Maine Revised Statutes Title 32 Sec. 16302 – Notice filing
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1. Notice filings for federal covered securities under Section 18(b)(2) of the federal Securities Act of 1933. A federal covered security, as defined in Section 18(b)(2) of the federal Securities Act of 1933, 15 United States Code § 77r(b)(2), that is not otherwise exempt under sections 16201 to 16203 may not be offered or sold in this State unless before the initial offer in this State the following are filed with the administrator:
A. The uniform investment company notice filing form; [PL 2005, c. 65, Pt. A, §2 (NEW).]
B. A consent to service of process complying with section 16611 signed by the issuer; and [PL 2005, c. 65, Pt. A, §2 (NEW).]
C. The payment of a nonrefundable fee of $1,000 for each type or class of security offered. [PL 2005, c. 65, Pt. A, §2 (NEW).]
[PL 2005, c. 65, Pt. A, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 16302
- Administrator: means the Securities Administrator under section 16601. See Maine Revised Statutes Title 32 Sec. 16102
- Federal covered security: means a security that is, or upon completion of a transaction will be, a covered security under Section 18(b) of the federal Securities Act of 1933, 15 United States Code § 77r(b) or rules or regulations adopted pursuant to that provision. See Maine Revised Statutes Title 32 Sec. 16102
- Filing: means the receipt under this chapter of a record by the administrator or a designee of the administrator. See Maine Revised Statutes Title 32 Sec. 16102
- Issuer: means a person that issues or proposes to issue a security, subject to the following:
A. See Maine Revised Statutes Title 32 Sec. 16102Sale: includes every contract of sale of, contract to sell or disposition of a security or interest in a security for value. See Maine Revised Statutes Title 32 Sec. 16102 Securities and Exchange Commission: means the United States Securities and Exchange Commission. See Maine Revised Statutes Title 32 Sec. 16102 Security: means a note; stock; treasury stock; security future; bond; debenture; evidence of indebtedness; certificate of interest or participation in a profit-sharing agreement; collateral trust certificate; preorganization certificate or subscription; transferable share; investment contract; investment in a viatical or life settlement contract; voting trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas or other mineral rights; documents of title to or certificates of interest or participation in an oil, gas or other mineral title or lease or in payments out of production under any title, lease, right or royalty; put, call, straddle, option or privilege on a security, certificate of deposit or group or index of securities, including an interest therein or based on the value thereof; put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency; or, in general, an interest or instrument commonly known as a "security"; or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of or warrant or right to subscribe to or purchase any of the foregoing. See Maine Revised Statutes Title 32 Sec. 16102 Service of process: The service of writs or summonses to the appropriate party. State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Maine Revised Statutes Title 32 Sec. 16102 United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Notice filing effectiveness and renewal. A notice filing under subsection 1 is effective for one year commencing on the date of the notice filing, the date of effectiveness of the offering filed with the Securities and Exchange Commission or a date selected by the filer, whichever date is latest. On or before expiration, a notice filing may be renewed by filing the uniform investment company notice filing form and by paying a nonrefundable renewal fee of $1,000 for each type or class of security offered. A previously filed consent to service of process complying with section 16611 may be incorporated by reference in a renewal. A renewed notice filing becomes effective upon the expiration of the filing being renewed.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
3. Notice filings for federal covered securities under Section 18(b)(4)(D). A security that is a federal covered security under Section 18(b)(4)(D) of the federal Securities Act of 1933, 15 United States Code § 77r(b)(4)(D) that is not otherwise exempt under sections 16201 to 16203 may not be sold in this State unless the following records are filed with the administrator no later than 15 days after the first sale in this State:
A. A notice on “Form D,” as promulgated by the Securities and Exchange Commission; [PL 2009, c. 500, §2 (AMD).]
B. A consent to service of process complying with section 16611, signed by the issuer, except that if the Form D includes a consent to service of process, a separate document need not be filed for this purpose, and if the consent to service of process on the Form D is executed in a manner accepted by the Securities and Exchange Commission, it is deemed to comply with the requirement in this section and in section 16611, subsection 1 that the consent be signed; and [PL 2009, c. 500, §3 (AMD).]
C. The payment of a nonrefundable fee of $300 per type or class of security sold.
A notice filer making a filing 16 or more days after the first sale in this State shall pay an additional nonrefundable late filing fee of $500. [PL 2019, c. 252, Pt. A, §2 (AMD).]
[PL 2019, c. 252, Pt. A, §2 (AMD).]
4. Stop orders. Except with respect to a federal covered security under Section 18(b)(1) of the federal Securities Act of 1933, 15 United States Code § 77r(b)(1), if the administrator finds that there is a failure to comply with a notice or fee requirement of this section or any rule adopted under this section, the administrator may issue a stop order suspending the offer and sale of a federal covered security in this State. If the deficiency is corrected, the stop order is void as of the time of its issuance and no penalty may be imposed by the administrator.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
5. Other federal covered securities. Unless the administrator provides otherwise by rule, any other federal covered security may be offered and sold in this State in reliance on its being a federal covered security without the filing of a notice or the payment of a fee.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
6. Rulemaking. Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2?A.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
SECTION HISTORY
PL 2005, c. 65, §A2 (NEW). PL 2009, c. 500, §§2, 3 (AMD). PL 2019, c. 252, Pt. A, §2 (AMD).