.02 Administrative Files.

A. Public Inspection. Except for materials accorded confidential treatment under §B of this regulation, all registration statements, applications for registration, and reports filed with the Division are available for public inspection during regular business hours at the offices of the Division.

B. Confidential Materials. The following materials contained in the registration files of the Division are not available for public inspection:

(1) Materials containing trade secrets or other confidential information if the:

(a) Provisions of State Government Article, Title 10, Subtitle 6, Annotated Code of Maryland, do not require disclosure of the trade secrets or confidential information, and

(b) Commissioner finds that disclosure of the trade secrets or confidential information is not necessary for the protection of investors;

(2) Financial statements of broker-dealers that are required by COMAR 02.02.02 and that are accorded confidential treatment under 17 CFR §240.17a-5(d) (SEC Rule 17a-5(d), Annual Filing of Audited Financial Statements), which is incorporated by reference.

C. Requests for Confidential Treatment. A registrant who desires confidential treatment under §B(1) of this regulation shall submit a request for confidential treatment in a letter which shall:

(1) State the basis for the request; and

(2) Include a copy of the document for which confidential treatment is sought.