Maine Revised Statutes Title 32 Sec. 16608 – Uniformity and cooperation with other agencies
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1. Objective of uniformity and cooperation. The administrator may, in the administrator’s discretion, cooperate, coordinate, consult and, subject to section 16607, share records and information with the securities regulator of another state, Canada, a Canadian province or territory, a foreign jurisdiction, the Securities and Exchange Commission, the United States Department of Justice, the Commodity Futures Trading Commission, the Federal Trade Commission, the Securities Investor Protection Corporation, a self-regulatory organization, a national or international organization of securities regulators, a federal or state banking or insurance regulator or a governmental regulatory or law enforcement agency to, among other objectives, effectuate greater uniformity in securities matters among the Federal Government, self-regulatory organizations, states and foreign governments.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 16608
- Administrator: means the Securities Administrator under section 16601. See Maine Revised Statutes Title 32 Sec. 16102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Securities and Exchange Commission: means the United States Securities and Exchange Commission. See Maine Revised Statutes Title 32 Sec. 16102
- Self-regulatory organization: means a national securities exchange registered under the federal Securities Exchange Act of 1934, a national securities association of broker-dealers registered under the federal Securities Exchange Act of 1934, a clearing agency registered under the federal Securities Exchange Act of 1934 or the Municipal Securities Rulemaking Board established under the federal Securities Exchange Act of 1934. See Maine Revised Statutes Title 32 Sec. 16102
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Maine Revised Statutes Title 32 Sec. 16102
- United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
2. Policies to consider. In cooperating, coordinating, consulting and sharing records and information under this section and in acting by rule, order or waiver under this chapter, the administrator may, in the administrator’s discretion, take into consideration in carrying out the public interest the following general policies:
A. Maximizing effectiveness of regulation for the protection of investors; [PL 2005, c. 65, Pt. A, §2 (NEW).]
B. Maximizing uniformity in federal and state regulatory standards; and [PL 2005, c. 65, Pt. A, §2 (NEW).]
C. Minimizing burdens on the business of capital formation without adversely affecting essentials of investor protection. [PL 2005, c. 65, Pt. A, §2 (NEW).]
[PL 2005, c. 65, Pt. A, §2 (NEW).]
3. Subjects for cooperation. The cooperation, coordination, consultation and sharing of records and information authorized by this section includes:
A. Establishing or employing one or more designees as a central depository for licensing, registration and notice filings under this chapter and for records required or allowed to be maintained under this chapter; [PL 2005, c. 65, Pt. A, §2 (NEW).]
B. Developing and maintaining uniform forms; [PL 2005, c. 65, Pt. A, §2 (NEW).]
C. Conducting a joint examination or investigation; [PL 2005, c. 65, Pt. A, §2 (NEW).]
D. Holding a joint administrative hearing; [PL 2005, c. 65, Pt. A, §2 (NEW).]
E. Instituting and prosecuting a joint civil or administrative proceeding; [PL 2005, c. 65, Pt. A, §2 (NEW).]
F. Sharing and exchanging personnel; [PL 2005, c. 65, Pt. A, §2 (NEW).]
G. Coordinating registrations under section 16301 and licensing under sections 16401 to 16404 and exemptions under section 16203; [PL 2005, c. 65, Pt. A, §2 (NEW).]
I. Formulating rules, statements of policy, guidelines, forms and interpretative opinions and releases; [PL 2005, c. 65, Pt. A, §2 (NEW).]
J. Formulating common systems and procedures; [PL 2005, c. 65, Pt. A, §2 (NEW).]
K. Notifying the public of proposed rules, forms, statements of policy and guidelines; [PL 2005, c. 65, Pt. A, §2 (NEW).]
L. Attending conferences and other meetings among securities regulators, which may include representatives of governmental and private sector organizations involved in capital formation, considered necessary or appropriate to promote or achieve uniformity; and [PL 2005, c. 65, Pt. A, §2 (NEW).]
M. Developing and maintaining a uniform exemption from registration for small issuers and taking other steps to reduce the burden of raising investment capital by small businesses. [PL 2005, c. 65, Pt. A, §2 (NEW).]
[PL 2005, c. 65, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 65, §A2 (NEW).