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Can you summarize MECM 02-029?
Professional and Financial Regulation > Bureau of Financial Institutions (formerly Bureau of Banking) (Note: for the Office of Securities, now a separate entity, see 02-032.)
Short Summary
This regulation, issued by the Bureau of Financial Institutions, provides the framework for state-chartered financial institutions and their subsidiaries, service corporations, and affiliates to engage in certain securities activities. The regulation aims to maintain competitive equality between federally-chartered and state-chartered institutions. It grants authority to the Superintendent to authorize these activities and ensures that traditional securities activities and investment advisory services offered by state-chartered financial institutions are not limited. The regulation defines key terms, authorizes specific activities, imposes restrictions and limitations, and requires prior approval for certain activities. It also sets guidelines for subsidiaries engaging in underwriting and extensions of credit, and outlines requirements for trust department transactions. The regulation acknowledges the existence of federal regulations governing securities activities and emphasizes compliance with applicable federal insuring agency regulations.
Whom does it apply to?
State-chartered financial institutions and their subsidiaries, service corporations, and affiliates
What does it govern?
State-chartered financial institutions and their subsidiaries, service corporations, and affiliates engaging in securities activities
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Maine