Code of Maryland Regulations
Title 02 - OFFICE OF THE ATTORNEY GENERAL
Subtitle 02 - DIVISION OF SECURITIES
Chapter 02.02.05 - Investment Adviser Regulations
Section 02.02.05.20 - Exemption from the Maryland Securities Act, Corporations and Associations Article, Section11-101(i)(2), Annotated Code of Maryland, for Certain Individuals

(1) In conjunction with the agent's employment or affiliation with a broker-dealer, holds out to the public, as set forth in the Maryland Securities Act, Corporations and Associations Article, § 11-101(h)(1)(ii) 3, Annotated Code of Maryland, by use of the title "financial consultant", "financial adviser", or similar title or designation;

(2) Does not in any other manner hold out as an investment adviser or representative;

(3) Does not in any other manner act or perform as an investment adviser or representative as set forth in the Maryland Securities Act, Corporations and Associations Article, § 11-101(h)(1), Annotated Code of Maryland;

(4) Is registered and in good standing in this State as the agent of a broker-dealer that is registered and in good standing in this State; and

(5) Has passed, with a score of 70 percent or better, the Series 7 examination administered by the FINRA, or a combination of examinations that the Commissioner determines is the substantial equivalent of the Series 7 examination;

(1) Falls within the definition of "investment adviser" under the Maryland Securities Act, Corporations and Associations Article, § 11-101(h)(1), Annotated Code of Maryland, solely by incident of holding out to the public, as set forth in the Maryland Securities Act, Corporations and Associations Article, § 11-101(h)(1)(ii) 3, Annotated Code of Maryland, by use of the registered trademark "ChFC", "Chartered Financial Consultant", "NAIFA", "National Association of Insurance and Financial Advisers", or any state or local affiliate of NAIFA whether by name or acronym, in the context of representing, acting as an agent or employee of, or otherwise indicating an affiliation with, an insurance company, producer, or agency;

(2) Does not in any other manner hold out as an investment adviser or representative;

(3) Does not in any other manner act or perform as an investment adviser or representative as set forth in the Maryland Securities Act, Corporations and Associations Article, § 11-101(h)(1), Annotated Code of Maryland;

(4) Holds a valid license as an insurance producer with the Maryland Insurance Administration, as provided in the Insurance Article, Annotated Code of Maryland; and

(5) Does not, in any other manner, act or perform as a broker-dealer agent as set forth in the Maryland Securities Act, Corporations and Associations Article, § 11-101(b), Annotated Code of Maryland;

(1) Falls within the definition of "investment adviser" under the Maryland Securities Act, Corporations and Associations Article, § 11-101(h)(1), Annotated Code of Maryland, solely by incident of holding out to the public, as set forth in the Maryland Securities Act, Corporations and Associations Article, § 11-101(h)(1)(ii)(3), Annotated Code of Maryland, by use of the registered trademark "ChFC", "Chartered Financial Consultant", "NAIFA", "National Association of Insurance and Financial Advisers", or any state or local affiliate of NAIFA whether by name or acronym;

(2) Does not in any other manner hold out as an investment adviser or representative;

(3) Does not in any other manner act or perform as an investment adviser or representative as set forth in the Maryland Securities Act, Corporations and Associations Article, § 11-101(h)(1), Annotated Code of Maryland;

(4) Is regulated by the Maryland Insurance Administration, as provided in the Insurance Article, Annotated Code of Maryland, with respect to business or professional conduct;

(5) Uses the registered trademark "ChFC", "Chartered Financial Consultant", "NAIFA", "National Association of Insurance and Financial Advisers", or any state or local affiliate of NAIFA whether by name or acronym, only in the context of acting as an officer, director, or other administrative employee of an insurance company, producer, agency, or trade association; and

(6) Does not, in any other manner, act or perform as a broker-dealer agent as set forth in the Maryland Securities Act, Corporations and Associations Article, § 11-101(b), Annotated Code of Maryland;

(1) Uses the registered trademark "ChFC", "Chartered Financial Consultant", "CFP", or "Certified Financial Planner" solely in the context of:

(2) Does not in any other manner hold out as an investment adviser or representative; and

(3) Does not in any other manner act or perform as an investment adviser or representative as set forth in the Maryland Securities Act, Corporations and Associations Article, § 11-101(h)(1), Annotated Code of Maryland.