§ 11-409. Capital and financial requirements

Latest version.

   (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.

HISTORY: 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.

                    
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