Section 11-409 - Capital and financial requirements. - Maryland Statutes

§ 11-409. Capital and financial requirements.
 

(a)  In general.- The Commissioner may require by rule or order: 

(1) A minimum capital for a registered broker-dealer, subject to the limitations of § 15 of the Securities Exchange Act of 1934; and 

(2) Minimum financial requirements for an investment adviser, subject to the limitations of § 222 of the Investment Advisers Act of 1940. 

(b)  Certain investment advisers.- These financial requirements may include different requirements for those investment advisers who maintain custody of clients' funds or securities, or who require payment more than 6 months in advance of fees in excess of $500, and those investment advisers who do not. 
 

[An. Code 1957, art. 32A, § 16; 1975, ch. 311, § 2; 1976, ch. 481; 1977, ch. 529; 1989, ch. 533; ch. 805, § 2; 1992, ch. 619; 1997, ch. 613, § 2.]