10. Sections 306(d) and (e) assure each person subject to a stop order of notice, opportunity for a hearing, and findings of fact and conclusions of law contained in a record.

11. An administrator must consider the public interest when issuing a stop order and may under Section 306(f) consider the public interest when modifying or vacating a stop order. See, e.g., TechnoMedical Lab., Inc. v. Utah Sec. Div., 744 P.2d 320, 324-325 (Utah Ct. App. 1987) (a state has a valid public interest in stopping the issuance of hundreds of thousands of public shares that did not comply with the disclosure requirements of securities registration); cf. stop orders under the Securities Act of 1933, see 1 Louis Loss & Joel Seligman, Securities Regulation 576-589 (3d ed. rev. 1998).

12. As of September 2002 46 jurisdictions had adopted a form of Section 306(a)(7)(A) ("will tend to work a fraud or would so operate"); 34 jurisdictions had adopted a form of Section 306(a)(7)(B) ("unreasonable amounts of underwriters' and sellers' discounts, commissions, or other compensation, or promoter profits or participations, or unreasonable amounts or kinds of options"); and 16 jurisdictions had adopted a form of bracketed Section 306(a)(7)(C) ("terms that are unfair, unjust, or inequitable").

Maine Comments

1. Section 16306(2): The model Uniform Security Act's version of this subsection gave specific authority for the Securities Administrator to issue rules or orders that would define conduct violating subsection (1)(G). Because of the inherent difficulty in trying to define all conduct that would violate subsection (1)(G), Maine has adopted alternative language. For purposes of promoting uniformity in the application of subsection (1)(G), the Securities Administrator may take into consideration any relevant rules promulgated by the United States Securities and Exchange Commission and by administrators in other jurisdictions.

§16307.__Waiver and modification