02.02.05.21

.21 Exemption from the Maryland Securities Act, Corporations and Associations Article, §11-101(h)(2)(iii)3, Annotated Code of Maryland, for Certain Individuals.

For the purposes of the Maryland Securities Act, Corporations and Associations Article, §11-101(h)(2)(iii)3, Annotated Code of Maryland, a certified public accountant or certified public accounting firm (CPA) is not considered to "hold out" as an investment adviser if the CPA limits his or her holding out as an investment adviser to the following and does not in any other manner hold out as an investment adviser:

A. Enumerating financial or investment planning, counseling, consulting, or similar types of advising or consulting as a service of the practice of the CPA in brochures or similar materials used for internal client purposes only;

B. Enumerating financial or investment planning, counseling, consulting, or similar types of advising or consulting as a service of the practice of the CPA under the heading or caption "Certified Public Accountants" in a classified telephone book advertisement or listing, or in a directory of professional services, provided that the services are enumerated among the other services that are offered by the CPA.