Regulations, Orders, Opinions & More Info

An overview of Maryland's securities regulations, fees, exemptions, and guidance on filings, crowdfunding, and multilevel distribution compliance.

Significant Amendments to the Maryland Securities Act

2025 Amendments effective July 1, 2025:

Broker-dealer agent initial and renewal registration fee - $65
Issuer agent initial and renewal registration fee - $65

2017 legislative session, effective October 1, 2017,  highlights of the amendments include:

Legislation: http://mgaleg.maryland.gov/2017RS/chapters_noln/Ch_837_hb1149T.pdf - PDF

For a full list of the Securities Division's fees, go to our fee chart.

Securities Regulations and Regulatory Orders

COMAR Title 2 Subtitle 02 Division of Securities - Maryland Securities Act regulations
COMAR Title 2 Subtitle 02 Division of Securities - PDF - Adopts provisions regarding treatment of SEC Reg A offerings.
Order Extending Applicability of Local Issuer Exemption  - PDF- Expands Maryland Limited Offering Exemption to LLCs
Maryland Intrastate Small Business Exemption - MISBE - PDF - Creates an exemption for local issuers raising maximum of $100,000 from no more than 100 investors.
Revised Notice Filing Requirements for Form D - PDF - Adopts revised Form D
Use of Electronic Offering Documents and Electronic Signatures By Issuers or Their Agents - PDF - Authorizes use of electronic signatures and electronic offering documents
Model Accredited Investor Exemption - PDF - Adopts the “Model Rule"

Broker-Dealer and Investment Adviser Regulations and Regulatory Orders

COMAR Title 2 Subtitle 02 Division of Securities - Maryland Securities A ct regulations.
Exempt Reporting Investment Advisors - PDF - Adopts provisions regarding notice filing for exempt reporting advisers.
Investment Adviser Information - Regulatory information for investment advisers.
Merger and Acquisition Broker-Dealer Order - PDF - Adopts the SEC's M&A broker letter.

Investment Adviser Representative Continuing Education

Franchise and Business Opportunities Regulations, Orders & Interpretive Opinions

Dickey's Barbeque Restaurants Inc. - PDF
Interpretive Opinion/No Action Position Adopting NASAA Statement of Policy Regarding the Use of Franchise Questionnaires and Acknowledgments  (updated 2/23/2023) - PDF
Interpretive Opinion/No Action Position Extending Updating Requirement for Franchise Financial Statements  - PDF- Extends to 120 days the length of time financial statements are current.
Business Opportunities - Abandonment Order  - PDF- Establishes procedures for abandoning a business opportunity filing.

Crowdfunding Information

Notice Filing Requirements For Federal Regulation Crowdfunding Offerings - PDF - Adopts provisions for federal crowdfunding offerings.
Order Adopting Maryland Crowdfunding Exemption (MDCF) - PDF - Establishes intrastate crowdfunding exemption.
MDCF Exemption - PDF - Sets out the terms of the intrastate crowdfunding exemption.
Form MDCF- 2 - PDF and Instructions - PDF - Form used for MDCF exemption.

Notice to Prospective Maryland Participants in Multilevel Distribution Companies

Under Maryland law, multilevel distribution company programs sold in the state are not reviewed or approved by any state agency.

However, these programs must adhere to the Maryland Multilevel Distribution Companies Law (Title 14, Subtitle 3, Business Regulation Article, Annotated Code of Maryland).

Companies must repurchase resalable goods at 90% of the original price within 3 months if required for participation.
Contracts can be canceled for any reason within 3 months of receiving the initial merchandise.
Income representations must accurately reflect average earnings of a substantial number of participants in similar circumstances.
For disputes, participants may need a lawyer. The Maryland Attorney General's Office or county state's attorneys can take legal action to stop violations, but only a judge can order compensation.

Read our full Multilevel Marketing Information Guide - PDF