5. Disclosure for enforcement purposes. The administrator may disclose any information obtained in connection with an investigation pursuant to section 10601 that would otherwise be nonpublic information to the securities agencies and administrators specified in section 10702, subsection 1, but only if disclosure is required for the purpose of a civil, administrative or criminal enforcement investigation and the requesting agency certifies that under applicable law reasonable protections exist to preserve the integrity, confidentiality and security of the information, comparable to the protections existing under the laws of this State.

Sec. 24. 32 MRSA §10701, sub-§5-A is enacted to read:

5-A.__Public disclosure for enforcement purposes.__The administrator may disclose any information obtained in connection with an investigation pursuant to section 10601 that would otherwise be nonpublic information to the public, but only if the administrator determines that disclosure is necessary for the protection of investors or the public.

Sec. 25. 32 MRSA §10702, sub-§2, ¶H, as enacted by PL 1985, c. 400, §2, is amended to read:

H. Issuing and enforcing subpoenas at the request of a federal or another state securities agency or the United States Commodity Futures Trading Commission, if the activities constituting an alleged violation for which the information is sought would also be a violation of this Act if the activities had taken place in this State and provided that any person against whom a subpoena may be issued shall have an opportunity for hearing before the subpoena is issued.

SUMMARY

The bill does the following:

1. It clarifies that sales representatives acting for an issuer in effecting any securities transactions are only exempt from licensing requirements if they are bona fide employees of the issuer;

2. It clarifies existing broker-dealer and investment adviser branch office fees and specifies that a branch location