LD 509
pg. 38
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LR 441
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B.__An opportunity for hearing; and

 
C.__Findings of fact and conclusions of law in a record in
accordance with the Maine Administrative Procedure Act.

 
6.__Modification or vacation of stop order.__The administrator
may modify or vacate a stop order issued under this section if
the administrator finds that the conditions that caused its
issuance have changed or that it is necessary or appropriate in
the public interest or for the protection of investors.

 
§16307.__Waiver and modification

 
By rule issued or order adopted under this chapter, the
administrator may waive or modify, in whole or in part, any or
all of the requirements of sections 16302, 16303, and 16304 or
the requirement of any information or record in a registration
statement or in a periodic report filed pursuant to section
16305, subsection 9.__Rules adopted pursuant to this section are
routine technical rules as defined in Title 5, chapter 375,
subchapter 2-A.

 
SUBCHAPTER 4

 
BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS,

 
INVESTMENT ADVISER REPRESENTATIVES AND FEDERAL

 
COVERED INVESTMENT ADVISERS

 
§16401.__Broker-dealer licensing requirement and exemptions

 
1.__Licensing requirement.__It is unlawful for a person to
transact business in this State as a broker-dealer unless the
person is licensed under this chapter as a broker-dealer or is
exempt from licensing as a broker-dealer under subsection 2 or 4.

 
2.__Exemptions from licensing.__The following persons are
exempt from the licensing requirement of subsection 1:

 
A.__A broker-dealer without a place of business in this
State if its only transactions effected in this State are
with:

 
(1) The issuer of the securities involved in the
transactions;

 
(2) A broker-dealer licensed as a broker-dealer under this
chapter or not required to be licensed as a


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