2007-2008 REGULATORY AGENDA

 

September 28, 2007

 

 

AGENCY UMBRELLA UNIT NUMBER:  02-032

 

AGENCY NAME:  Department of Professional and Financial Regulation, Office of Securities

                                                                       

CONTACT PERSON:  Bonnie E. Russell, Acting Securities Administrator, 121 State House Station, Augusta, ME  04333-0121.  Tel:  (207) 624-8551.  E-mail:  Bonnie.E.Russell@maine.gov

 

EMERGENCY RULES ADOPTED SINCE THE LAST REGULATORY AGENDA:  None

 

EXPECTED 2007-2008 RULE-MAKING ACTIVITY:

 

CHAPTER 504:  Broker-Dealer and Agent Licensing 

STATUTORY AUTHORITY:  32 M.R.S.A. §§ 16404, 16411, 16412, and 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES: Licensed broker-dealers and agents and applicants for such licenses.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 506:  Rule Governing Broker-Dealers Transacting Business on the Premises of Financial Institutions

STATUTORY AUTHORITY:  32 M.R.S.A. § 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Broker-dealers transacting business on premises of financial institutions, financial institutions, Maine investors and financial institution customers.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 507:  Licensing Exemption for Certain Canadian Broker-Dealers 

STATUTORY AUTHORITY:  32 M.R.S.A. §§ 16203, 16401(2), and 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Broker-dealers who are residents of Canada.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 510:  Broker-Dealers, Investment Advisers, and Others Using the Internet for General Dissemination of Information about Securities Products and Services 

STATUTORY AUTHORITY:  32 M.R.S.A. § 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Broker-dealers, sales representatives, investment advisers, and investment adviser representatives.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 511: Change of Ownership or Control of a Broker-Dealer or Investment Adviser

STATUTORY AUTHORITY: 32 M.R.S.A. §§ 16407(4) and 16605

PURPOSE: Revise and update this rule to address policy, law, industry, or other changes

ANTICPATED SCHEDULE: Prior to 10/2008

AFFECTED PARTIES: Broker-dealers and investment advisers that change ownership.

CONSENSUS-BASED RULE DEVELOPMENT: Not expected.

 

CHAPTER 515:  Investment Adviser Licensing

STATUTORY AUTHORITY:  32 M.R.S.A. §§ 16403, 16404, 16405, 16406, 16408, 16411, 16412, and 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Investment advisers and persons representing investment advisers.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 516: Definition of Client for Purposes of Investment Adviser Licensing and Notice Filing by Federal

Covered Investment Advisers

STATUTORY AUTHORITY: 32 M.R.S.A. § 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE: Prior to 10/2008

AFFECTED PARTIES: Investment advisers and federal covered investment advisers.

CONSENSUS-BASED RULE DEVELOPMENT: Not expected.

 

CHAPTER 525:  Rule Regarding Small Company Offering Registrations 

STATUTORY AUTHORITY:  32 M.R.S.A. §§ 16304(5-6) and 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Small companies that wish to offer their securities to the public.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 532:  Securities Offerings on the Internet 

STATUTORY AUTHORITY:  32 M.R.S.A. § 16203

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Issuers who offer or sell securities in Maine via the internet.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 533: Maine Issuer Notification of Exemption Form

STATUTORY AUTHORITY: 32 M.R.S.A. §§ 16202(15)(E) and 16605

PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE: Prior to 10/2008

AFFECTED PARTIES: Maine companies conducting limited securities offerings.

CONSENSUS-BASED RULE DEVELOPMENT: Not expected

 

CHAPTER 534: Limited Private Offering Exemption; Purchasers Present in this State and Single Issue

STATUTORY AUTHORITY: 32 M.R.S.A. § 16605

PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATE SCHEDULE:             Prior to 10/2008

AFFECTED PARTIES: Issuers relying on certain exemptions from the securities registration requirement.

CONSENSUS-BASED RULE DEVELOPMENT: Not expected 

 

CHAPTER 536:  Securities Manuals

STATUTORY AUTHORITY:  32 M.R.S.A. §§ 16202(2)(D) and 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Securities holders of companies covered by certain securities manuals.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 537:  Exemption for Offers and Sales to Accredited Investors 

STATUTORY AUTHORITY:  32 M.R.S.A. §§ 16402(2)(I), 16203, and 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Issuers offering securities in Maine to accredited investors; sales representatives acting for such issuers.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 538:  Exemption for Offers and Sales to the Finance Authority of Maine

STATUTORY AUTHORITY:  32 M.R.S.A. §§ 16402(2)(I), 16203, and 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Issuers offering securities to the Finance Authority of Maine; sales representatives acting for such issuers.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 539:  Offers and Sales of Viatical Settlement Contracts

STATUTORY AUTHORITY:  32 M.R.S.A. §§ 16202(25) and 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Any person offering or selling viatical settlement contracts in Maine.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 540:  Adjudicatory Proceedings Rule

STATUTORY AUTHORITY:  32 M.R.S.A. § 16605

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  All parties who may have proceedings pursuant to the Revised Maine Securities Act.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 541:  Initial and Annual Renewal Fees

STATUTORY AUTHORITY:  32 M.R.S.A. §§ 16410 and 16605 

PURPOSE:  Revise and update this rule to address policy, law, industry, or other changes.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Persons and entities required to pay initial and annual fees.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

CHAPTER 542: Model Rescission Offer Forms

STATUTORY AUTHORITY: §§ 16510(2) and 16605

PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.

ANTICPATED SCHEDULE: Prior to 10/2008

AFFECTED PARTIES: Persons making rescission offers as a result of the sale of unregistered securities.

CONSENSUS-BASED RULE DEVELOPMENT: Not expected

 

NEW RULE

STATUTORY AUTHORITY:  32 M.R.S.A. §§ 16403(2)(C) and 16605

PURPOSE:  To exempt from the investment adviser licensing requirement persons providing investment advice to certain pooled investment funds.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Persons providing investment advice to certain pooled investment funds.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

NEW RULE

STATUTORY AUTHORITY:  32 M.R.S.A. § 16605

PURPOSE:  To make it a “dishonest or unethical practice” under 32 M.R.S.A. §16412(4)(M) for a broker-dealer, agent, investment adviser, or investment adviser representation to use a title or a designation implying special expertise or training in providing brokerage services or investment advice to senior citizens except as allowed by the rule.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Broker-dealers, agents, investment advisers, and investment adviser representatives.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

NEW RULE

STATUTORY AUTHORITY:  5 M.R.S.A. § 9001(3), 32 M.R.S.A. § 16605

PURPOSE:  To prescribe the procedure for submission, consideration, and disposition of requests for advisory rulings and no-action letters.

ANTICIPATED SCHEDULE:  Prior to 10/2008

AFFECTED PARTIES:  Anyone who may wish to request an advisory ruling from the Securities Administrator.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected

 

NEW RULE

STATUTORY AUTHORITY: 32 M.R.S.A. § 16605

PURPOSE:  To adopt, in whole or in part, the “Model Rules for State Coordination with the Multi-Jurisdictional Disclosure System” to enable Maine to participate in the coordinated review of certain securities offerings of Canadian issuers.

ANTICIPATED SCHEDULE: Prior to 10/2008

AFFECTED PARTIES: Certain Canadian securities issuers.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected.

 

NEW RULE

STATUTORY AUTHORITY: 10 M.R.S.A. § 1350-A(1)

PURPOSE: To provide for the administration and implementation of the “Notice of Risk to Personal Data Act.”

ANTICIPATED SCHEDULE: Prior to 10/2008

AFFECTED PARTIES: Information brokers and other persons maintaining computerized data that includes personal information, such as social security numbers, driver’s license numbers, account numbers, and account passwords.

CONSENSUS-BASED RULE DEVELOPMENT:  Not expected.