For the purposes of the Maryland Securities Act, Corporations and Associations Article, §11-101(h)(2)(iii)3, Annotated Code of Maryland, a certified public accountant or certified public accounting firm (CPA) is not considered to “hold out” as an investment adviser if the CPA limits his or her holding out as an investment adviser to the following and does not in any other manner hold out as an investment adviser:

1. A. Enumerating financial or investment planning, counseling, consulting, or similar types of advising or consulting as a service of the practice of the CPA in brochures or similar materials used for internal client purposes only;
2. B. Enumerating financial or investment planning, counseling, consulting, or similar types of advising or consulting as a service of the practice of the CPA under the heading or caption “Certified Public Accountants” in a classified telephone book advertisement or listing, or in a directory of professional services, provided that the services are enumerated among the other services that are offered by the CPA.

Authority: Corporations and Associations Article, §§11-101, 11-203, and 11-302, Annotated Code of Maryland

Effective date:

Regulations .01—.09 adopted as an emergency provision effective July 25, 1989 (16:16 Md. R. 1733); emergency status expired December 22, 1989

Regulations .01—.09 adopted as an emergency provision effective December 23, 1989 (17:1 Md. R. 63); adopted permanently effective April 16, 1990 (17:7 Md. R. 845)

Regulation .05 amended and Regulations .10—.18 adopted as an emergency provision effective August 1, 1990 (17:15 Md. R. 1845)

Regulation .05 amended and new Regulations .10—.18 adopted as an emergency provision effective December 1, 1990 (17:26 Md. R. 2972)

Regulations .05A, B amended effective March 18, 1991 (18:5 Md. R. 592)

Regulations .10—.18 adopted effective March 18, 1991 (18:5 Md. R. 592)

Regulations .10B, .11C, and .13D amended as an emergency provision effective September 23, 1991 (18:20 Md. R. 2197); emergency status extended at 18:26 Md. R. 2826; adopted permanently effective February 3, 1992 (19:2 Md. R. 152)

Regulations .19 and .20 adopted as an emergency provision effective October 1, 1992 (19:17 Md. R. 1602); emergency status extended at 19:24 Md. R. 2123; adopted permanently effective December 7, 1992 (19:24 Md. R. 2125)

Chapter revised effective May 9, 1994 (21:9 Md. R. 749)

Chapter revised effective February 4, 2002 (29:2 Md. R. 94)

Regulation .01B amended effective December 27, 2021 (48:26 Md. R. 1109)

Regulation .11A amended effective December 27, 2021 (48:26 Md. R. 1109)

Regulation .14 amended effective December 27, 2021 (48:26 Md. R. 1109)