Maryland regulates securities under the Maryland Securities Act, enforced by the Division of Securities within the Office of the Attorney General. Maryland's proximity to Washington, D.C. and its concentration of government contractors and defense companies make blue sky compliance particularly relevant for M&A and capital raising activities in the state.
Maryland allows registration by coordination, qualification, or notice filing for federal covered securities. Reg D Rule 506 offerings require Form D notice filing with the Division of Securities. Filing fee is $200, due within 15 days of first sale.
Understanding the core regulatory framework in Maryland:
Securities must be registered before offer or sale unless exempt under the Maryland Securities Act
The Division of Securities has authority to investigate violations and issue cease-and-desist orders
Anti-fraud provisions prohibit material misrepresentation and manipulative practices
Maryland requires registration of broker-dealers and investment advisers
Maryland provides the following exemptions from full securities registration:
Maryland imposes civil penalties, criminal penalties including fines up to $5,000 and imprisonment up to 5 years, investor rescission rights, and administrative sanctions including cease-and-desist orders and registration revocations.
Maryland's D.C. metro business corridor generates significant M&A activity, especially in government contracting, cybersecurity, and biotech. Transactions involving Maryland-based shareholders require blue sky compliance when stock is part of the consideration. Acquisition Stars handles Maryland notice filings for multi-state deals.
Acquisition Stars handles blue sky compliance, M&A transactions, and securities offerings nationwide. Managing partner Alex Lubyansky provides direct counsel on every engagement.
Common questions about Maryland blue sky laws and securities compliance
Our managing partner provides selective securities and M&A counsel for transactions involving Maryland blue sky law compliance. Submit your transaction details for a preliminary assessment.
Request Engagement AssessmentSelective M&A practice - Nationwide reach - Managing partner on every deal