Code of Maryland Regulations
Title 09 - MARYLAND DEPARTMENT OF LABOR
Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION
Chapter 09.03.01 - Credit Unions
Section 09.03.01.10 - Investments
Universal Citation: MD Code Reg 09.03.01.10
Current through Register Vol. 51, No. 6, March 22, 2024
A. In this regulation, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Adjusted trading" means any method or transaction used to defer a loss whereby a credit union sells a security to a vendor at a price above its current market price, and simultaneously purchases or commits to purchase from the vendor another security at a price above its current market price.
(2) Options or Futures Contracts.
(a) "Option or futures contracts" means commitment to either buy or sell a security, on or before a future date, at a predetermined price.
(b) "Option or future contract" does not include the subscription for the purchase of initial offering of an investment permitted by Financial Institutions Article §
6-705, Annotated Code of Maryland.
(3) "Short sale" means the sale of a security not owned by the seller.
C. A credit union may not engage in adjusted trading.
D. A credit union may not invest in options or futures contracts or engage in short sales.
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