Who does the Uniform Securities Act apply to?
(1) Broker-dealers and broker-dealer agents. Every applicant for initial or renewal registration shall pay a registration fee as required by the [Administrator] in the case of a broker-dealer or agent. (2) Investment advisers and investment adviser representatives.
What states have adopted the Uniform Securities Act?
As of January 2009, the 2002 Act has been enacted in Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Maine, Minnesota, Missouri, Oklahoma, South Carolina, South Dakota, Vermont, Wisconsin and the US Virgin Islands. The 2002 Act has been endorsed by the following organizations: American Bar Association (ABA)
Is the Uniform Securities Act a law?
The Uniform Securities Act is a model law created as a starting point for state-level securities regulation. The purpose of the Uniform Securities Act is to deal with securities fraud at the state level and to assist the Securities and Exchange Commission (SEC) in enforcement and regulation.
What is an agent under the Uniform Securities Act?
An “agent” is an individual (not a “person” as defined by the Uniform Securities Act) who represents a broker-dealer or issuer in effecting securities transactions. An insurance sales person who sells variable annuities is an agent because variable annuities are defined as a security.
Which action is a prohibited practice under the Uniform Securities Act?
Excessive trading activity in an account is called churning and is a prohibited practice. Unlike agents, investment adviser representatives are not allowed to share in the capital appreciation or depreciation of their customers’ accounts.
What is a blue sky restricted state?
Blue sky laws are state regulations established as safeguards for investors against securities fraud. The laws, which may vary by state, typically require sellers of new issues to register their offerings and provide financial details of the deal and the entities involved.
Who would not be exempt from the definition of agent under the Uniform Securities Act?
Under the Uniform Securities Act, Susan is: An agent since all officers of a securities firm are considered agents. Not considered an agent since she is not involved in sales or trading.
Which of the following securities is are exempt under the Uniform Securities Act?
Which of the following securities are EXEMPT under the Uniform Securities Act? D; The Uniform Securities Act exempts Industrial Loan Association issues; Insurance Company issues; Federal Credit Union issues; and Bank and Savings and Loan issues (among others).