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Unannotated Code of Maryland (Last Updated: May 16, 2014) |
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CORPORATIONS AND ASSOCIATIONS |
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TITLE 11. MARYLAND SECURITIES ACT |
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SUBTITLE 3. FRAUDULENT AND OTHER PROHIBITED PRACTICES |
§ 11-304. Unlawful representations concerning registration, notice filing, or exemption
Latest version.
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(a) Effect of registration, notice filing or exemption. --
(1) Neither the fact that an application for registration under Subtitle 4 of this title or a registration statement or notice filing under Subtitle 5 of this title has been filed, nor the fact that a person or security is effectively registered constitutes a finding by the Commissioner that any document filed under this title is true, complete, and not misleading.
(2) Neither any such fact nor the fact that an exemption or exception is available for a security or a transaction means that the Commissioner has passed in any way on the merits or qualifications of, or has recommended or given approval to, any person, security, or transaction.
(b) Prohibited representation. -- It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with subsection (a) of this section.