Md. Code Regs. 02.02.01.04

Current through Register Vol. 51, No. 11, May 31, 2024

Section 02.02.01.04 - Fines and Civil Penalties

A. Scope. This regulation applies to fines and civil penalties imposed under the Maryland Securities Act, Corporations and Associations Article, §§ 11-417 and 11-701.1(b)(4), Annotated Code of Maryland.

B. Amount of Fine or Civil Penalty. For the purpose of determining the amount of a fine or civil penalty to be imposed for a violation of any provision of the Maryland Securities Act, or any regulation or order under the Maryland Securities Act, the Commissioner shall consider:

(1) The circumstances, nature, frequency, seriousness, magnitude, persistence, and willfulness of the conduct constituting the violation;

(2) The scope of the violation, including the number of persons in and out of Maryland affected by the conduct constituting the violation;

(3) The level of restitution or compensation the violator has made;

(4) Past and concurrent conduct of the violator that has given rise to any sanction or judgment imposed by, or plea of guilty or nolo contendere or settlement with, the Commissioner or a state securities administrator, a court of competent jurisdiction, the SEC, any other federal or state agency, or a self-regulatory organization; and

(5) Any other factor the Commissioner finds appropriate in the public interest or for the protection of investors and within the purposes fairly intended by the policy and provisions of the Maryland Securities Act.

Md. Code Regs. 02.02.01.04

Regulations .04 adopted effective January 17, 1994 (21:1 Md. R. 26)