3. Section 16411(4): The records of agents and investment adviser representatives are records of the broker-dealers and investment advisers that employ them.

4. Section 16411(9): Maine has added this provision regarding privacy based on section 10313(1)(L) of the Revised Maine Securities Act, which had no counterpart in the model Uniform Securities Act.

§16412.__Denial, revocation, suspension, withdrawal,

restriction, condition or limitation of licensing

1.__Disciplinary conditions, applicants.__If the administrator finds that the order is in the public interest and subsection 4 authorizes the action, an order issued under this chapter may deny an application, or may condition or limit licensing, of an applicant to be a broker-dealer, agent, investment adviser or investment adviser representative and, if the applicant is a broker-dealer or investment adviser, of a partner, officer, director or person having a similar status or performing similar functions, or a person directly or indirectly in control, of the broker-dealer or investment adviser.

2.__Disciplinary conditions, licensees.__If the administrator finds that the order is in the public interest and subsection 4 authorizes the action, an order issued under this chapter may revoke, suspend, condition or limit the license of a licensee and, if the licensee is a broker-dealer or investment adviser, the license of a partner, officer, director or person having a similar status or performing similar functions, or a person directly or indirectly in control, of the broker-dealer or investment adviser. Notwithstanding this subsection, the administrator may not:

A.__Institute a revocation or suspension proceeding under this subsection based on an order issued under a law of another state that is reported to the administrator or a designee of the administrator more than one year after that state's order is reported; or

B.__Under subsection 4, paragraph E, subparagraph (1) or (2), issue an order on the basis of an order issued under the securities act of another state unless the other state's order was based on conduct for which subsection 4 would authorize the action had the conduct occurred in this State.