Md. Code Regs. 02.02.05.02

Current through Register Vol. 51, No. 12, June 14, 2024

Section 02.02.05.02 - Indirect Consideration

A. The antifraud provisions of the Maryland Securities Act, Corporations and Associations Article, § 11-302(a), Annotated Code of Maryland, apply to a person who receives consideration indirectly from another person for:

(1) Advising the person as to the value of securities or their purchase or sale; or

(2) Acting as an investment adviser or investment adviser representative.

B. For purposes of this regulation and the Maryland Securities Act, Corporations and Associations Article, § 11-302(a), Annotated Code of Maryland, a person receiving indirect consideration may include a person, including officers, directors, and investment adviser representatives of an investment adviser, who receives compensation from an individual or entity that renders investment advice to a client even though the person does not receive compensation directly from the client.

Md. Code Regs. 02.02.05.02

Regulations .02 adopted as an emergency provision effective July 25, 1989 (16:16 Md. R. 1733); emergency status expired December 22, 1989
Regulations .02 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)