Md. Code Regs. 02.02.04.02

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

Section 02.02.04.02 - Employee Benefit Plans

A. Securities offered pursuant to a nonqualified benefit plan as described in the Maryland Securities Act, Corporations and Associations Article, § 11-601(11), Annotated Code of Maryland, shall be deemed exempt securities if the following conditions are satisfied:

(1) The issuer shall notify the Commissioner in writing at least 30 days before any offer or sale in this State. The notification shall include the following information:

(a) Name, address, and telephone number of the issuer;

(b) Name, address, and telephone number of the administrator of the plan; and

(c) A copy of the plan.

(2) The issuer shall pay the filing fee required by the Maryland Securities Act, Corporations and Associations Article, § 11-506(b), Annotated Code of Maryland.

(3) The Commissioner may waive the 30-day prior notice requirement of §A(1) of this regulation, if the Commissioner finds that the waiver is appropriate in the public interest.

B. The exemption for an offering made pursuant to this exemption shall be effective from the date that the notification filing is accepted by the Commissioner. If there is a material change or amendment to the plan during the offering period, the issuer shall notify the Commissioner by complying with the provisions of §A of this regulation.

Md. Code Regs. 02.02.04.02

Regulations .02 adopted effective April 15, 1991 (18:7 Md. R. 770)