C.__Findings of fact and conclusions of law in a record in accordance with the Maine Administrative Procedure Act.

6.__Modification or vacation of stop order.__The administrator may modify or vacate a stop order issued under this section if the administrator finds that the conditions that caused its issuance have changed or that it is necessary or appropriate in the public interest or for the protection of investors.

§16307.__Waiver and modification

By rule issued or order adopted under this chapter, the administrator may waive or modify, in whole or in part, any or all of the requirements of sections 16302, 16303, and 16304 or the requirement of any information or record in a registration statement or in a periodic report filed pursuant to section 16305, subsection 9.__Rules adopted pursuant to this section are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A.

SUBCHAPTER 4

BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS,

INVESTMENT ADVISER REPRESENTATIVES AND FEDERAL

COVERED INVESTMENT ADVISERS

§16401.__Broker-dealer licensing requirement and exemptions

1.__Licensing requirement.__It is unlawful for a person to transact business in this State as a broker-dealer unless the person is licensed under this chapter as a broker-dealer or is exempt from licensing as a broker-dealer under subsection 2 or 4.

2.__Exemptions from licensing.__The following persons are exempt from the licensing requirement of subsection 1:

A.__A broker-dealer without a place of business in this State if its only transactions effected in this State are with:

(1) The issuer of the securities involved in the transactions;

(2) A broker-dealer licensed as a broker-dealer under this chapter or not required to be licensed as a