Current through 2024-13, March 27, 2024
1.
General prohibition. The use
of a senior specific certification or designation by any person in connection
with the offer, sale, or purchase of securities, or the provision of advice as
to the value of or the advisability of investing in, purchasing, or selling
securities, either directly or indirectly or through publications or writings,
or by issuing or promulgating analyses or reports relating to securities, that
indicates or implies that the user has special certification or training in
advising or servicing senior citizens or retirees, in such a way as to mislead
any person shall be a dishonest and unethical practice in the securities
business within the meaning of
32 M.R.S.A.
§16412(4)(M).
2.
Specific prohibitions. The
prohibited use of such certifications or professional designations includes,
but is not limited to, the following:
A. use
of a certification or professional designation by a person who has not actually
earned or is otherwise ineligible to use such certification or
designation;
B. use of a
nonexistent or self-conferred certification or professional
designation;
C. use of a
certification or professional designation that indicates or implies a level of
occupational qualifications obtained through education, training, or experience
that the person using the certification or professional designation does not
have; and
D. use of a certification
or professional designation that was obtained from a designating or certifying
organization that:
(1) is primarily engaged
in the business of instruction in sales and/or marketing;
(2) does not have reasonable standards or
procedures for assuring the competency of its designees or
certificants;
(3) does not have
reasonable standards or procedures for monitoring and disciplining its
designees or certificants for improper or unethical conduct; or
(4) does not have reasonable continuing
education requirements for its designees or certificants in order to maintain
the designation or certificate.
3.
Rebuttable presumption. There
is a rebuttable presumption that a designating or certifying organization is
not disqualified solely for purposes of paragraph D of subsection
2 of this section when the
organization has been accredited by:
A. The
American National Standards Institute;
B. The National Commission for Certifying
Agencies; or
C. an organization
that is on the United States Department of Education's list entitled
"Accredited Agencies Recognized for Title IV Purposes" and the designation or
credential issued therefrom does not primarily apply to sales and/or
marketing.
4.
Combinations of words. In determining whether a combination of
words (or an acronym standing for a combination of words) constitutes a
certification or professional designation indicating or implying that a person
has special certification or training in advising or servicing senior citizens
or retirees, factors to be considered shall include:
A. use of one or more words such as "senior,"
"retirement," "elder," or like words, combined with one or more words such as
"certified," "registered," "chartered," "adviser," "specialist,""consultant,"
"planner," or like words, in the name of the certification or professional
designation; and
B. the manner in
which those words are combined.
5.
Exclusion for Certain Job
Titles
A. For purposes of this rule, a
certification or professional designation does not include a job title within
an organization that is licensed or registered by a state or federal financial
services regulatory agency, when that job title:
1. indicates seniority or standing within the
organization: or
2. specifies an
individual's area of specialization within the organization.
B. For purposes of this
subsection, financial services regulatory agency includes, but is not limited
to, an agency that regulates broker-dealers, investment advisers, or investment
companies as defined under the Investment Company Act of 1940.
