Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
032 - OFFICE OF SECURITIES
Chapter 506 - FINANCIAL INSTITUTIONS AND BROKER-DEALERS ENGAGING IN THIRD PARTY BROKERAGE ARRANGEMENTS
Section 032-506-3 - General authorization for third party brokerage arrangements
Universal Citation: 02 ME Code Rules ยง 032-506-3
Current through 2024-38, September 18, 2024
1. Authorization for financial institutions. A financial institution may enter into third party brokerage arrangements to facilitate the sale of securities, subject to provisions of this rule.
2. Authorization for financial institutions authorized to do business in this State. A financial institution authorized to do business in this State may enter into third party brokerage arrangements and qualify for the exclusion from the definition of "broker-dealer" pursuant to 32 M.R.S.A. §16102(4)(C), if the financial institution authorized to do business in this State complies with Sections 5 and 6 of this rule.
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