Maine Revised Statutes Title 32 Sec. 16305 – Securities registration filings
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1. Who may file. A registration statement may be filed by the issuer, a person on whose behalf the offering is to be made or a broker-dealer licensed under this chapter.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
Terms Used In Maine Revised Statutes Title 32 Sec. 16305
- Administrator: means the Securities Administrator under section 16601. See Maine Revised Statutes Title 32 Sec. 16102
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Maine Revised Statutes Title 32 Sec. 16102
- Contract: A legal written agreement that becomes binding when signed.
- Depository institution: means :
A. See Maine Revised Statutes Title 32 Sec. 16102Escrow: Money given to a third party to be held for payment until certain conditions are met. 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. 16102nonissuer distribution: means a transaction or distribution not directly or indirectly for the benefit of the issuer. See Maine Revised Statutes Title 32 Sec. 16102 Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency or instrumentality; public corporation; or any other legal or commercial entity. See Maine Revised Statutes Title 32 Sec. 16102 Predecessor act: means the former Revised Maine Securities Act. See Maine Revised Statutes Title 32 Sec. 16102 Sale: 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 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 Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Filing fee. A person filing a registration statement shall pay a nonrefundable filing fee of $1,000 for each type or class of security offered, except that for a registration statement filed under section 16304 for an offering for which the total amount raised in state and out of state does not exceed $1,000,000 the nonrefundable filing fee is $300 for each type or class of security offered.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
A. The amount of securities to be offered in this State; [PL 2005, c. 65, Pt. A, §2 (NEW).]
B. The states in which a registration statement or similar record in connection with the offering has been or is to be filed; [PL 2005, c. 65, Pt. A, §2 (NEW).]
C. Any adverse order, judgment or decree issued in connection with the offering by a state securities regulator, the Securities and Exchange Commission or a court; and [PL 2005, c. 65, Pt. A, §2 (NEW).]
D. The states in which a registration statement was filed and withdrawn. [PL 2005, c. 65, Pt. A, §2 (NEW).]
[PL 2005, c. 65, Pt. A, §2 (NEW).]
4. Incorporation by reference. A record filed under this chapter or the predecessor act within 5 years preceding the filing of a registration statement may be incorporated by reference in the registration statement to the extent that the record is currently accurate.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
5. Nonissuer distribution. In the case of a nonissuer distribution, information or a record may not be required under subsection 9 or section 16304 unless it is known to the person filing the registration statement or to the person on whose behalf the distribution is to be made or unless it can be furnished by those persons without unreasonable effort or expense.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
6. Escrow and impoundment. A rule adopted or order issued under this chapter may require as a condition of registration that a security issued within the previous 5 years or to be issued to a promoter for a consideration substantially less than the public offering price or to a person for a consideration other than cash be deposited in escrow; and that the proceeds from the sale of the registered security in this State be impounded until the issuer receives a specified amount from the sale of the security either in this State or elsewhere. The conditions of any escrow or impoundment required under this subsection may be established by rule adopted or order issued under this chapter, but the administrator may not reject a depository institution solely because of its location in another state.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
7. Form of subscription. A rule adopted or order issued under this chapter may require as a condition of registration that a security registered under this chapter be sold only on a specified form of subscription or sale contract and that a signed or conformed copy of each contract be filed under this chapter or preserved for a period specified by the rule or order, which may not be longer than 5 years.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
8. Effective period. Except while a stop order is in effect under section 16306, a registration statement is effective for one year after its effective date or for any longer period designated in an order under this chapter during which the security is being offered or distributed in a nonexempted transaction by or for the account of the issuer or other person on whose behalf the offering is being made or by an underwriter or broker-dealer that is still offering part of an unsold allotment or subscription taken as a participant in the distribution. For the purposes of a nonissuer transaction, all outstanding securities of the same class identified in the registration statement as a security registered under this chapter are considered to be registered while the registration statement is effective. If any securities of the same class are outstanding, a registration statement may not be withdrawn until one year after its effective date. A registration statement may be withdrawn only with the approval of the administrator.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
9. Periodic reports. While a registration statement is effective, a rule adopted or order issued under this chapter may require the person that filed the registration statement to file reports, not more often than quarterly, to keep the information or other record in the registration statement reasonably current and to disclose the progress of the offering.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
10. Posteffective amendments. A registration statement may be amended after its effective date. The posteffective amendment becomes effective when the administrator so orders. If a posteffective amendment is made to increase the number of securities specified to be offered or sold, the person filing the amendment shall pay a nonrefundable registration fee of $300. A posteffective amendment relates back to the date of the offering of the additional securities being registered if, within one year after the date of the sale, the amendment is filed and the additional registration fee is paid.
[PL 2005, c. 65, Pt. A, §2 (NEW).]
11. 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).