Ch. 613

1997 LAWS OF MARYLAND

(i) [Subject to the jurisdiction of the Interstate Commerce
Commission;

(ii)] A registered holding company under the Public Utility Holding
Company Act of 1935 or a subsidiary of such a company within the meaning of that act;

[(iii)] (II) Regulated in respect of its rates and charges by a
governmental authority of the United States or any state; or

[(iv)] (III) Regulated in respect of the issuance or guarantee of the
security by a governmental authority of the United States, any state, Canada, or any
Canadian province;

(14) A SECURITY EXEMPT UNDER § 3(A)(12)(A)(V) OF THE SECURITIES
EXCHANGE ACT OF 1934, IF:

(I)      THE SECURITY IS OFFERED AND SOLD AS PART OF AN ISSUE
HAVING AN AGGREGATE OFFERING PRICE NOT IN EXCESS OF AN AMOUNT THAT
THE COMMISSIONER MAY REQUIRE BY RULE, ORDER, OR OTHERWISE AND IS SOLD
WITHOUT PAYMENT OF ANY COMMISSION OR REMUNERATION FOR SOLICITING A
PROSPECTIVE BUYER; OR

(II)     10 DAYS PRIOR TO THE FIRST SALE OF THE SECURITY THERE IS
FILED WITH THE COMMISSIONER NOTICE THAT THE COMMISSIONER MAY REQUIRE
BY RULE, ORDER, OR OTHERWISE, THAT NO OFFERS OR SALES ARE MADE IN THIS
STATE BY PERSONS OTHER THAN A BROKER-DEALER OR AGENT REGISTERED IN
THIS STATE, AND NO COMMISSION OR REMUNERATION FOR SOLICITING A
PROSPECTIVE BUYER IS PAID EXCEPT TO A BROKER-DEALER OR AGENT
REGISTERED IN THIS STATE.

[(14)] (15) Any security as to which the Commissioner by rule or order finds
that:

(i) Compliance with §§ 11-205 and 11-501 of this title is not necessary
or appropriate for the protection of investors; and

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

11-702.

(b) Whenever it appears to the Commissioner that any person has engaged in any
act or practice constituting a violation of any provision of this title or any rule or order
under this title, the Commissioner may in [his] THE COMMISSIONER'S discretion bring
an action to obtain one or more of the following remedies:

(1)     A temporary restraining order;

(2)     A temporary or permanent injunction;

(3)     A civil penalty up to a maximum amount of $5,000 for any single
violation of this title;

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