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AGENCY UMBRELLA UNIT NUMBER: 02-032
AGENCY NAME: Department of Professional and Financial Regulation, Office of Securities

CONTACT PERSON: Christine Bruenn, Securities Administrator, 121 State House Station, Augusta, ME 04333-0121. Tel: (207) 624-8551. E-mail: christine.a.bruenn@maine.gov

EMERGENCY RULES ADOPTED SINCE THE LAST REGULATORY AGENDA: None

EXPECTED 2004-2005 RULE-MAKING ACTIVITY:

CHAPTER 505: General Definitions
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: All persons with reason to construe any of the rules issued by the Office of Securities.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 506: Rule Governing Broker-dealers Transacting Business on the Premises of Financial Institutions
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Broker-dealers transacting business on premises of financial institutions, financial institutions, Maine investors and financial institution customers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 507: Licensing Exemption for Certain Canadian Broker-Dealers
STATUTORY AUTHORITY: 32 M.R.S.A. §§10302(1)(D), 10502(3), 10703
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Broker-dealers who are residents of Canada.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 510: Broker-Dealers, Investment Advisers, and Others Using the Internet for General Dissemination of Information about Securities Products and Services
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Broker-dealers, sales representatives, investment advisers, and investment adviser representatives.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 515: Investment Adviser Licensing
STATUTORY AUTHORITY: 32 M.R.S.A. §§10305, 10703
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Investment advisers and persons representing investment advisers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 525: Rule Regarding Small Company Offering Registrations
STATUTORY AUTHORITY: 32 M.R.S.A. §§10404(5), 10405(9), 10703
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Small companies that wish to offer their securities to the public.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 532: Securities Offerings on the Internet
STATUTORY AUTHORITY: 32 M.R.S.A. §10502(3)
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Issuers who offer or sell securities in Maine via the internet.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 535: Rule Exempting Certain Exchange Listed Securities
STATUTORY AUTHORITY: 32 M.R.S.A. §10502(3), 10703
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Issuers selling securities in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 537: Exemption for Offers and Sales to Accredited Investors
STATUTORY AUTHORITY: 32 M.R.S.A. §§10302(2)(E), 10502(3), 10703
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Issuers offering securities in Maine to accredited investors; sales representatives acting for such issuers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 538: Exemption for Offers and Sales to the Finance Authority of Maine
STATUTORY AUTHORITY: 32 M.R.S.A. §§10302(2)(E), 10502(3), 10703
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Issuers offering securities to the Finance Authority of Maine; sales representatives acting for such issuers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 539: Offers and Sales of Viatical Settlement Contracts
STATUTORY AUTHORITY: 32 M.R.S.A. §10502(2)(S), 10703
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Any person offering or selling viatical settlement contracts in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 540: Adjudicatory Proceedings Rule
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: All parties who may have proceedings pursuant to the Revised Maine Securities Act.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

CHAPTER 541: Sales Representative Annual Renewal Fee
STATUTORY AUTHORITY: 32 M.R.S.A. §§10703 and 10712
PURPOSE: Revise and update this rule to address policy, law, industry, or other changes.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Broker-dealers and sales representatives who pay annual license renewal fees.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: Rules defining certain fraudulent, dishonest, and unethical practices by broker-dealers, sales representatives, and investment advisers.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: All broker-dealers, sales representatives, investment advisers, and any consumers transacting business with those persons subject to the regulation.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §§10305, 10703
PURPOSE: Rule adopting license application forms and specifying licensing procedures for broker-dealers and sales representatives.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Broker-dealers and sales representatives applying for licenses.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §§10312, 10703
PURPOSE: Rule adopting fees to be imposed by the Securities Administrator for conducting examinations of broker-dealers or investment advisers.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Broker-dealers and investment advisers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §§10307, 10703
PURPOSE: Rule establishing testing requirements for sales representatives.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Sales representatives applying for a Maine license.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: Rule requiring the retention of offering materials by issuers selling securities in Maine.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Issuers selling securities in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: Rule providing for an exemption from securities registration for professional corporations incorporated in Maine.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Issuers and purchasers of the securities of professional corporations.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §§10703, 10704
PURPOSE: Rule to provide an exemption from the requirement to file a consent to service of process for Maine entities that have previously designated the Secretary of State as their agent.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Maine issuers selling securities in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §§10502(3), 10703
PURPOSE: Rule providing an exemption from registration for offers of a security made by an issuer for the sole purpose of soliciting an indication of interest in receiving a prospectus for the security.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Maine issuers offering securities in Maine.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: To define reasonable supervision as that term is used in 32 M.R.S.A. §10313(G).
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Broker-dealers and investment advisers
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §§10607(3), 10703
PURPOSE: Rule to prescribe the form in which a rescission offer may be made.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Issuers and broker-dealers making rescission offers, and Maine investors who receive rescission offers.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: Rule to provide information to securities issuers seeking to register or qualify for an exemption in Maine outlining the requirements for securities registration or exemption filings.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Securities issuers and their legal counsel.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 5 M.R.S.A. §9001(3)
PURPOSE: Rule to prescribe the procedure for submission, consideration, and disposition of requests for advisory rulings.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Anyone who may wish to request an advisory ruling from the Securities Division.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: Rule to define the term commercial paper as that term is used in 32 M.R.S.A. §10502 (1)(K).
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Issuers and sellers of securities that may be deemed commercial paper and Maine investors being offered or sold such investments.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: Rule to address abandoned securities registration and exemption filings, broker-dealer, investment adviser and sales representative license filings.
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Securities Issuers, Broker-dealers, Investment Advisers, and Sales Representatives who have failed to complete filings in a timely manner.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

NEW RULE:
STATUTORY AUTHORITY: 32 M.R.S.A. §10703
PURPOSE: To define the term "associated with" as used in 32 M.R.S.A. §10602(1)(C).
ANTICIPATED SCHEDULE: Prior to 10/2005
AFFECTED PARTIES: Any person who is subject to an order of the administrator barring them from association with a broker-dealer or investment adviser in this state.
CONSENSUS-BASED RULE DEVELOPMENT: Not expected

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