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Home > Agendas > 2006-2007 > P&FR > Office of Securities

2006-2007 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 2006-2007 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 10/2007
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 10/2007
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 10/2007
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 10/2007
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 10/2007
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 10/2007
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 10/2007
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 10/2007
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 10/2007
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 10/2007
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 10.2007
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 10/2007
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 10/2007
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 10/2007
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 10/2007
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 10/2007
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 10/2007
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 10/2007
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. §§ 16411(4) and 16605
PURPOSE: To adopt fees to be imposed for conducting examinations of broker-dealers or investment advisers.
ANTICIPATED SCHEDULE: Prior to 10/2007
AFFECTED PARTIES: Broker-dealers and investment advisers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §§ 16203 and 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 10/2007
AFFECTED PARTIES: Issuers offering securities in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE
STATUTORY AUTHORITY: 32 M.R.S.A. §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 10/2007
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 and no-action letters.
ANTICIPATED SCHEDULE: Prior to 10/2007
AFFECTED PARTIES: Anyone who may wish to request an advisory ruling or no-action letter 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 10/2007
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 10/2007
AFFECTED PARTIES: Information brokers and other persons maintaining computerized data that includes personal information, such as such as social security numbers, driver’s license numbers, account numbers, and account passwords.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected.