Md. Code Ann., Corps. & Ass'ns § 11-409
Required net capital
Effective Oct 1, 1997Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1976, c. 481; Acts 1977, c. 529; Acts 1989, c. 533; Acts 1989, c. 805, § 2; Acts 1992, c. 619; Acts 1997, c. 613, § 2, eff. Oct. 1, 1997.State of Maryland
(a) The Commissioner may require by rule or order:
- (1) A minimum capital for a registered broker-dealer, subject to the limitations of § 15 of the Securities Exchange Act of 1934;1 and
- (2) Minimum financial requirements for an investment adviser, subject to the limitations of § 222 of the Investment Advisers Act of 1940.2
- (b) These financial requirements may include different requirements for those investment advisers who maintain custody of clients' funds or securities, or who require payment more than 6 months in advance of fees in excess of $500, and those investment advisers who do not.
Added by Acts 1975, c. 311, § 2, eff. July 1, 1975. Amended by Acts 1976, c. 481; Acts 1977, c. 529; Acts 1989, c. 533; Acts 1989, c. 805, § 2; Acts 1992, c. 619; Acts 1997, c. 613, § 2, eff. Oct. 1, 1997.
Formerly Art. 32A, § 16.
June 6, 1934, ch. 404, 48 Stat. 881, codified at 15 U.S.C.A. § 78a et seq.
Aug. 22, 1940, ch. 686, Title II, 54 Stat. 847, codified at 15 U.S.C.A. § 80b-1 et seq.