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Home > Agendas > 2005-2006 > P&FR > Office of Securities

2005-2006 Regulatory Agendas

02-032
Office of Securities

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

CONTACT PERSON: Michael J. Colleran, Securities Administrator, 121 State House Station, Augusta, ME 04333-0121. Tel: (207) 624-8551. E-mail: michael.colleran@maine.gov

EMERGENCY RULES ADOPTED SINCE THE LAST REGULATORY AGENDA: None

EXPECTED 2005-2006 RULE-MAKING ACTIVITY:

CHAPTER 505: General Definitions
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10703, 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: All persons with reason to construe any of the rules issued by the Office of Securities.
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, 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
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. §§ 10302(1)(D), 10502(3), 10703, 16203, 16401(2), 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
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. §§ 10703, 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Broker-dealers, sales representatives, investment advisers, and investment adviser representatives.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 515: Investment Adviser Licensing
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10305, 10703, 16406, 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Investment advisers and persons representing investment advisers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 525: Rule Regarding Small Company Offering Registrations
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10404(5), 10405(9), 10703, 16304(5-6), 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
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. §§ 10502(3), 16203
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Issuers who offer or sell securities in Maine via the internet.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 535: Rule Exempting Certain Exchange Listed Securities
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10502(3), 10703, 16203, 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Issuers selling securities in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 537: Exemption for Offers and Sales to Accredited Investors
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10302(2)(E), 10502(3), 10703, 16402(2)(I), 16203, 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
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. §§ 10302(2)(E), 10502(3), 10703, , 16402(2)(I), 16203, 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
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. §§ 10502(2)(S), 10703, 16202(25), 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
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. §§ 10703, 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: All parties who may have proceedings pursuant to the Revised Maine Securities Act.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 541: Sales Representative Annual Renewal Fee
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10703, 10712, 16410, 16605
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Persons who and entities that pay initial and annual fees.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10703, 16605
PURPOSE: To define certain fraudulent, dishonest, or unethical practices by broker-dealers, sales representatives, investment advisers, or investment adviser representatives.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Broker-dealers, sales representatives, investment advisers, or investment adviser representatives, and any consumers transacting business with them.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10305, 10703, 16406, 16605
PURPOSE: To adopt license application forms and specifying licensing procedures for broker-dealers and sales representatives.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Broker-dealers and sales representatives applying for licenses.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10312, 10703, 16411(4), 16605
PURPOSE: To adopt fees to be imposed for conducting examinations of broker-dealers or investment advisers.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Broker-dealers and investment advisers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10307, 10703, 16412(5), 16605
PURPOSE: To establish testing requirements for sales representatives.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Sales representatives applying for a Maine license.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10703, 16605
PURPOSE: To require the retention of offering materials by issuers selling securities in Maine.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Issuers selling securities in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10703, 16605
PURPOSE: To provide an exemption from securities registration for professional corporations incorporated in Maine.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Issuers and purchasers of the securities of professional corporations.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10502(3), 10703, 16203, 16605
PURPOSE: To provide 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 10/2006
AFFECTED PARTIES: Maine issuers offering securities in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10703, 16605
PURPOSE: To define reasonable supervision as that term is used in 32 M.R.S.A. §§ 10313(1)(G) and 16412(4)(I)
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Broker-dealers and investment advisers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10607(3), 10703, 16510(2), 16605
PURPOSE: To prescribe the form in which a rescission offer may be made.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Issuers and broker-dealers making rescission offers, and Maine investors who receive rescission offers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10703, 16605
PURPOSE: 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 10/2006
AFFECTED PARTIES: Issuers and their legal counsel.
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.
ANTICIPATED SCHEDULE: Prior to 10/2006
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. §§ 10703, 16605
PURPOSE: To address abandoned securities registration and exemption filings, broker-dealer, investment adviser, sales representative, and investment adviser license filings.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Issuers, broker-dealers, investment advisers, sales representatives, and investment adviser representatives who have failed to complete filings in a timely manner.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 10703, 16605
PURPOSE: To define the term “associated with” as used in 32 M.R.S.A. §§ 10602(1)(C) and 16604(4).
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Persons subject to an order of the administrator barring them from association with an issuer, broker-dealer or investment adviser in this state.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 16202(2)(D), 16605
PURPOSE: To designate a nationally recognized securities manual or its electronic equivalent in order to allow issuers and broker-dealers to rely upon the registration exemption in 32 M.R.S.A. § 16202(2)(D).
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Issuers and broker-dealers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 16202(15)(E), 16605
PURPOSE: To prescribe the form of the notification that the issuer must file in order to rely upon the securities registration exemption in 32 M.R.S.A. §§ 16202(15)(E).
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Issuers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 16407, 16605
PURPOSE: To describe the circumstances under which a broker-dealer or investment adviser must file a new licensing application based upon a change in the firm’s ownership or control.
ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Broker-dealers and investment advisers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. § 16605
PURPOSE: To describe how, in certain situations, an investment adviser or federal covered investment adviser should count clients for purposes of the de minimis exemption to licensing or notice filing in sections 10403(2)(B) and 10405(2)(B) of the Maine Uniform Securities Act. ANTICIPATED SCHEDULE: Prior to 10/2006
AFFECTED PARTIES: Investment advisers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected