1. Denial, suspension, revocation. The administrator may, after notice and opportunity for hearing, by order, deny, suspend or revoke any license, limit the activities which that an applicant or licensee may perform in this State or censure or bar any applicant or licensee from association with a an issuer, licensed broker-dealer or investment adviser, if the administrator finds that the order is in the public interest and that the applicant or licensee or, in the case of a broker-dealer or investment adviser, any partner, executive officer or director, any person occupying a similar status or performing similar functions or any person directly or indirectly controlling the broker-dealer or investment adviser:

Sec. 6. 32 MRSA §10313, sub-§1, ¶F, as amended by PL 1989, c. 542, §25, is further amended by amending subparagraph (1) to read:

(1) An order by the securities agency or administrator of another state, Canadian province or territory or, the United States Securities and Exchange Commission, or the National Association of Securities Dealers entered after notice and opportunity for hearing, barring the applicant or denying, suspending or revoking the applicant's license as a broker-dealer, sales representative or investment adviser, or the substantial equivalent of those terms as defined in this Act;

Sec. 7. 32 MRSA §10313, sub-§4, as amended by PL 1989, c. 542, §26, is further amended to read:

4. Cancellation. If the administrator finds that any applicant or licensee is no longer in existence or has ceased to do business as a broker-dealer, sales representative or investment adviser, or is a successor firm, is subject to an adjudication of mental incompetence or to the control of a committee, conservator or guardian, or cannot can not be located after reasonable search, the administrator may, by order, cancel the license or application.

Sec. 8. 32 MRSA §10404, sub-§5, as enacted by PL 1987, c. 592, is amended to read:

5. Simplified statement. For purposes of simplifying the registration statement for smaller offerings and promoting uniformity with other states, the superintendent administrator