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STATE OF
OFFICE OF SECURITIES
121 STATE HOUSE STATION
AUGUSTA, ME 04333
In
the matter of PERSONS
DISPLACED DUE TO
HURRICANE KATRINA |
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ORDER GRANTING TEMPORARY
EXEMPTIONS |
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ORDER
WHEREAS, as a result of Hurricane Katrina, some
investors and investment adviser clients have been displaced and may be
temporarily located in the State of
WHEREAS, as a result of Hurricane
Katrina, some broker-dealers, sales
representatives, investment advisers, and investment adviser representatives (hereinafter
referred to collectively as “financial professionals”) have been displaced and
may have a temporary place of business in the State of Maine;
WHEREAS, it is consistent with the public interest and the protection of investors to temporarily exempt financial professionals from the licensing requirements of this state, in order that they may meet the financial needs of pre-existing investors or clients;
NOW, THEREFORE, IT IS HEREBY ORDERED THAT:
1.
Pursuant to 32 M.R.S.A. §§10302(1)(D), 10302(2)(E),
10304(3), and 10703(1) financial professionals are temporarily exempt from the
licensing and filing requirements of §§10301, 10303, and 10305-A in the
following circumstances:
A.
Financial professionals in another state continuing to do business with
persons who were their investors or clients on or before August 29, 2005 and who
are temporarily located in
B.
Financial professionals from another state who temporarily have a place
of business in Maine as a result of Hurricane Katrina, and who continue to do
business with persons who were their investors or clients on or before August
29, 2005.
2. The exemption provided in section 1 applies only where the
following conditions are met:
A.
If the financial professional is a broker-dealer or sales
representative, the broker-dealer or sales representative is licensed or
registered in the home state from which the investor has been displaced;
B.
If the financial professional is a state licensed or registered investment
adviser or investment adviser representative, the investment adviser or
investment adviser representative is licensed or registered with the home state
from which the client has been displaced;
C.
If the financial professional is an investment adviser who otherwise
would be required to make a notice filing under 32 M.R.S.A. § 10305-A, the
investment adviser is registered with the United States Securities and Exchange
Commission and notice-filed in the home state from which the client has been
displaced; and
D.
The financial professional discloses to its investors or clients
temporarily located in this state that it is not subject to the full regulatory
requirements of the Revised Maine Securities Act.
GENERAL PROVISIONS
Any solicitation of new investors or clients by a
financial professional is subject to the licensing requirements of the Revised
Maine Securities Act.
The provisions of the Revised Maine Securities Act
relating to fraud and other prohibited practices apply to all persons,
including financial professionals temporarily exempt from licensing and filing
requirements under this Order.
Each financial professional covered
by this Order is strongly encouraged to promptly place a notice on the
financial professional’s website providing affected investors or clients with contact
information concerning their accounts.
This Order shall remain in effect until November 15,
2005, unless subsequently modified, extended or rescinded.
Dated: September 15, 2005 /s/ Michael J. Colleran___________
Michael
J. Colleran
Securities
Administrator