Md. Code Regs. 02.02.01.05

Current through Register Vol. 51, No. 24, December 2, 2024

Section 02.02.01.05 - Interpretive Opinions

A. Filing of Request. A request for an interpretive opinion or a no action position under the Maryland Securities Act, Corporations and Associations Article, § 11-206(e), Annotated Code of Maryland, shall be filed with the Commissioner.

B. Form of Request. A request for an interpretive opinion or a no action position shall include:

(1) An original and one copy of the letter requesting the interpretive opinion or no action position; and

(2) Two copies of any supporting documentation or materials.

C. Content of Request.

(1) A request shall state the names of any issuer, individual, or entity involved. Requests concerning unnamed issuers, individuals, or entities, or hypothetical situations, are not acceptable.

(2) A request shall indicate in a prominent manner the specific subsections of the statute or regulation to which the request pertains.

(3) A request shall be limited to a particular fact situation and shall contain a legal analysis indicating why the requesting party believes that it is appropriate, given the language, meaning, and intent of the pertinent statutes and regulations, and the interests of investor protection, that the Commissioner should take a particular position.

(4) A request shall contain the name of the individual to be contacted by the Division if additional information is required. The designated individual shall be fully versed in the facts and legal analysis underlying the request for the interpretive opinion or no action position.

D. Request for Confidential Treatment. If a person requesting an interpretive opinion or no action position seeks to keep all or part of the request confidential, the person shall submit, together with the request for an interpretive opinion or no action position, a separate letter that states why the person believes that confidential treatment is appropriate or necessary.

E. Payment of Fee. A request for an interpretive opinion or a no action position shall be accompanied by the fee set forth in the Maryland Securities Act, Corporations and Associations Article, § 11-206(e), Annotated Code of Maryland. The filing fee is nonrefundable.

Md. Code Regs. 02.02.01.05

Regulation .05 adopted as an emergency provision effective February 16, 1990 (17:5 Md. R. 633); adopted permanently effective June 11, 1990 (17:11 Md. R. 1340)
Regulations .05 adopted effective January 17, 1994 (21:1 Md. R. 26)