, not
misleading, the buyer not knowing of the untruth or omission, and
if he does not sustain the burden of proof that he did not know,

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