1. A. All financial statements required to be filed as part of registration statements for registration of securities by qualification or notification shall be certified by independent public accountants.

2. B. The Commissioner will not recognize any certified public accountant or public accountant as independent who is not in fact independent. For example, an accountant will be considered not independent with respect to any person or any of its parents or subsidiaries:

   1. (1) In whom he has, or had during the period of report, any direct, financial interest or any material indirect financial interest; or
   2. (2) with whom he is, or was during the period, connected as a promoter, underwriter, voting trustee, director, officer, or employee.

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

Effective date:

Regulations .01—.05 effective June 1, 1962

Regulation .03 repealed effective April 15, 1991 (18:7 Md. R. 770)

Regulation .06 effective December 1, 1968

Regulation .07 effective December 1, 1972; repealed effective July 1,

1983 (10:6 Md. R. 551)

Regulation .07 adopted effective May 7, 1984 (11:9 Md. R. 795)

Regulation .08 effective December 1, 1974

Regulation .09 adopted effective August 6, 1990 (17:15 Md. R. 1853)

Regulation .09E adopted effective April 1, 1991 (18:6 Md. R. 684)

Regulation .10 adopted effective August 6, 1990 (17:15 Md. R. 1853)

Regulation .10D—F amended effective April 1, 1991 (18:6 Md. R. 684)

Regulation .11 adopted effective May 9, 1994 (21:9 Md. R. 749)

Regulation .12 adopted effective May 9, 1994 (21:9 Md. R. 749)

Regulation .21 adopted effective October 20, 1978 (5:21 Md. R. 1585)

Regulation .21 repealed effective August 6, 1990 (17:15 Md. R. 1853)