2017 Amendments to the Maryland Securities Act

During the 2017 legislative session, the Maryland General Assembly amended the Maryland Securities Act, effective October 1, 2017.  Highlights of the amendments include:

• Adoption of NASAA's Senior Model Act granting the Securities Division new authority to protect seniors and vulnerable adults from financial exploitation;
• Simplification of requirements for most employee stock ownership programs;
• Elimination of legal uncertainty for issuers by providing a mechanism to cure certain late filings;
• Alignment with federal law of Maryland's provisions for private fund advisers and certain broker-dealers;
• Clarification of filing requirements for certain offerings and financial professionals;
• Enhancement of enforcement authority to include aiding and abetting liability; and
• Modification of fees for certain filing categories.
  

Legislation: http://mgaleg.maryland.gov/2017RS/chapters_noln/Ch_837_hb1149T.pdf

The following fees have been amended and will be implemented starting October 1, 2017:

• Broker-dealer agent initial and renewal registration fee -- $50.
• Form D filing late fee for certain late filings -- $150 late fee in addition to $100 filing fee.
• Form NF filing late fee -- $500 late fee for a filing made after the statutory filing deadline of 60 days after the filer's fiscal year end
• Issuer agent initial and renewal registration fee --$50.

• Private fund adviser (exempt reporting adviser) initial and renewal notice filing -- $300 (new fee).

For a full list of the Securities Division's fees, go to our fee chart.

Summary of Changes

Please check back for additional information.