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02-032
Department of Professional and Financial Regulation
Office of Securities

2001-2002 Regulatory Agenda

UMBRELLA UNIT: 02-032
AGENCY NAME: Department of Professional and Financial Regulation, Office of Securities

CONTACT PERSON: Christine Bruenn, Securities Administrator, State House Station 121, Augusta, ME 04333-0121. Ph# (207) 624-8551

EMERGENCY RULES ADOPTED SINCE THE LAST REGULATORY AGENDA: None

CHAPTER: New Rules
STATUTORY AUTHORITY: 32 M.R.S.A. 10703
PURPOSE: Rules defining certain fraudulent, dishonest, and unethical practices by broker-dealers, sales representatives, and investment advisers.
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: All broker-dealers, sales representatives, investment advisers, and any consumers transacting business with those persons subject to the regulation.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10305,10703.
PURPOSE: Rule adopting license application forms and specifying licensing procedures for broker-dealers and sales representatives.
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: Broker-dealers and sales representatives applying for licenses.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10312,10703
PURPOSE: Rule adopting fees to be imposed by the Securities Administrator for conducting examinations of broker-dealers or investment advisers.
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: Broker-dealers and investment advisers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10307, 10703
PURPOSE: Rule establishing testing requirements for sales representatives.
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: Sales representatives applying for a Maine license.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 515
STATUTORY AUTHORITY: 32 M.R.S.A. 10305, 10703
PURPOSE: Comprehensive amendment of existing investment adviser rule to reflect changes in the Revised Maine Securities Act necessitated by the National Securities Markets Improvement Act of 1996, to reflect higher initial and renewal fees, to specify record keeping requirements, to specify net capital and bonding requirements, and to add the updated Series 65 and Series 66, Certified Financial Planner, and Chartered Financial Analyst exams to the examination qualification requirements.
ANTICIPATED SCHEDULE: Prior to 9/2002
AFFECTED PARTIES: All investment advisers and persons representing investment advisers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10703
PURPOSE: Rule requiring the retention of offering materials by issuers selling securities in Maine.
ANTICIPATED SCHEDULE: 9/2001.
AFFECTED PARTIES: Issuers selling securities in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10703
PURPOSE: Rule providing for an exemption from securities registration for professional corporations incorporated in Maine.
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: Issuers and purchasers of the securities of professional corporations.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10703,10704
PURPOSE: Rule to provide an exemption from the requirement to file a consent to service of process for Maine entities who have previously designated the Secretary of State as their agent
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: Maine issuers selling securities in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10502(3), 10703.
PURPOSE: Rule providing an exemption from registration for offers of a security made by an issuer for the sole purpose of soliciting an indication of interest in receiving a prospectus for the security.
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: Maine issuers offering securities in Maine.
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. 10703
PURPOSE: Revise and update this rule to address changes in the industry.
ANTICIPATED SCHEDULE: Prior to 9/2002.
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: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10703
PURPOSE: To define reasonable supervision as that term is used in 32 M.R.S.A. 10313(G).
ANTICIPATED SCHEDULE: Prior to 9/2002
AFFECTED PARTIES: Broker-dealers and investment advisers
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10607(3), 10703
PURPOSE: Rule to prescribe the form in which a rescission offer may be made.
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: Issuers and broker-dealers making rescission offers, and Maine investors who receive rescission offers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10703
PURPOSE: Rule to provide information to securities issuers seeking to register or qualify for an exemption in Maine outlining the requirements for securities registration or exemption filings.
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: Securities issuers and their legal counsel.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 10703
PURPOSE: Rule to provide procedures and requirements for hearings for proceedings brought pursuant to the Revised Maine Securities Act.
ANTICIPATED SCHEDULE: Prior to 9/2002
AFFECTED PARTIES: All parties who may have proceedings pursuant to the Revised Maine Securities Act.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 5 M.R.S.A. 9001(3)
PURPOSE: Rule to prescribe the procedure for submission, consideration, and disposition of requests for advisory rulings.
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: Anyone who may wish to request an advisory ruling from the Securities Division.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10703
PURPOSE: Rule to define the term commercial paper as that term is used in 32 M.R.S.A. 10502 (1)(K).
ANTICIPATED SCHEDULE: Prior to 9/2002
AFFECTED PARTIES: Issuers and sellers of securities that may be deemed commercial paper and Maine investors being offered or sold such investments.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10703
PURPOSE: Rule to address abandoned securities registration and exemption filings, broker-dealer, investment adviser and sales representative license filings.
ANTICIPATED SCHEDULE: Prior to 9/2002
AFFECTED PARTIES: Securities Issuers, Broker-dealers, Investment Advisers, and Sales Representatives who have failed to complete filings in a timely manner.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10703
PURPOSE: To define the term "associated with" as used in 32 M.R.S.A. 10602(1)(C).
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: Any person who is subject to an order of the administrator barring them from association with a broker-dealer or investment adviser in this state.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER: New Rule
STATUTORY AUTHORITY: 32 M.R.S.A. 10712
PURPOSE: To reduce sales representative renewal fees to meet program budget.
ANTICIPATED SCHEDULE: Prior to 9/2002.
AFFECTED PARTIES: Broker-dealers and sales representatives who pay annual license renewal fees.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

 


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