Maine Comments

1. Official Comment 5 states that because section 501 "reaches market manipulation" the model Uniform Securities Act did not contain a separate section on market manipulation. For this reason, Maine does not retain section 10202 of the Revised Maine Securities Act, which set forth certain prohibited practices relating to market manipulation. However, the conduct described in former section 10202, set out below, would result in liability under this section.

Without limiting the general applicability of section 10201, a person may not:

1. Fictitious quotations. Quote a fictitious price with respect to a security;

2. No change in beneficial ownership. Effect a transaction in a security that involves no change in the beneficial ownership of the security for the purpose of creating a false or misleading appearance of active trading in a security or with respect to the market for the security;

3. Orders for purchases. Enter an order for the purchase of a security with the knowledge that an order of substantially the same size and at substantially the same time and price for the sale of the security has been, or will be, entered by or for the same, or affiliated, person for the purpose of creating a false or misleading appearance of active trading in a security or with respect to the market for the security;

4. Orders for sale. Enter an order for the sale of a security with the knowledge that an order of substantially the same size and at substantially the same time and price for the purchase of the security has been, or will be, entered by or for the same, or affiliated, person for the purpose of creating a false or misleading appearance of active trading in a security or with respect to the market for the security; or

5. Deceptive practices. Employ any other deceptive or fraudulent device, scheme or artifice to manipulate the market in a security.