Ch. 613

1997 LAWS OF MARYLAND

records.] A REGISTERED BROKER-DEALER SHALL MAKE AND KEEP
CORRESPONDENCE, MEMORANDA, PAPERS, BOOKS, AND OTHER RECORDS THAT
THE COMMISSIONER REQUIRES BY RULE

(2)     THE COMMISSIONER'S AUTHORITY TO ADOPT RULES UNDER
PARAGRAPH (1) OF THIS SUBSECTION IS SUBJECT TO THE LIMITATIONS OF § 15 OF
THE SECURITIES EXCHANGE ACT OF 1934.

(3)     A REGISTERED INVESTMENT ADVISER SHALL MAKE, KEEP, AND
PRESERVE ACCOUNTS, CORRESPONDENCE, MEMORANDA, PAPERS, BOOKS, AND
OTHER RECORDS THAT THE COMMISSIONER REQUIRES BY RULE

(4)     THE COMMISSIONER'S AUTHORITY TO ADOPT RULES UNDER
PARAGRAPH (3) OF THIS SUBSECTION IS SUBJECT TO THE LIMITATIONS OF § 222 OF
THE INVESTMENT ADVISERS ACT OF 1940.

(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] THE
COMMISSIONER'S discretion, information furnished to clients or prospective clients of an
investment adviser pursuant to THAT WOULD BE IN COMPLIANCE WITH THE
DISCLOSURE REQUIREMENTS OF the Investment Advisers Act of 1940 and the rules
thereunder may be used in whole or partial satisfaction of this requirement.

(c)     [Every registered broker-dealer and investment adviser shall file the financial
reports which the Commissioner by rule prescribes.]

(1)     A REGISTERED BROKER-DEALER SHALL FILE FINANCIAL REPORTS
THAT THE COMMISSIONER REQUIRES BY RULE OR ORDER.

(2)     THE COMMISSIONER'S AUTHORITY TO ADOPT RULES UNDER
PARAGRAPH (1) OF THIS SUBSECTION IS SUBJECT TO THE LIMITATIONS OF § 15 OF
THE SECURITIES EXCHANGE ACT OF 1934.

(3)     A REGISTERED INVESTMENT ADVISER SHALL FILE THE FINANCIAL
REPORTS THAT THE COMMISSIONER REQUIRES BY RULE OR ORDER.

(4)     THE COMMISSIONER'S AUTHORITY TO ADOPT RULES UNDER
PARAGRAPH (3) OF THIS SUBSECTION IS SUBJECT TO THE LIMITATIONS OF § 222 OF
THE INVESTMENT ADVISERS ACT OF 1940.

(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.] A REGISTRANT SHALL PROMPTLY FILE A CORRECTING
AMENDMENT, IF:

(1) THE INFORMATION CONTAINED IN ANY DOCUMENT FILED WITH
THE COMMISSIONER IS OR BECOMES INACCURATE OR INCOMPLETE IN ANY
MATERIAL RESPECT; AND

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