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§ 11-203. Powers of commissioner

West's Annotated Code of MarylandCorporations and Associations

West's Annotated Code of Maryland
Corporations and Associations
Title 11. Maryland Securities Act (Refs & Annos)
Subtitle 2. Division of Securities
MD Code, Corporations and Associations, § 11-203
§ 11-203. Powers of commissioner
Currentness
Amendments and classifications
(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.
(2) The Commissioner may by rule classify securities, persons, and matters within his jurisdiction, and prescribe different requirements for different classes.
Public interest; cooperation
(b)(1) A rule, form, or order may not be made, amended, or rescinded unless the Commissioner finds that the action is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of this title.
(2) In prescribing rules and forms the Commissioner may cooperate with the securities administrators of the other states and the Securities and Exchange Commission with a view to effectuating the policy of this statute to achieve maximum uniformity in the form and content of registration statements, applications, and reports wherever practicable.
Financial statements
(c)(1) The Commissioner by rule or order may prescribe:
(i) The form and content of financial statements required under this title;
(ii) The circumstances under which consolidated financial statements shall be filed; and
(iii) Whether any required financial statements shall be certified by independent certified public accountants.
(2) All financial statements shall be prepared in accordance with generally accepted accounting practices.
Publication
(d) All rules and forms of the Commissioner shall be published.
Applicable liability
(e) A provision of this title imposing any liability does not apply to any act done or omitted in good faith in conformity with any rule, form, or order of the Commissioner, notwithstanding that the rule, form, or order may later be amended, rescinded, or determined by judicial or other authority to be invalid for any reason.

Credits

Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1981, c. 775; Acts 1989, c. 236, § 2; Acts 1997, c. 613, § 2, eff. Oct. 1, 1997.
Formerly Art. 32A, § 36.
MD Code, Corporations and Associations, § 11-203, MD CORP & ASSNS § 11-203
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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