Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
029 - BUREAU OF FINANCIAL INSTITUTIONS
Chapter 122 - SECURITIES ACTIVITIES OF SUBSIDIARIES OF FINANCIAL INSTITUTIONS (Reg. 22)

SUMMARY: Over the last several years, there have been many changes regarding the securities activities of financial institutions and their subsidiaries, service corporations, and affiliates. The Maine Banking Code grants authority to the Superintendent to authorize by regulation state-chartered financial institutions and service corporations to engage in activities authorized by federal law for institutions chartered or otherwise subject to the jurisdiction of the Federal Government. This regulation provides the framework for financial institutions to engage in certain securities activities either directly or through a service corporation or subsidiary in order to maintain competitive equality between federally-chartered and state-chartered institutions. This regulation is not intended to limit traditional securities activities and investment advisory services already offered by state-chartered financial institutions as expressly authorized under existing law. This includes the marketing of discount brokerage services as now conducted by financial institutions in Maine.

AUTHORITY: Title 9-B M.R.S.A. Sections11, 131(37) and 416