Order No. 2020-11, Order Addressing Disruptions

The record

Jurisdiction

Maine; Office of Securities, Department of Professional and Financial Regulation (State securities regulator) · Maine

Level

Sector regulator

Authority

32 M.R.S. §§ 16307, 16406(5), 16605

Issued

2020-03-25 Mar. 25, 2020

Effective

2020-03-25

End

Until the expiration date of the Order or any extension (not verified) (read as 2020-06-30)

In force

Mar. 25, 2020 to June 30, 2020

Quarters

2020 Q2

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

Limitation types

Telework mandateOther

Addressees

• investment advisers, investment adviser representatives, broker-dealers and broker-dealer agents licensed or displaced into Maine

Functions reached

• WM broker-dealers and advisers
• HR licensing (in-person training suspended)
• OP

Collection

State insurance and banking regulators AGY-ST-INSURANCE-BANKING

Operative words

WHEREAS, the current novel coronavirus (COVID-19) pandemic, and steps implemented by government or private entities to curtail its spread, may disrupt investment adviser, investment adviser representative, broker-dealer and broker-dealer agent operations, and the securities registrations process... NOW, THEREFORE, under the authority of Sections 16307, 16406(5), and 16605 of the Maine Uniform Securities Act, it is hereby ORDERED that: [displaced professionals affected by the] pandemic are temporarily exempted from the licensing and filing requirements of the [Act, provided they were properly licensed with all] securities regulators and self-regulatory organizations as of March 1, 2020... An investment adviser that is unable to meet a filing deadline or delivery requirement [may make the filing up to] 45 days after such action is due... The in-person seminar training required by Rule Chapter 504 6(5) and Rule Chapter [515 for broker-dealer agents and investment adviser] representatives prior to licensure is suspended during the pendency of this Order.

Enforcement

Notes