1. A. Definitions.

   1. (1) For purposes of this regulation, the following terms have the meanings indicated.

   2. (2) Terms Defined.

      1. (a) “Agent” has the same meaning as set forth in the Maryland Securities Act, Corporations and Associations Article, §11-101(b), Annotated Code of Maryland.
      2. (b) “Issuer agent” means an agent, other than a broker-dealer agent, who represents an issuer in effecting or attempting to effect the purchase or sale of securities.

2. B. Initial Registration. An applicant for initial registration as an issuer agent shall file with the Commissioner:

   1. (1) An application upon Form U-4 (Uniform Application for Securities Industry Registration or Transfer);
   2. (2) A statement or certificate demonstrating that the applicant has satisfied the examination requirement of §C of this regulation; and
   3. (3) The fee required by the Maryland Securities Act, Corporations and Associations Article, §11-407(a)(2), Annotated Code of Maryland.

3. C. Examination Requirement. An applicant for initial registration as an issuer agent shall have passed, with a score of 70 percent or better, the Series 63 examination administered by the NASD unless:

   1. (1) The applicant effects transactions exclusively in securities exempt under the Maryland Securities Act, Corporations and Associations Article, §11-601; or
   2. (2) Based upon the applicant's education, experience, or duties, the Commissioner waives the examination requirement.

4. D. Renewal Registration. An applicant for renewal registration as an issuer agent shall file with the Commissioner:

   1. (1) An application on the form entitled Maryland Application for Renewal of Registration as an Issuer Agent; and
   2. (2) The fee required by the Maryland Securities Act, Corporations and Associations Article, §11-407(a)(2).

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Regulation .03 repealed effective April 15, 1991 (18:7 Md.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Regulation .07 effective December 1, 1972; repealed effective July 1,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)