1. A. Financial Reports. A broker-dealer registered in Maryland shall file financial reports with the Commissioner as required by this regulation.
2. B. NASD Members. Unless otherwise ordered by the Commissioner, a broker-dealer that is a member of the NASD may satisfy its obligations under this regulation and the Maryland Securities Act, Corporations and Associations Article, §11-411(c), Annotated Code of Maryland, by filing with the NASD an annual financial statement prepared in accordance with 17 CFR §240.17a-5(d) (SEC Rule 17a-5(d), Annual Filing of Audited Financial Statements), which is incorporated by reference.
3. C. Non-NASD Members. A broker-dealer that is not a member of the NASD shall file with the Commissioner an annual financial statement prepared in accordance with 17 CFR §240.17a-5(d) (SEC Rule 17a-5(d), Annual Filing of Audited Financial Statements), which is incorporated by reference.

4. D. Filing of Reports.

   1. (1) Time for Filing. A broker-dealer required to file a financial statement under §C of this regulation shall file the financial statement within 45 days after the end of the broker-dealer's fiscal year.

   2. (2) Extensions of Time.

      1. (a) A broker-dealer may request an extension of time to file a financial statement. The request shall state the reason for the extension of time and shall contain an undertaking to file the statement on or before a specified date.
      2. (b) A request for an extension of time shall be considered granted unless the Commissioner, within 10 days after the receipt of the request, denies the request and notifies the broker-dealer of the denial.
      3. (c) If an extension of time for filing a financial statement is granted, the financial statement shall report the financial condition of the broker-dealer as of a date within 90 days of the date that the financial statement is filed.

Authority: Corporations and Associations Article, §11-203, Annotated Code of Maryland

Effective date: June 1, 19652

Regulations .01—.06 and new Regulations .01—.10 adopted effective January 17, 1994 (21:1 Md. R. 26)

Regulation .01B, D amended effective June 15, 1998 (25:12 Md. R. 944)

Regulation .04B, D amended effective June 15, 1998 (25:12 Md. R. 944)

Regulation .08B, C amended effective June 15, 1998 (25:12 Md. R. 944)