The Maryland Pennsylvania Securities Commission Order (MSC Order) is a set of regulations that govern the conduct of securities businesses in Maryland and Pennsylvania. It is designed to protect investors, foster fair and efficient markets, and promote investor confidence. The MSC Order sets forth the registration requirements for broker-dealers, investment advisers, and associated persons; the procedures for filing and prosecuting disciplinary actions; and the requirements for filing, maintaining, and updating documents. The MSC Order also provides guidance on anti-money laundering regulations, insider trading regulations, and other areas of securities regulation. The types of MSC Orders include registration orders, disciplinary orders, administrative orders, and other orders. Registration orders are used to approve or deny a registration application, while disciplinary orders are issued to impose sanctions on registered entities or individuals. Administrative orders are issued to establish procedures, and other orders are issued to address specific matters.