# 032 Ch. 510: Ch. 510: Broker-Dealers Investment Advisers and Others Using the Internet for General Dissemination of Information about Securities Products and Services > Maine · Regulations · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_510 ## Section - **Citation:** 032 Ch. 510 - **Heading:** Ch. 510: Broker-Dealers Investment Advisers and Others Using the Internet for General Dissemination of Information about Securities Products and Services - **Jurisdiction:** Maine - **Kind:** Regulations - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** Code of Maine Rules / -032 Department of Professional and Financial Regulation Rules / Ch. 510 ## Text Summary: This rule clarifies when broker-dealers, agents, investment advisers, investment adviser representatives, and others are transacting business in this State for purposes of Sections 16401 through 16404, respectively, of the Maine Uniform Securities Act by distributing information on available products and services through Internet communications available to persons in this State. Section 1. Definitions For purposes of this rule, the following definitions shall apply: 1. “Internet” means the single interconnected world-wide system of commercial, governmental, educational, and other computer networks that share the set of protocols specified by the Internet Architecture Board (IAB) and the name and address spaces managed by the Internet Corporation for Assigned Names and Numbers (ICANN). 2. “Internet communication” means the sharing of information over the Internet which is directed generally to anyone, including persons in Maine, accessing, without limitation, postings on web pages, social media, emails, instant messages, advertising platforms or similar methods. Section 2. Licensing Exemption Broker-dealers, investment advisers, agents and investment adviser representatives (“IA representatives”) who use the Internet to distribute information on available products and services through Internet communications shall not be considered to be “transacting business” in this State for purposes of Sections 16401 through 16404 of the Maine Uniform Securities Act based solely on that fact, if the following conditions are observed: 1. The Internet communication contains a legend in which it is clearly stated that: A. The broker-dealer, investment adviser, agent or IA representative may only transact business in this State if first licensed, excluded or exempted from state broker-dealer, investment adviser, agent or IA representative licensing requirements; and B ly on that fact, if the following conditions are observed: 1. The Internet communication contains a legend in which it is clearly stated that: A. The broker-dealer, investment adviser, agent or IA representative may only transact business in this State if first licensed, excluded or exempted from state broker-dealer, investment adviser, agent or IA representative licensing requirements; and B. Follow-up, individualized responses to persons in this State by the broker-dealer, investment adviser, agent or IA representative that involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made absent compliance with state broker-dealer, investment adviser, agent or IA representative licensing requirements, or an applicable exemption or exclusion; 2. The Internet communication contains a mechanism, including and without limitation, technical “firewalls” or other implemented policies and procedures, designed reasonably to ensure that prior to any subsequent, direct communication with prospective customers or clients in this State, the broker-dealer, investment adviser, agent or IA representative is first licensed in this State or qualifies for an exemption or exclusion from licensing. Nothing in this subparagraph shall be construed to relieve a state-licensed broker-dealer, investment adviser, agent or IA representative from any applicable securities registration requirement in this State; 3. The Internet communication does not involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, in this State over the Internet, but is limited to the dissemination of general information on products and services; and 4. In the case of an agent or IA representative: A egistration requirement in this State; 3. The Internet communication does not involve either effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, in this State over the Internet, but is limited to the dissemination of general information on products and services; and 4. In the case of an agent or IA representative: A. The affiliation of the agent or IA representative with the broker-dealer or investment adviser, respectively, is prominently disclosed within the Internet communication; B. The broker-dealer or investment adviser with whom the agent or IA representative is associated retains responsibility for reviewing and approving the content of any Internet communication by an agent or IA representative; C. The broker-dealer or investment adviser with whom the agent or IA representative is associated first authorizes the distribution of information on the particular products and services through the Internet communication; and D. In disseminating information through the Internet communication, the agent or IA representative acts within the scope of the authority granted by the broker-dealer or investment adviser. Section 3. Limitations of Exemption The exemption provided in Section 2 extends to broker-dealer, investment adviser, agent and IA representative licensing requirements only and does not excuse compliance with applicable securities registration, antifraud or related provisions. ## Nearby sections - [032 Ch. 504 Ch. 504: Broker-Dealer and Agent Licensing](https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_504.md) - [032 Ch. 506 Ch. 506: Financial Institutions and Broker-Dealers Engaging in Third Party Brokerage Arrangements (Ch. 506 is a Joint Rule with 02-029 Ch. 129)](https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_506.md) - [032 Ch. 510 Ch. 510: Broker-Dealers Investment Advisers and Others Using the Internet for General Dissemination of Information about Securities Products and Services](https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_510.md) - [032 Ch. 516 Ch. 516: Definition of Client for Purposes of Investment Adviser Licensing and Notice Filing by Federal Covered Investment Advisers](https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_516.md) - [032 Ch. 523 Ch. 523](https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_523.md) - [032 Ch. 527 Ch. 527: Federal Regulation Crowdfunding Notice Filing and Fees](https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_527.md) - [032 Ch. 528 Ch. 528: Federal "Regulation A" Tier 2 Notice Filings and Fees](https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_528.md) - [032 Ch. 534 Ch. 534: Limited Private Offering Exemptions; Purchasers Present in This State and Single Issue](https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_534.md) - [032 Ch. 536 Ch. 536: Securities Manuals](https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_536.md) - [032 Ch. 540 Ch. 540: Adjudicatory Proceedings Rule](https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_540.md) - [032 Ch. 541 Ch. 541: Initial and Annual Renewal Fees](https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_541.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_ME_CMR_00_032_510. Check the current official text before relying on it. Not legal advice.