Ch. 613

1997 LAWS OF MARYLAND

(i) Application of [§ 11-101(k) and (n)] § 11-101(M) AND (P) of this
title is not necessary or appropriate for the protection of investors; and

(ii) The finding is consistent with the public interest and within the
purposes fairly intended by the policy and provisions of this title.

11-103.

IN ACCORDANCE WITH § 6 OF THE FEDERAL PHILANTHROPY PROTECTION ACT
OF 1995, THE FEDERAL PHILANTHROPY PROTECTION ACT OF 1995 DOES NOT
PREEMPT THE LAWS OF THIS STATE.

11-203.

(a)     (1) The Commissioner from time to time may make, amend, and rescind the
rules, forms, and orders necessary to carry out the provisions of this title, including rules
and forms governing registration statements, NOTICE FILINGS, applications, and reports
and defining any terms, whether or not used in this title, to the extent that the definitions
are not inconsistent with the provisions of this title.

11-205.

The Commissioner by rule or order may require the filing of any prospectus,
pamphlet, circular, form letter, advertisement, or other sales literature or advertising
communication, WHETHER COMMUNICATED IN HARD COPY, ELECTRONIC MEANS, OR
OTHERWISE, addressed or intended for distribution to prospective investors, including
clients or prospective clients of an investment adviser, unless the security or transaction is
exempted by Subtitle 6 of this title OR THE SECURITY IS A FEDERAL COVERED
SECURITY OR THE TRANSACTION IS WITH RESPECT TO A FEDERAL COVERED
SECURITY.

11-206.

(b)     (1) The Commissioner shall keep a register of every application for
registration, EVERY NOTICE FILING, and every registration statement which is or has
ever been effective under this title and every denial, suspension, or revocation order
which is entered under this title.

(2) The register shall be open for public inspection.

(c)     The information contained in or filed with any registration statement.
application, NOTICE FILING, or report may be made available to the public under the
rules which the Commissioner prescribes.

11-302.

(a) It is unlawful for any person who receives, directly or indirectly, any
consideration from another person for advising the other person as to the value of
securities or their purchase or sale, or for acting as an investment adviser or
representative under [§ 11-101(f) and (g)] § 11-101(H) AND (I) of this title, whether
through the issuance of analyses, reports, or otherwise, to:

(1) Employ any device, scheme, or artifice to defraud the other person;

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