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US Securities Laws

WL
William Love
TLDR: Want the cheapest most effective method of resolving your securities law and investment issues? Go ask your securities lawyer, yes this is the smart move. You shouldn’t rely on any of the following ... which is here to demonstrate how even a summary is complex and inexact and how you really do need to hire your own attorney.

US Securities Laws are a dual system.

You must comply with:
Federal Laws (the "truth in securities" law, the Securities Act of 1933 among other laws. See
The Laws That Govern the Securities Industry | Investor.gov
⁠
and
Researching the Federal Securities Laws Through the SEC Website | Investor.gov
⁠
), and
State Laws, or “Blue Sky Laws” (See
Contact Your Regulator - NASAA
⁠
, See also
State Securities Regulators | Investor.gov
⁠
.)

How do you comply?

Generally you either:
“Duly register” under the SEC/federal by a registration statement to the Securities and Exchange Commission AND in the states in which the securities will be sold (generally by coordination for IPOs, filing/notification, or qualification)
Find an exemption from registration under those laws (like those issued by exempt issuers or short term debt instruments with less than 270 days to maturity).
take advantage of an exemptions transactions that changes the registration requirements for SEC/federal and State securities laws.
At times exemption under federal law allows exemption under state law. For instance:
⁠
image.png
⁠
⁠
At times state law is preempted by federal law.
Your investors and you should be complying with the federal and state securities laws. Frequently this is done by using terms like “Accreditation” or but this is a shorthand term for much more complex issues.
Much like complex programming, this isn't something you should be doing yourself. Hire a competent attorney.
Technically, you have many many ways to avoid registration, however you can technically just register your securities on a Federal and State level. Why not do this? Registration tends to cost significantly more money than properly using an exemption or bening exempt, but less than poor or non-compliance. Improperly or not complying either on a Federal or State level is much more costly overall. Generally the long term costs from lowest to highest is:
being exempt
use of exemptions
registration
non-compliance.

Remember, this is part of building your company to be a solid product for investors, by not doing this it undercuts what you are selling current and future investors the soundness of their legal right to recoup and enforce the property rights in their investment. It's the difference between selling swampland in Florida and property in Disney World in terms of your valuation.

Typical Generalized Steps in Securities Issuance

Here is the simplified list for issuing securities:
Pre-Transaction “Minor Due Diligence” - Determine Best Source of Funds; Lead Investor
Determine Type of Unregistered Offering and Nature of Exemption
Draft Confidentiality Agreement
Draft Term Sheet
Engage Underwriters or Placement Agents
Draft Private Placement Agreement
Draft Private Placement Memorandum / Offering Memorandum
Prepare Questionnaires
Conduct Due Diligence
Confirm Blue Sky Exemptions, and “Burden of Proof” Package
Draft Registration Rights Agreement (if Necessary)
Draft Draft Subscription Agreement, Purchase Agreement or Note Purchase Agreement
Obtain Board Approval
Draft Indenture and Promissory Note (Debt Only)
Determine DTC Eligibility; Arrange for Note in Book Entry Form
Draft Legal Opinions
Prepare for Closing
Draft/File SEC Forms
Closing

Federal Securities Exceptions

TLDR: Again you need to use an attorney. This is more complex than I have stated here.
Here is what is frequently used as exemptions; the following does not contain enough information to determine suitability.

:

Federal Exception
0
Traditionally used for
Exception
Offering Limit
Eligible Issuers
“Bad Actor” Issuer Disqualified
Investor Requirements
General Solicitation Allowed
Need to Comply with State Securities (Blue Sky) Laws
Smaller Deal
6
Regulation A Tier 2
$15 M(Security Holders)/$50 M/12M
U.S. and Canadian issuers, excluding ineligible issuers
Yes
Any, but subject to investment limits for non-accredited purchasers
No
Depends – “covered security” under Securities Act
Section 18
⁠
, but subject to state notice filing and fees
Regulation A Tier 1
$6 M (Security Holders)/ $20 M/12 months
U.S. and Canadian issuers, excluding ineligible issuers
Yes
Any
No
Yes
Regulation Crowdfunding
$1.07 M/12-months
U.S. issuers, excluding
Exchange Act reporting companies and other ineligible issuers
Yes
Any, but subject to investor investment limits
Yes, but SEC-registered online funding portals are the primary source for solicitations and information disclosures
Yes
Section 3(a)(11)
None
U.S. issuers, as long as offerees and purchasers are residents of the state in which issuer is resident/incorporated and doing business
No
Offerees and purchasers must be residents of the same state as issuer
No
Yes
Rule 147
None
U.S. issuers organized and with a “principal place of business” in a state and can satisfy one of four tests for “doing business” in the state: Issuer is deemed a resident of a state or territory in which it is incorporated or formed, “principal place of business” means the location from which the officers, partners or managers of the issuer primarily direct, control and coordinate the activities of the issuer. Issuers must satisfy one of four “doing business” requirements to demonstrate the in-state nature of the issuer's business: (i) issuer derived at least 80% of its consolidated gross revenues from the operation of a business or of real property located in or from rendering services within such state; (ii) issuer had at least 80% of its assets and its subsidiaries on a consolidated bases within the state; (iii) issuer uses at least 80% of its net proceeds from sales made under the applicable in-state exemption in connection with operating its business or real property, for purchasing real property or rendering services within a state; or (iv) a majority of the Issuer's employees are based in the state.
No
Offerees and purchasers who are residents of the same state as issuer is organized and is located (has its “principal place of business” and is “doing business”)
No
Yes
Rule 147A
None
Same as for Rule 147 but issuer can be organized in any state and issuer cannot be an investment company
No
Offers to any; sales only to residents of the same state where issuer is located
Yes, but sales only to residents of the same state where issuer is located
​
Larger Deal
6
Section 4(a)(2)
None
Any
No
Type of offering; number and sophistication of investors considered
No
Yes
⁠
Regulation D
⁠
⁠
⁠
Rule 506(b)
⁠
⁠
None
Any
Yes
Only accredited investors and up to 35 other persons
No
No – “covered security” under Securities Act Section 18
⁠
Regulation D
⁠
⁠
⁠
Rule 506(c)
⁠
⁠
None
Any
Yes
Offers to any; sales only to accredited investors
Yes, but sales only to accredited investors
No – “covered security” under Securities Act Section 18
⁠
Regulation D
⁠
⁠
⁠
Rule 504
⁠
⁠
$10M / 12 Months
Any issuers, excluding Exchange Act reporting companies, investment companies and blank check companies
Yes
Any
Only if (1) the offering is registered in a state requiring the use of a substantive disclosure document or (2) the securities are sold under a state exemption for sale to accredited investor
Yes
⁠
Rule 144A
⁠
⁠
None
Rule 144A is a safe harbor from registration requirements and is used for resales of the issuer's securities by non-issuers. The “Rule 144A offering” is where an issuer typically sells its securities in a private placement under Rule 4(a)(2) (or offering under Regulation D or S) to financial intermediaries(“initial purchasers”). They then resell the securities to QIBs in reliance on Rule 144A. (See 17 C.F.R. § 230.144A. )
No
Offers to any, sales only to qualified institutional buyers (“QIBs”)
Yes, but sales only to QIBs
No – “covered security” under Securities Act Section 18
⁠
Section 4(a)(7)
⁠
⁠
None
Available for resales of securities of any issuer that is (1) engaged in business and (2) is not in the organizational stage or bankruptcy or otherwise ineligible.
Yes
Offers to any; sales only to accredited investors
No
No – “covered security” under Securities Act Section 18
⁠


State Registration, Broker Dealer / Investment Advisor Issues and Exemptions

TLDR: Again you need to use an attorney. This is more complex than I have stated here.
The following is merely the tip of the iceberg. Be wary of any startup attorney who isn’t concerned about the impact of state laws on securities
⁠
​
⁠
⁠
(Not Including 506(D) information)
Blue Sky Laws
0
Jurisdiction
Exemption for Offers of Securities Subject to 1933 Act Registration Statement?
Exemption for Isolated Non-Issuer Transactions?
Exemption for Non-Issuer Transactions in Outstanding Securities?
Exemption for Unsolicited Transactions?
Exemption for Limited Offerings/Private Placements? "
Exemption for Fiduciary Transactions?
Exemption for Transactions with Financial Institutions and Institutional Investors?
Exemption for Secured Transactions?
Exemption for Pledgees?
Exemption for Sales to Accredited Investors/Qualified Purchasers?
Exemption for Commercial Paper
Exemption for Transactions Between Issuer and Underwriter?
Exemption for Testing the Waters?
Exemption for Offers and Sales of Preorganization Certificates?
Exemption for Securities Listed on Exchanges?
Exemption for Transactions with Existing Securityholders?
Exemption for Stock Dividends?
Exemption for Conversions, Mergers, Reorganizations and Similar Transactions?
Exemption for Securities Issued in Connection with Employee Benefit Plans?
BROKER DEALER - Unethical Practices
INVESTMENT ADVISOR - Unethical Practices
Registration Law
Registration by Coordination
Registration by Description
Registration by Filing
Registration by Announcement
Registration by Notification
Registration by Qualification
1
Alabama
Yes Ala. Code § 8-6-11(a)(11)
Yes Ala. Code § 8-6-11(a)(1)
Yes Ala. Code § 8-6-11(a)(2)
Yes Ala. Code § 8-6-11(a)(3)
Yes Ala. Code § 8-6-11(a)(9)
Yes Ala. Code § 8-6-11(a)(6)
Yes Ala. Code § 8-6-11(a)(8)
Yes Ala. Code § 8-6-11(a)(5)
Yes Ala. Code § 8-6-11(a)(7)
No
Yes Ala. Code § 8-6-10(9)
Yes Ala. Code § 8-6-11(a)(4)
No
No
Yes Ala. Code § 8-6-10(7)
Yes Ala. Code § 8-6-11(a)(10)
Yes Ala. Code § 8-6-11(a)(12)
Yes Ala. Code § 8-6-11(a)(13)
Yes Ala. Code § 8-6-10(10)
Agents may not:• employ any device, scheme, or artifice to defraud; • make any untrue statement of a material fact or omit a material fact necessary to make statements made not misleading; or • engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person. Ala. Code §8-6-17 Agents are subject to suitability requirements. Agents may not improperly persuade customer to• cash in or convert any security; • terminate any life insurance policy and substitute any security for it; • engage in excessive trading activity in customer account (churning) Ala. Admin. Code r. 830-X-3-.12; Ala. Admin. Code r. 830-X-3-.18
Investment adviser representatives are fiduciaries and have a duty to act primarily for the benefit of their clients. The extent and nature of this duty varies according to the nature of the relationship between the investment adviser representatives and their clients and the circumstances of each case. For a list of unethical and unlawful practices, see: Ala. Admin. Code r. 830-X-3-.21
Alabama Securities Act
Yes Ala. Code §8-6-6
No
No
No
Yes Ala. Code §8-6-5
Yes Ala. Code §8-6-7
2
Alaska
Yes Alaska Stat. § 45.56.120(16)
Yes Alaska Stat. § 45.56.120(1)
Yes Alaska Stat. § 45.56.120(4); Alaska Stat. § 45.56.120(23)
Yes Alaska Stat. § 45.56.120(6)
Yes Alaska Stat. § 45.56.120(14)
Yes Alaska Stat. § 45.56.120(12)
Yes Alaska Stat. § 45.56.120(13)
Yes Alaska Stat. § 45.56.120(11)
Yes Alaska Stat. § 45.56.120(7)
No
No
Yes Alaska Stat. § 45.56.120(10)
Yes Alaska Stat. § 45.56.120(17)
Yes Alaska Stat. § 45.56.900(32); Alaska Stat. § 45.56.120
Yes Alaska Stat. § 45.56.110(6)
Yes Alaska Stat. § 45.56.120(15)
Yes Alaska Stat. § 45.56.120(22)(A)
Yes Alaska Stat. § 45.56.120(18)
Yes Alaska Stat. § 45.56.120(21)
List of prohibited conduct. Alaska Stat. §45.56.510
Investment adviser representatives are fiduciaries and have a duty to act primarily for the benefit of their clients. The extent and nature of this duty varies according to the nature of the relationship between the investment adviser representatives and their clients and the circumstances of each case. For a list of unethical and unlawful practices, see: Alaska Stat. §45.56.510
Alaska Securities Act Alaska Stat. § 45.56.100 et seq.
Yes Alaska Stat. § 45.56.170
No
No
No
Yes Alaska Stat. § 45.56.100
Yes Alaska Stat. § 45.56.180
3
Arizona
Yes Ariz. Admin. Code R14-4-149
Yes Ariz. Rev. Stat. § 44-1844(A)(4)
Yes Ariz. Rev. Stat. § 44-1844(A)(11)
Yes Ariz. Admin. Code R14-4-128
Yes Ariz. Rev. Stat. § 44-1844(A)(1); Ariz. Admin. Code R14-4-126
Yes Ariz. Rev. Stat. § 44-1844(A)(2)
Yes Ariz. Rev. Stat. § 44-1844(A)(8)
Yes Ariz. Rev. Stat. § 44-1844(A)(20)
Yes Ariz. Rev. Stat. § 44-1844(A)(3)
Yes Ariz. Admin. Code R14-4-140
Yes Ariz. Rev. Stat. § 44-1843(A)(8)
No
Yes Ariz. Admin. Code R14-4-141
Yes Ariz. Admin. Code R14-4-128
Yes Ariz. Rev. Stat. § 44-1843(A)(7)
Yes Ariz. Rev. Stat. § 44-1844(A)(7)
Yes Ariz. Rev. Stat. § 44-1844(A)(5)
Yes Ariz. Rev. Stat. § 44-1844(A)(6), (9)
Yes Ariz. Rev. Stat. § 44-1844(a)(14)
List of unethical and unlawful practices. Ariz. Admin. Code R14-4-130
For a list of unethical and unlawful practices, see: Ariz. Admin. Code R14-6-203; Ariz. Admin. Code R14-6-207
Arizona Securities Act
No
Yes Ariz. Rev. Stat. §44-1871; Ariz. Rev. Stat. §44-1872
No
No
No
Yes Ariz. Rev. Stat. §§44-1891
4
Arkansas
Yes A.C.A. § 23-42-504(a)(11)
Yes Ark. Code Ann. § 23-42-504(a)(1)
Yes Ark. Code Ann. § 23-42-504(a)(2)
No
Yes Ark. Code. Ann. § 23-42-504(a)(9)
Yes A.C.A. § 23-42-504(a)(5)
Yes A.C.A. § 23-42-504(a)(8)
Yes A.C.A. § 23-42-504(a)(4)
Yes A.C.A. § 23-42-504(a)(6)
No
No
Yes A.C.A. §23-42-504(a)(3)
No
No
Yes A.C.A. § 23-42-501(3)
Yes A.C.A. § 23-42-504(a)(10)
No
No
Yes A.C.A. § 23-42-503(a)(8)
List of unethical and unlawful practices. 214 Ark. Code Reg. §308.01
Investment advisers have a duty to act primarily for the benefit of their clients. All investment advisers and representatives shall observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business. For a list of unethical and unlawful practices, see: 214 Ark. Code Reg. §308.02
Arkansas Securities Act A.C.A. §23-42-101
Yes A.C.A. §23-42-402
No
No
No
Yes A.C.A. §23-42-401
Yes A.C.A. §23-42-403
5
California
Yes Cal. Corp. Code § 25102(b)
No
No
No
Yes Cal. Corp. Code § 25102(a), (f), (h)
No
Yes Cal. Corp. Code § 25102(i), (m)
Yes (sales of indebtedness) Cal. Corp. Code § 25102(e)
No
Yes (Rule 144A resales) Cal. Corp. Code § 25102.1(a); Cal. Code Regs. tit. 10, § 260.105.13.1
Yes Cal. Corp. Code § 25100(l)
Yes Cal. Corp. Code § 25102(d)
No
No
Yes Cal. Corp. Code § 25100(o)
No
No
No
Yes Cal. Corp. Code § 25102(o) Cal. Corp. Code § 25100(n)
List of unethical and unlawful practices. Cal. Corporations Code §25216; Cal. Corporations Code §25216; Cal. Corporations Code §25216; Cal. Code Regs. tit. 10, §260.216
California does not specifically refer to prohibited acts by representatives. Investment advisers are generally prohibited from employing any device, scheme, or artifice to defraud any client or prospective client, and from engaging in specific prohibited transactions. Cal. Corporations Code §25235; Cal. Code Regs. tit. 10, §260.238
Corporate Securities Law of 1968
Yes Cal. Corp. Code §25111
No
No
No
Yes Cal. Corp. Code §25112
Yes (called registration by permit) Cal. Corp. Code §25113
6
Colorado
Yes Colo. Rev. Stat. § 11-51-308(1)(k)
Yes Colo. Rev. Stat. § 11-51-308(1)(a)
Yes Colo. Rev. Stat. § 11-51-308(1)(b)
Yes Colo. Rev. Stat. § 11-51-308(1)(c)
Yes Colo. Rev. Stat. § 11-51-308(1)(i), (j)
Yes Colo. Rev. Stat. § 11-51-308(1)(f)
Yes Colo. Rev. Stat. § 11-51-308(1)(h)
Yes Colo. Rev. Stat. § 11-51-308(1)(e)
Yes Colo. Rev. Stat. § 11-51-308(1)(g)
No
Yes Colo. Rev. Stat. § 11-51-307(1)(h)
Yes Colo. Rev. Stat. § 11-51-308(1)(d)
No
Yes Colo. Rev. Stat. § 11-51-308(1)(k)
Yes Colo. Rev. Stat. § 11-51-307(1)(f)
Yes Colo. Rev. Stat. § 11-51-308(1)(l)
No
No
Yes Colo. Rev. Stat. § 11-51-307(1)(i)
List of unethical and unlawful practices. Code of Colo. Regs., 51-4.7
A person who is an investment adviser or an investment adviser representative is a fiduciary and has a duty to act primarily for the benefit of its clients. The extent and nature of this duty varies according to the nature of the relationship between an investment adviser and its clients and the circumstances of each case. For a list of unethical and unlawful practices, see: Code of Colo. Regs., 51-4.8(IA)
Colorado Securities Act
Yes Colo. Rev. Stat. §11-51-303
No
No
No
No
Yes Colo. Rev. Stat. §11-51-304
7
Connecticut
Yes Conn. Gen. Stat. § 36b-21(b)(13)
Yes Conn. Gen. Stat. § 36b-21(b)(1)
Yes Conn. Gen. Stat. § 36b-21(b)(2)
Yes Conn. Gen. Stat. § 36b-21(b)(4)
Yes Conn. Gen. Stat. § 36b-21(b)(10)(A)
Yes Conn. Gen. Stat. § 36b-21(b)(7)
Yes Conn. Gen. Stat. § 36b-21(b)(9)
Yes Conn. Gen. Stat. § 36b-21(b)(6)
Yes Conn. Gen. Stat. § 36b-21(b)(8)
No
Yes Conn. Gen. Stat. § 36b-21(a)(10)
Yes Conn. Gen. Stat. § 36b-21(b)(5)
No
Yes Conn. Gen. Stat. § 36b-21(b)(11)
Yes Conn. Gen. Stat. § 36b-16
Yes Conn. Gen. Stat. § 36b-21(b)(12)
No
No
Yes Conn. Gen. Stat. § 36b-21(a)(11)
List of unethical and unlawful practices. Regs., Conn. State Agencies §36b-31-15a; Regs., Conn. State Agencies §36b-31-15b
A person who is an investment adviser, a federal covered adviser, or an investment adviser representative is a fiduciary and has a duty to act primarily for the benefit of the client. While the extent and nature of this duty varies according to the nature of the relationship with the client and the circumstances of each case, no investment adviser, federal covered adviser or representative shall engage in any dishonest or unethical business practice. For a list of unethical and unlawful practices, see: Conn. Regs. § 36b-31-15c
Connecticut Uniform Securities Act
Yes Conn. Gen. Stat. §36b-17
No
No
No
No
Yes Conn. Gen. Stat. §36b-18
8
Delaware
No
Yes 6 Del. C. § 73-207(b)(1)
Yes 6 Del. C. § 73-207(b)(2)
Yes 6 Del. C. § 73-207(b)(3)
Yes 6 Del. C. § 73-207(b)(9)
Yes 6 Del. C. § 73-207(b)(6)
Yes 6 Del. C. § 73-207(b)(8)
Yes 6 Del. C. § 73-207(b)(5)
Yes 6 Del. C. § 73-207(b)(7)
No
Yes 6 Del. C. § 73-207(a)(10)
Yes 6 Del. C. § 73-207(b)(4)
No
Yes 6 Del. C. § 73-207(b)(10)
Yes 6 Del. C. § 73-207(a)(8)
Yes 6 Del. C. § 73-207(b)(11)
No
No
Yes 6 Del. C. § 73-207(a)(11)
List of unethical and unlawful practices. 6 Del. Admin. C. 200-609
An investment adviser representative is a fiduciary and has a duty to act primarily for the benefit of the client. The extent and nature of this duty varies according to the nature of the relationship with the client and the circumstances of each case. For a list of unethical and unlawful practices, see: 6 Del. Admin. C. 200-709
Delaware Securities Act
Yes 6 Del. C. §73-203
No
No
No
No
Yes 6 Del. C. §73-204
9
District of Columbia
Yes D.C. Code § 31-5604.02(16)
Yes D.C. Code § 31-5604.02(1)
Yes D.C. Code § 31-5604.02(2)
Yes D.C. Code § 31-5604.02(6)
Yes D.C. Code § 31-5604.02(12)
Yes D.C. Code § 31-5604.02(9)
Yes D.C. Code § 31-5604.02(11)
Yes D.C. Code § 31-5604.02(8)
Yes D.C. Code § 31-5604.02(10)
Yes D.C. Code § 31-5604.02(11A)
Yes D.C. Code § 31-5604.01(9)
Yes D.C. Code § 31-5604.02(7)
No
Yes D.C. Code § 31-5604.02(14)
Yes D.C. Code § 31-5604.01(6)
Yes D.C. Code § 31-5604.02(15)
Yes D.C. Code § 31-5604.02(17)
Yes D.C. Code § 31-5604.02(19)
Yes D.C. Code § 31-5604.01(10)
List of unethical and unlawful practices. D.C. Mun. Regs. tit. 26B, §119
For a list of unethical and unlawful practices, see: D.C. Mun. Regs. tit. 26B, §176
District of Columbia Code, Ch. 56
Yes D.C. Code §31-5603.03
No
No
No
Yes D.C. Code §31-5603.02
Yes D.C. Code §31-5603.04
10
Florida
No
Yes Fla. Stat. § 517.061(3)
Yes Fla. Stat. § 517.061(20)
Yes Fla. Stat. § 517.061(13)
Yes Fla. Stat. § 517.061(11)
Yes Fla. Stat. § 517.061(1)
Yes Fla. Stat. § 517.061(7), (12)
Yes Fla. Stat. § 517.061(10)
Yes Fla. Stat. § 517.061(2)
Yes (qualified institutional buyer) Fla. Stat. § 517.061(7)
Yes Fla. Stat. § 517.051(8)
No
No
Yes Fla. Stat. § 517.061(13)
Yes Fla. Stat. § 517.07
Yes Fla. Stat. § 517.061(6)
Yes Fla. Stat. § 517.061(4)
Yes Fla. Stat. § 517.061(5)
Yes Fla. Admin. Code R. 69W-500.017
List of unethical and unlawful practices. Fla. Admin. Code R. 69W-600.013
For a list of unethical and unlawful practices, see: Fla. Admin. Code R. 69W-600.0131
Florida Securities and Investor Protection Act
No
No
No
No
Yes Fla. Stat. §517.082
Yes Fla. Stat. §517.081
11
Georgia
Yes Ga. Code § 10-5-11(16)
Yes Ga. Code § 10-5-11(1)
Yes Ga. Code § 10-5-11(2)
Yes Ga. Code § 10-5-11(6)
Yes Ga. Code § 10-5-11(14)
Yes Ga. Code § 10-5-11(12)
Yes Ga. Code § 10-5-11(13)
Yes Ga. Code § 10-5-11(11)
Yes Ga. Code § 10-5-11(7)
No
No
Yes Ga. Code § 10-5-11(10)
No
Yes Ga. Code § 10-5-11(6)
Yes Ga. Code § 10-5-10(6)
Yes Ga. Code § 10-5-11(15)
Yes Ga. Code § 10-5-11(22)
Yes Ga. Code § 10-5-11(18)
Yes Ga. Code § 10-5-11(21)
List of unethical and unlawful practices. Ga. Comp. R. & Regs. r. 590-4-5-.16
An investment adviser representative is a fiduciary and has a duty to act primarily for the benefit of the client. The extent and nature of this duty varies according to the nature of the relationship with the client and the circumstances of each case. Ga. Comp. R. & Regs. 590-4-4-.19 List of unethical and unlawful practices. Ga. Comp. R. & Regs. 590-4-4-.19
Georgia Uniform Securities Act of 2008
Yes Ga. Code §10-5-22
No
No
No
No
Yes Ga. Code §10-5-23
12
Hawaii
No
Yes Haw. Rev. Stat. § 485A-202(a)(1)
Yes Haw. Rev. Stat. § 485A-202(a)(2)
Yes Haw. Rev. Stat. § 485A-202(a)(6)
Yes Haw. Rev. Stat. § 485A-202(a)(13)
Yes Haw. Rev. Stat. § 485A-202(a)(11)
Yes Haw. Rev. Stat. § 485A-202(a)(12)
Yes Haw. Rev. Stat. § 485A-202(a)(10)
Yes Haw. Rev. Stat. § 485A-202(a)(7)
Yes Haw. Rev. Stat. § 485A-202(a)(15)
No
Yes Haw. Rev. Stat. § 485A-202(a)(9)
No
Yes Haw. Rev. Stat. § 485A-202(a)(6)
Yes Haw. Rev. Stat. § 485A-201(6)
Yes Haw. Rev. Stat. § 485A-202(a)(9)
Yes Haw. Rev. Stat. § 485A-202(a)(22)(A)
Yes Haw. Rev. Stat. § 485A-202(a)(18)
Yes Haw. Rev. Stat. § 485A-202(21)
List of unethical and unlawful practices. Haw. Admin. R. §16-39-470; Haw. Admin. R. §16-39-501
For a list of unethical and unlawful practices, see: Haw. Rev. Stat. § 485A-502; HAR §16-39-470
Uniform Securities Act (2002)
No
No
No
No
No
Yes Haw. Rev. Stat. §485A-303
13
Idaho
No
Yes Idaho Code § 30-14-202(1)
Yes Idaho Code § 30-14-202(2)
Yes Idaho Code § 30-14-202(6)
Yes Idaho Code § 30-14-202(14)
Yes Idaho Code § 30-14-202(12)
Yes Idaho Code § 30-14-202(13)
Yes Idaho Code § 30-14-202(11)
Yes Idaho Code § 30-14-202(7)
No
No
Yes Idaho Code § 30-14-202(10)
No
Yes Idaho Code § 30-14-202(6)
Yes Idaho Code § 30-14-201(6)
Yes Idaho Code § 30-14-202(15)
Yes Idaho Code § 30-14-202(22)(a)
Yes Idaho Code § 30-14-202(18)
Yes Idaho Code § 30-14-202(21)
List of unethical and unlawful practices. Idaho Admin. Code r. 12.01.08.104
For a list of unethical and unlawful practices, see: Idaho Admin. Code r. 12.01.08.104
Uniform Securities Act (2004)
Yes Idaho Code §30-14-303
No
No
No
No
Yes Idaho Code §30-14-304
14
Illinois
Yes 815 Ill. Comp. Stat. § 5/4(L)
Yes 815 Ill. Comp. Stat. § 5/4(Q)
Yes 815 Ill. Comp. Stat. § 5/4(F)
Yes 815 Ill. Comp. Stat. § 5/4(N)
Yes 815 Ill. Comp. Stat. § 5/4(G)
Yes 815 Ill. Comp. Stat. § 5/4(E)
Yes 815 Ill. Comp. Stat. § 5/4(C)
No
Yes 815 Ill. Comp. Stat. § 5/4(E)
No
Yes 815 Ill. Comp. Stat. §5/3(L)
No
Yes Ill. Admin. Code tit. 14, § 130.212
No
Yes 815 Ill. Comp. Stat. § 5/3(G)
Yes 815 Ill. Comp. Stat. § 5/4(B)
No
Yes 815 Ill. Comp. Stat. § 5/4(J)
Yes 815 Ill. Comp. Stat. § 5/3(N)
List of unethical and unlawful practices. 14 Ill. Admin. Code §130.285; 14 Ill. Admin. Code §130.850
List of unethical and unlawful practices 14 Ill. Admin. Code §130.285
Illinois Securities Law of 1953
Yes 815 Ill. Comp. Stat. §5/5(A)
No
No
No
No
Yes 815 Ill. Comp. Stat. §5/5(B)
15
Indiana
No
Yes Ind. Code § 23-19-2-2(1)
Yes Ind. Code § 23-19-2-2(2)
Yes Ind. Code § 23-19-2-2(6)
Yes Ind. Code § 23-19-2-2(14)
Yes Ind. Code § 23-19-2-2(12)
Yes Ind. Code § 23-19-2-2(13)
Yes Ind. Code § 23-19-2-2(11)
Yes Ind. Code § 23-19-2-2(7)
Yes Ind. Code § 23-19-2-2(26)
No
Yes Ind. Code § 23-19-2-2(10)
Yes Ind. Admin. Code tit. 710, r. 4-2-6
No
Yes Ind. Code § 23-19-2-1(6)
Yes Ind. Code § 23-19-2-2(15)
Yes Ind. Code § 23-19-2-2(22)(A)
Yes Ind. Code § 23-19-2-2(18)
Yes Ind. Code § 23-19-2-2(21)
List of unethical and unlawful practices. Ind. Admin. Code tit. 710, r. 4-10-1
An investment adviser representative is a fiduciary and has a duty to act primarily for the benefit of the client. The extent and nature of this duty varies according to the nature of the relationship with the client and the circumstances of each case. For a list of unethical and unlawful practices, see: Ind. Code § 23-19-5-2; Ind. Admin. Code tit. 710, r. 4-9-15
Indiana Uniform Securities Act
Yes Ind. Code §23-19-3-3
No
No
No
No
Yes Ind. Code §23-19-3-4
16
Iowa
No
Yes Iowa Code § 502.202(1)
Yes Iowa Code § 502.202(2)
Yes Iowa Code § 502.202(6)
Yes Iowa Code § 502.202(14)
Yes Iowa Code § 502.202(12)
Yes Iowa Code § 502.202(13)
Yes Iowa Code § 502.202(11)
Yes Iowa Code § 502.202(7)
No
No
Yes Iowa Code § 502.202(10)
Yes Iowa Admin. Code r. 191-50.84
No
Yes Iowa Code § 502.201(6)
Yes Iowa Code § 502.202(15)
Yes Iowa Code §502.202(22)(a)
Yes Iowa Code § 502.202(18)
Yes Iowa Code § 502.202(21)
List of unethical and unlawful practices. Iowa Code §502.501A; Iowa Admin. Code r. 191-50.16
An investment adviser representative is a fiduciary and has a duty to act primarily for the benefit of the client. The extent and nature of this duty varies according to the nature of the relationship with the client and the circumstances of each case. For a list of unethical and unlawful practices, see: Iowa Code §502.502; Iowa Admin. Code r. 191-50.38
Iowa Uniform Securities Act
Yes Iowa Code §502.303
No
No
No
No
Yes Iowa Code §502.304
17
Kansas
No
Yes Kan. Stat. § 17-12a202(1)
Yes Kan. Stat. § 17-12a202(2)
Yes Kan. Stat. § 17-12a202(6)
Yes Kan. Stat. § 17-12a202(14)
Yes Kan. Stat. § 17-12a202(12)
Yes Kan. Stat. § 17-12a202(13)
Yes Kan. Stat. § 17-12a202(11)
Yes Kan. Stat. § 17-12a202(7)
Yes Kan. Admin. Regs. § 81-5-13
No
Yes Kan. Stat. § 17-12a202(10)
Yes Kan. Admin. Regs. § 81-5-12
No
Yes Kan. Stat. § 17-12a201(6)
Yes Kan. Stat. § 17-12a202(15)
Yes Kan. Stat. § 17-12a202(22)(A)
Yes Kan. Stat. § 17-12a202(18)
Yes Kan. Stat. § 17-12a202(21)
List of unethical and unlawful practices. Kan. Admin. Regs. §81-3-6
For a list of unethical and unlawful practices, see: Kan. Admin. Regs. §81-14-5
Kansas Uniform Securities Act
Yes Kan. Stat. §17-12a303
No
No
No
No
Yes Kan. Stat. §17-12a304
18
Kentucky
Yes Ky. Rev. Stat. § 292.410(1)(l)
Yes Ky. Rev. Stat. § 292.410(1)(a)
Yes Ky. Rev. Stat. § 292.410(1)(b)
Yes Ky. Rev. Stat. § 292.410(1)(c)
Yes Ky. Rev. Stat. § 292.410(1)(i)
Yes Ky. Rev. Stat. § 292.410(1)(f)
Yes Ky. Rev. Stat. § 292.410(1)(h)
Yes Ky. Rev. Stat. § 292.410(1)(e)
Yes Ky. Rev. Stat. § 292.410(1)(g)
Yes 808 Ky. Admin. Regs. 10:340
Yes Ky. Rev. Stat. §292.400(10)
Yes Ky. Rev. Stat. § 292.410(1)(d)
Yes 808 Ky. Admin. Regs. 10:380
Yes Ky. Rev. Stat. § 292.410(1)(j)
Yes Ky. Rev. Stat. § 292.400(8)
Yes Ky. Rev. Stat. § 292.410(1)(k)
Yes Ky. Rev. Stat. § 292.410(1)(m)
Yes Ky. Rev. Stat. § 292.410(1)(n)
Yes Ky. Rev. Stat. § 292.400(11)
List of unethical and unlawful practices. Ky. Rev. Stat. §292.320; 808 Ky. Admin. Regs. 10:440
For a list of unethical and unlawful practices, see: 808 Ky. Admin. Regs. 10:450
Securities Act of Kentucky
Yes Ky. Rev. Stat. §292.360
No
No
No
Yes Ky. Rev. Stat. §292.350
Yes Ky. Rev. Stat. §292.370
19
Louisiana
Yes La. Rev. Stat. § 51:709(10)
No (Provisions Not Directly on Point) See La. Rev. Stat. § 51:709(3)(a) for related provision
No (Provisions Not Directly on Point) See La. Rev. Stat. § 51:709(3)(a) for related provision
No
Yes La. Rev. Stat. § 51:709(15); LAC 10:XIII.705
Yes La. Rev. Stat. § 51:709(1)
Yes La. Rev. Stat. § 51:709(7)
Yes La. Rev. Stat. § 51:709(16)
Yes La. Rev. Stat. § 51:709(2)
No
Yes La. Rev. Stat. §51:708(9)
Yes La. Rev. Stat. § 51:709(3)(b)
No
No
Yes La. Rev. Stat. § 51:708(8)
Yes La. Rev. Stat. § 51:709(8)
Yes La. Rev. Stat. § 51:709(6)
Yes La. Rev. Stat. § 51:709(12)
Yes La. Rev. Stat. § 51:709(9)
List of unethical and unlawful practices. La. Rev. Stat. §51:712; La. Admin. Code tit. 10, §XIII.1203
For a list of unethical and unlawful practices, see: La. Admin. Code tit. 10, § XIII.1205
Louisiana Securities Law
No
No
No
No
Yes La. Rev. Stat. §51:705(D)
Yes La. Rev. Stat. §51:705(B)
20
Maine
Yes Me. Rev. Stat. tit. 32, § 16202(17)
Yes Me. Rev. Stat. tit. 32, § 16202(1)
Yes Me. Rev. Stat. tit. 32, § 16202(2)
Yes Me. Rev. Stat. tit. 32, § 16202(6)
Yes Me. Rev. Stat. tit. 32, § 16202(14), (15)
Yes Me. Rev. Stat. tit. 32, § 16202(12)
Yes Me. Rev. Stat. tit. 32, § 16202(13)
Yes Me. Rev. Stat. tit. 32, § 16202(11)
Yes Me. Rev. Stat. tit. 32, § 16202(7)
Yes 02-032 Me. Code R. § 537
No
Yes Me. Rev. Stat. tit. 32, § 16202(10)
No
No
Yes 32 Me. Rev. Stat. § 16201(6)
Yes Me. Rev. Stat. tit. 32, § 16202(16)
Yes Me. Rev. Stat. tit. 32, § 16202(23)(A)
Yes Me. Rev. Stat. tit. 32, § 16202(19)
Yes Me. Rev. Stat. tit. 32, § 16202(22)
List of unethical and unlawful practices. Me. Code R. ch. 504, §8; Me. Code R. ch. 504, §9
Investment adviser representatives are fiduciaries and have a duty to act for the benefit of their clients. The extent and nature of this duty varies according to the nature of the relationship between investment advisers or investment adviser representatives and their clients and the circumstances of each case. List of unethical and unlawful practices Me Code R. ch. 515, §14
Maine Uniform Securities Act
Yes 32 Me. Rev. Stat. §16303
No
No
No
No
Yes 32 Me. Rev. Stat. §16304
21
Maryland
Yes Md. Code, Corps. & Ass'ns § 11-602(12)
Yes Md. Code, Corps. & Ass'ns § 11-602(1)
Yes Md. Code, Corps. & Ass'ns § 11-602(2)
Yes Md. Code, Corps. & Ass'ns § 11-602(3)
Yes Md. Code, Corps. & Ass'ns § 11-602(9)
Yes Md. Code, Corps. & Ass'ns § 11-602(6)
Yes Md. Code, Corps. & Ass'ns § 11-602(8)
Yes Md. Code, Corps. & Ass'ns § 11-602(5)
Yes Md. Code, Corps. & Ass'ns § 11-602(7)
Yes COMAR 02.02.04.12(C)
Yes Md. Code, Corps. & Ass'ns §11-601(10)
Yes Md. Code, Corps. & Ass'ns § 11-602(4)
No
Yes Md. Code, Corps. & Ass'ns § 11-602(10)
Yes Md. Code, Corps. & Ass'ns § 11-601(8)
Yes Md. Code, Corps. & Ass'ns § 11-602(11)
No
No
Yes Md. Code, Corps. & Ass'ns § 11-602(11)
Maryland does not list specific unlawful or unethical acts and practices.
Investment adviser representatives are fiduciaries and have a duty to act for the benefit of their clients. The extent and nature of this duty varies according to the nature of the relationship between investment advisers or investment adviser representatives and their clients and the circumstances of each case. For a list of unethical and unlawful practices, see: Md. Regs. Code 02.02.05.03
Maryland Securities Act
Yes Md. Code, Corps. & Ass'ns §11-503
No
No
No
Yes Md. Code, Corps. & Ass'ns §11-502
Yes Md. Code, Corps. & Ass'ns §11-504
22
Massachusetts
Yes Mass. Gen. Laws ch. 110A, § 402(b)(12)
Yes Mass. Gen. Laws ch. 110A, § 402(b)(1)
Yes Mass. Gen. Laws ch. 110A, § 402(b)(2)
Yes Mass. Gen. Laws ch. 110A, § 402(b)(3)
Yes Mass. Gen. Laws ch. 110A, § 402(b)(9)
Yes Mass. Gen. Laws ch. 110A, § 402(b)(6)
Yes Mass. Gen. Laws ch. 110A, § 402(b)(8)
Yes Mass. Gen. Laws ch. 110A, § 402(b)(5)
Yes Mass. Gen. Laws ch. 110A, § 402(b)(7)
No
Yes Mass. Gen. Laws ch. 110A, §402(a)(10)
Yes Mass. Gen. Laws ch. 110A, § 402(b)(4)
Yes 950 CMR 14.402
Yes Mass. Gen. Laws ch. 110A, § 402(b)(10)
Yes Mass. Gen. Laws ch. 110A, § 402(a)(8)
Yes Mass. Gen. Laws ch. 110A, § 402(b)(11)
No
No
Yes Mass. Gen. Laws ch. 110A, § 402(a)(11)
List of unethical and unlawful practices. 950 Code Mass. Regs. §12.204
For a list of unethical and unlawful practices, see: 950 Code Mass. Regs. §12.205
Massachusetts Uniform Securities Act
Yes Mass. Gen. Laws ch. 110A, §302
No
No
No
No
Yes Mass. Gen. Laws ch. 110A, §303
23
Michigan
Yes Mich. Comp. Laws § 451.2202(1)(p)
Yes Mich. Comp. Laws § 451.2202(1)(a)
Yes Mich. Comp. Laws § 451.2202(1)(b)
Yes Mich. Comp. Laws § 451.2202(1)(f)
Yes Mich. Comp. Laws § 451.2202(1)(n)
Yes Mich. Comp. Laws § 451.2202(1)(l)
Yes Mich. Comp. Laws § 451.2202(1)(m)
Yes Mich. Comp. Laws § 451.2202(1)(k)
Yes Mich. Comp. Laws § 451.2202(1)(g)
No
No
Yes Mich. Comp. Laws § 451.2202(1)(j)
No
No
Yes Mich. Comp. Laws § 451.2201(f); Mich. Admin. Code r. 451.803.10 (effective until July 3, 2019)
Yes Mich. Comp. Laws § 451.2202(1)(o)
Yes Mich. Comp. Laws § 451.2202(1)(u)
Yes Mich. Comp. Laws § 451.2202(1)(r)
Yes Mich. Comp. Laws § 451.2202(1)(u)
List of unethical and unlawful practices. Mich. Comp. Laws § 451.2412(4)(m);Mich. Admin. Code r. 451.4.27(3)
For a list of unethical and unlawful practices, see: Mich. Comp. Laws § 451.2502
Uniform Securities Act (2002)
Yes Mich. Comp. Laws § 451.2303
No
No
No
No
Yes Mich. Comp. Laws § 451.2304; Mich. Admin Code r. 451.704.1 to 451.704.2 (effective until July 3, 2019); Mich. Admin. Code r. 451.3.4 to 451.3.5 (effective July 3, 2019)
24
Minnesota
Yes Minn. Stat. § 80A.46(16)
Yes Minn. Stat. § 80A.46(1)
Yes Minn. Stat. § 80A.46(2)
Yes Minn. Stat. § 80A.46(6)
Yes Minn. Stat. § 80A.46(14)
Yes Minn. Stat. § 80A.46(12)
Yes Minn. Stat. § 80A.46(13)
Yes Minn. Stat. § 80A.46(11)
Yes Minn. Stat. § 80A.46(11)
Yes Minn. Stat. § 80A.46(13)
No
Yes Minn. Stat. § 80A.46(10)
No
Yes Minn. Stat. § 80A.46(6)
Yes Minn. Stat. § 80A.45(6)
Yes Minn. Stat. § 80A.46(15)
Yes Minn. Stat. § 80A.46(22)(A)
Yes Minn. Stat. § 80A.46(18)
Yes Minn. Stat. § 80A.46(21)
Minnesota requires agents to comply with NASD IM-2310-2 (now FINRA Rule 2111) on suitability and fair dealing. Agents participating in any distribution of securities, other than a firm commitment distribution, must not accept any part of the sale price of any security being distributed unless:• the money or other consideration received is promptly transmitted to the persons entitled thereto; or • if the distribution is being made on an all-or-none basis, or on any other basis that contemplates that payment is not to be made to the person on whose behalf the distribution is being made until some further event or contingency occurs, the money or other consideration received is promptly deposited in a separate bank account and remains in the bank account until the appropriate event or contingency has occurred, at which time the funds are promptly transmitted or returned to the persons entitled thereto; or all such funds are promptly transmitted to a bank that has agreed in writing to hold all such funds in escrow for the persons who have the beneficial interests therein, and all such funds are transmitted or returned directly to the persons entitled thereto when the appropriate event or contingency has occurred. Minn. R. 2876.4110
No requirements.
Minnesota Securities Act
Yes Minn. Stat. §80A.51
No
No
No
No
Yes Minn. Stat. §80A.52
25
Mississippi
Yes Miss. Code § 75-71-202(16)
Yes Miss. Code § 75-71-202(1)
Yes Miss. Code § 75-71-202(2)
Yes Miss. Code § 75-71-202(6)
Yes Miss. Code § 75-71-202(14)
Yes Miss. Code § 75-71-203(12)
Yes Miss. Code § 75-71-203(13)
Yes Miss. Code § 75-71-203(11)
Yes Miss. Code § 75-71-203(7)
Yes 1 Miss. Admin. Code Pt. 14, R. 7.17
No
Yes Miss. Code § 75-71-202(10)
No
No
Yes Miss. Code § 75-71-201(6)
Yes Miss. Code § 75-71-202(15)
Yes Miss. Code § 75-71-202(22)(A)
Yes Miss. Code § 75-71-202(18)
Yes Miss. Code § 75-71-202(21)
List of unethical and unlawful practices. Miss. Code R. 1 14, R. 5.21
Investment adviser representatives are fiduciaries and have a duty to act for the benefit of their clients. The extent and nature of this duty varies according to the nature of the relationship between investment advisers or investment adviser representatives and their clients and the circumstances of each case. For a list of unethical and unlawful practices, see: Miss. Code § 75-71-502; Miss. Code R. 1 14, R. 6.25
Mississippi Securities Act of 2010
Yes Miss. Code §75-71-303
No
No
No
No
Yes Miss. Code §75-71-304
26
Missouri
Yes Mo. Rev. Stat. § 409.2-202(16)
Yes Mo. Rev. Stat. § 409.2-202(1)
Yes Mo. Rev. Stat. § 409.2-202(2)
Yes Mo. Rev. Stat. § 409.2-202(6)
Yes Mo. Rev. Stat. § 409.2-202(14)
Yes Mo. Rev. Stat. § 409.2-202(12)
Yes Mo. Rev. Stat. § 409.2-202(13)
Yes Mo. Rev. Stat. § 409.2-202(11)
Yes Mo. Rev. Stat. § 409.2-202(7)
Yes 15 CSR 30-54.215
No
Yes Mo. Rev. Stat. § 409.2-202(10)
Yes Mo. Code Regs. tit. 15, § 30-54.175
No
Yes Mo. Rev. Stat. § 409.2-201(6)
Yes Mo. Rev. Stat. § 409.2-202(15)
Yes Mo. Rev. Stat. § 409.2-202(22)(A)
Yes Mo. Rev. Stat. § 409.2-202(18)
Yes Mo. Rev. Stat. § 409.2-202(21)
List of unethical and unlawful practices. Mo. Code Regs. tit. 15, §30-51.169
For a list of unethical and unlawful practices, see: Mo. Code Regs. tit. 15, §30-51.172
Missouri Securities Act of 2003
Yes Mo. Rev. Stat. §409.3-303
No
No
No
No
Yes Mo. Rev. Stat. §409.3-304
27
Montana
Yes Mont. Code § 30-10-105(11)
Yes Mont. Code § 30-10-105(1)
Yes Mont. Code § 30-10-105(2)
Yes Mont. Code § 30-10-105(3)
Yes Mont. Code § 30-10-105(8)
Yes Mont. Code § 30-10-105(5)
Yes Mont. Code § 30-10-105(7)
No
Yes Mont. Code § 30-10-105(6)
No
Yes Mont. Code §30-10-104(9)
Yes Mont. Code § 30-10-105(4)
No
Yes Mont. Code § 30-10-105(9)
Yes Mont. Code § 30-10-104(12)
Yes Mont. Code § 30-10-105(10)
Yes Mont. Code § 30-10-105(13)
Yes Mont. Code § 30-10-105(14)
Yes Mont. Code § 30-10-104(10)
List of unethical and unlawful practices. Mont. Code §30-10-301; Mont. Admin. R. 6.10.401
For a list of unethical and unlawful practices, see: Mont. Code §30-10-301; Mont. Admin. R. 6.10.402
Securities Act of Montana
Yes Mont. Code §30-10-204
No
No
No
Yes Mont. Code §30-10-203
Yes Mont. Code §30-10-205
28
Nebraska
Yes Neb. Rev. Stat. § 8-1111(12)
Yes Neb. Rev. Stat. § 8-1111(1)
Yes Neb. Rev. Stat. § 8-1111(2)
Yes Neb. Rev. Stat. § 8-1111(3)
Yes Neb. Rev. Stat. § 8-1111(9); 48 Neb. Admin. Code §§ 15-001 to 15-010
Yes Neb. Rev. Stat. § 8-1111(6)
Yes Neb. Rev. Stat. § 8-1111(8)
Yes Neb. Rev. Stat. § 8-1111(5)
Yes Neb. Rev. Stat. § 8-1111(7)
Yes Neb. Rev. Stat. § 8-1111(8)
No
Yes Neb. Rev. Stat. § 8-1111(4)
No
Yes Neb. Rev. Stat. § 8-1111(10)
Yes Neb. Rev. Stat. § 8-1110(5); 48 Neb. Admin. Code §§ 13-001 to 13-004
Yes Neb. Rev. Stat. § 8-1111(11)
Yes Neb. Rev. Stat. § 8-1111(13)
Yes Neb. Rev. Stat. § 8-1111(14)
Yes Neb. Rev. Stat. § 8-1111(17)
List of unethical and unlawful practices. Neb. Rev. Stat. § 8-1102; 48 Neb. Admin. Code §§ 6-011, 12-001 to 12-005
List of unethical and unlawful practices. Neb. Rev. Stat. § 8-1102; 48 Neb. Admin. Code §§ 9-012, 12-006
Securities Act of Nebraska
Yes Neb. Rev. Stat. §8-1106
No
No
No
No
Yes Neb. Rev. Stat. §8-1107
29
Nevada
Yes Nev. Rev. Stat. § 90.530(15)
Yes Nev. Rev. Stat. § 90.530(1)
Yes Nev. Rev. Stat. § 90.530(2)
Yes Nev. Rev. Stat. § 90.530(5)
Yes Nev. Rev. Stat. § 90.530(11)
Yes Nev. Rev. Stat. § 90.530(8)
Yes Nev. Rev. Stat. § 90.530(10)
Yes Nev. Rev. Stat. § 90.530(7)
Yes Nev. Rev. Stat. § 90.530(9)
Yes Nev. Admin. Code § 90.536
Yes Nev. Rev. Stat. §90.520(2)(k)
Yes Nev. Rev. Stat. § 90.530(6)
Yes Nev. Admin. Code § 90.538
Yes Nev. Rev. Stat. § 90.530(12)
Yes Nev. Rev. Stat. § 90.520(2)(g)
Yes Nev. Rev. Stat. § 90.530(14)
No
Yes Nev. Rev. Stat. § 90.280(17)
Yes Nev. Rev. Stat. § 90.520(2)(l)
List of unethical and unlawful practices. Nev. Admin. Code §90.327; Nev. Admin. Code §90.328
For a list of unethical and unlawful practices, see: Nev. Admin. Code § 90.328
Nevada Securities Act
Yes Nev. Rev. Stat. §90.480
No
Yes Nev. Rev. Stat. §90.470
No
No
Yes Nev. Rev. Stat. §90.490
30
New Hampshire
Yes N.H. Rev. Stat. § 421-B:2-202(16)
Yes N.H. Rev. Stat. § 421-B:2-202(1)
Yes N.H. Rev. Stat. § 421-B:2-202(2)
Yes N.H. Rev. Stat. § 421-B:2-202(6)
Yes N.H. Rev. Stat. § 421-B:2-202(14)
Yes (judicial sales) N.H. Rev. Stat. § 421-B:2-202(12)
Yes N.H. Rev. Stat. § 421-B:2-202(13)
Yes N.H. Rev. Stat. § 421-B:2-202(11)
Yes N.H. Rev. Stat. § 421-B:2-202(7)
Yes (Regulation D transactions) N.H. Rev. Stat. § 421-B:2-202(13)
No
Yes N.H. Rev. Stat. § 421-B:2-202(10)
No
No
Yes N.H. Rev. Stat. § 421-B:2-201(6)
Yes N.H. Rev. Stat. § 421-B:2-202(15)
Yes N.H. Rev. Stat. § 421-B:2-202(22)(A)
Yes N.H. Rev. Stat. § 421-B:2-202(18)
Yes N.H. Rev. Stat. § 421-B:2-202(21)
List of unlawful practices. N.H. Rev. Stat. Ann. § 421-B:5-501
For a list of unethical and unlawful practices, see: N.H. Rev. Stat. § 421-B:5-502
Uniform Securities Act
Yes N.H. Rev. Stat. §421-B:13
No
No
No
Yes N.H. Rev. Stat. §421-B:12
Yes N.H. Rev. Stat. §421-B:14
31
New Jersey
No
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(1)
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(2)
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(3)
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(9)
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(6)
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(8)
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(5)
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(7)
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(12)
Yes N.J. Rev. Stat. §49:3-50(a)(10)
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(4)
No
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(10)
Yes N.J. Rev. Stat. § 49:3-50(a)(8)
Yes N.J. Rev. Stat. § 49:3-50(a)(12)(b)(11)
No
No
Yes N.J. Rev. Stat. § 49:3-50(a)(11)
List of unethical and unlawful practices. N.J. Admin. Code §13:47A-6.3
For a list of unethical and unlawful practices, see: N.J. Admin. Code §13:47A-6.3
Uniform Securities Law (1997)
Yes N.J. Rev. Stat. §49:3-61.1
No
No
No
Yes N.J. Rev. Stat. §49:3-61.2
Yes N.J. Rev. Stat. §49:3-61
32
New Mexico
Yes NMSA 1978 § 58-13C-202(P)
Yes NMSA 1978 § 58-13C-202(A)
Yes NMSA 1978 § 58-13C-202(B)
Yes NMSA 1978 § 58-13C-202(F)
Yes NMSA 1978 § 58-13C-202(N)
Yes NMSA 1978 § 58-13C-202(L)
Yes NMSA 1978 § 58-13C-202(M)
Yes NMSA 1978 § 58-13C-202(K)
Yes NMSA 1978 § 58-13C-202(G)
Yes N.M. Code R. § 12.11.12.19
No
Yes NMSA 1978 § 58-13C-202(J)
No
Yes NMSA 1978 § 58-13C-202(Z)
Yes NMSA 1978 § 58-13C-201(F)
Yes NMSA 1978 § 58-13C-202(O)
Yes NMSA 1978 § 58-13C-202(V)(1)
Yes NMSA 1978 § 58-13C-202(R)
Yes NMSA 1978 § 58-13C-202(U)
List of unethical and unlawful practices. N.M. Code R. §12.11.4.15; N.M. Code R. §12.11.4.16
For a list of unethical and unlawful practices, see: N.M. Stat. § 58-13C-502; N.M. Code R. §12.11.7.13
New Mexico Uniform Securities Act
Yes NMSA 1978 §58-13C-303
No
No
No
No
Yes NMSA 1978 §58-13C-304
33
New York
No
No
No
No
No
Yes N.Y. Gen. Bus. Law § 359-F(1)(l)
Yes N.Y. Gen. Bus. Law § 359-E(1) (found in dealer definition)
Yes N.Y. Gen. Bus. Law § 359-F(1)(d)
Yes N.Y. Gen. Bus. Law § 359-F(1)(m)
No
Yes N.Y. Gen. Bus. Law § 359-F(1)(i)
No
No
No
Yes N.Y. Gen. Bus. Law § 359-F(1)(k)
Yes N.Y. Gen. Bus. Law § 359-E(1)(a) (found in exemption from definition of a dealer or broker)
No
No
Yes N.Y. Gen. Bus. Law § 359-F(2)(e)
List of unethical and unlawful practices. N.Y. Gen. Bus. Law §352-C
No provisions.
General Business Law
No
No
No
No
No
No
34
North Carolina
Yes N.C. Gen. Stat. § 78A-17(12)
Yes N.C. Gen. Stat. § 78A-17(1)
Yes N.C. Gen. Stat. § 78A-17(2)
Yes N.C. Gen. Stat. § 78A-17(3)
Yes N.C. Gen. Stat. § 78A-17(9)
Yes N.C. Gen. Stat. § 78A-17(6)
Yes N.C. Gen. Stat. § 78A-17(8)
Yes N.C. Gen. Stat. § 78A-17(5)
Yes N.C. Gen. Stat. § 78A-17(7)
No
Yes N.C. Gen. Stat. §78A-16(10)
Yes N.C. Gen. Stat. § 78A-17(4)
No
Yes N.C. Gen. Stat. § 78A-17(10)
Yes N.C. Gen. Stat. § 78A-16(15)
Yes N.C. Gen. Stat. § 78A-17(11)
No
Yes N.C. Gen. Stat. § 78A-17(18)
Yes N.C. Gen. Stat. § 78A-16(11)
List of unethical and unlawful practices. 18 N.C. Admin. Code r. 6A.1414
Investment adviser representatives are fiduciaries and have a duty to act for the benefit of their clients. The extent and nature of this duty varies according to the nature of the relationship between investment advisers or investment adviser representatives and their clients and the circumstances of each case. For a list of unethical and unlawful practices, see: 18 N.C. Admin. Code r. 6A.1801
North Carolina Securities Act
Yes N.C. Gen. Stat. §78A-26
No
No
No
Yes N.C. Gen. Stat. §78A-25
Yes N.C. Gen. Stat. §78A-27
35
North Dakota
No
Yes N.D. Cent. Code § 10-04-06(3)
Yes N.D. Cent. Code § 10-04-06(8)
No
Yes N.D. Cent. Code § 10-04-06(9)(a)
Yes N.D. Cent. Code § 10-04-06(1)
Yes N.D. Cent. Code § 10-04-06(5)
Yes N.D. Cent. Code § 10-04-06(20)
Yes N.D. Cent. Code § 10-04-06(2)
Yes N.D. Cent. Code § 10-04-06(17)
Yes N.D. Cent. Code §10-04-05(6)
No
Yes N.D. Cent. Code § 10-04-06(15)
No
Yes N.D. Cent. Code § 10-04-05(13)
Yes N.D. Cent. Code § 10-04-06(7)
Yes N.D. Cent. Code § 10-04-06(4)(a)
Yes N.D. Cent. Code § 10-04-06(6)
Yes N.D. Cent. Code § 10-04-06(11)
List of unethical and unlawful practices. N.D. Admin. Code §73-02-09-01
For a list of unethical and unlawful practices, see: N.D. Cent. Code § 10-04-10.1
Securities Act of 1951
Yes (effective Aug. 1, 2019) N.D. S.B. 2283, L. 2019
No
No
Yes N.D. Cent. Code §10-04-07.1
No
Yes N.D. Cent. Code §10-04-08
36
Ohio
No
Yes Ohio Rev. Code § 1707.03(B)
Yes Ohio Rev. Code § 1707.03(B)
No
Yes Ohio Rev. Code § 1707.03(O)
Yes Ohio Rev. Code §1707.03(C)
Yes Ohio Rev. Code §1707.03(D)
Yes Ohio Rev. Code §1707.03(H)
Yes Ohio Rev. Code §1707.03(E)
Yes Ohio Rev. Code §1707.03(Y)
Yes Ohio Rev. Code §1707.02(G)
No
No
Yes Ohio Rev. Code § 1707.03(K)(3)
Yes Ohio Rev. Code § 1707.02(E)
Yes Ohio Rev. Code § 1707.03(K)(2)
Yes Ohio Rev. Code § 1707.03(K)(1)
Yes Ohio Rev. Code § 1707.03(U)
Yes Ohio Admin. Code §1301:6-3-03(E)(5)
List of unethical and unlawful practices. Ohio Admin. Code §1301:6-3-19
For a list of unethical and unlawful practices, see: Ohio Admin. Code § 1301:6-3-44
Ohio Securities Act
Yes Ohio Rev. Code §1707.091
Yes Ohio Rev. Code §1707.06; Ohio Rev. Code §1707.08
No
No
No
Yes Ohio Rev. Code §1707.09
37
Oklahoma
Yes Okla. Stat. tit. 71, § 1-202(17)
Yes Okla. Stat. tit. 71, § 1-202(1)
Yes Okla. Stat. tit. 71, § 1-202(2)
Yes Okla. Stat. tit. 71, § 1-202(6)
Yes Okla. Stat. tit. 71, § 1-202(14)
Yes Okla. Stat. tit. 71, § 1-202(12)
Yes Okla. Stat. tit. 71, § 1-202(13)
Yes Okla. Stat. tit. 71, § 1-202(11)
Yes Okla. Stat. tit. 71, § 1-202(7)
Yes Okla. Admin. Code § 660:11-11-52
No
Yes Okla. Stat. tit. 71, § 1-202(10)
No
No
Yes Okla. Stat. tit. 71, § 1-201(6)
Yes Okla. Stat. tit. 71, § 1-202(15)
Yes Okla. Stat. tit. 71, § 1-202(23)(a)
Yes Okla. Stat. tit. 71, § 1-202(19)
Yes Okla. Stat. tit. 71, §1-202(22)
List of unethical and unlawful practices. Okla. Admin. Code §660:11-5-42
For a list of unethical and unlawful practices, see: Okla. Admin. Code § 660:11-7-42
Oklahoma Uniform Securities Act of 2004
Yes Okla. Stat. tit. 71, §1-303
No
No
No
No
Yes Okla. Stat. tit. 71, §1-304
38
Oregon
Yes Or. Rev. Stat. § 59.035(11)
Yes Or. Rev. Stat. § 59.035(2)
Yes Or. Rev. Stat. § 59.035(10)
Yes Or. Rev. Stat. § 59.035(8)
Yes Or. Rev. Stat. § 59.035(12)
Yes Or. Rev. Stat. § 59.035(1)
Yes Or. Rev. Stat. § 59.035(4)
Yes Or. Rev. Stat. § 59.035(7)
No
Yes Or. Rev. Stat. § 59.035(5)
Yes Or. Rev. Stat. §59.025(7)
No
Yes Or. Admin. R. 441-035-0045
No
Yes Or. Rev. Stat. § 59.025(4)
Yes Or. Rev. Stat. § 59.035(3)
No
Yes Or. Rev. Stat. § 59.035(6)
Yes Or. Rev. Stat. § 59.025(13)
List of unethical and unlawful practices. Or. Admin. R. 441-205-0010 to 441-205-0020
Investment adviser representatives are fiduciaries and have a duty to act for the benefit of their clients. The extent and nature of this duty varies according to the nature of the relationship between investment advisers or investment adviser representatives and their clients and the circumstances of each case. For a list of unethical and unlawful practices, see: Or. Admin. R. 441-205-0145
Oregon Securities Law; Regulations, Department of Consumer and Business Services, Division of Finance and Corporate Securities
No
No
Yes Or. Admin. R. 441-065-0030
No
No
Yes Or. Admin. R. 441-065-0020
39
Pennsylvania
Yes 70 Pa. Stat. § 1-203(h)
No Provisions Directly on Point See 70 Pa. Stat. § 1-203(a)
Yes 70 Pa. Stat. § 1-203(a)
No Provisions Directly on Point See 70 Pa. Stat. § 1-203(a)
Yes 70 Pa. Stat. § 1-203(d)
Yes 70 Pa. Stat. § 1-203(k)
Yes 70 Pa. Stat. § 1-203(c)
Yes See 70 Pa. Stat. § 1-203(j)
Yes 70 Pa. Stat. § 1-203(m)
Yes 70 Pa. Stat. § 1-203(t)
Yes 70 Pa. Stat. §1-202(c), 10 Pa. Code § 202.030
Yes 70 Pa. Stat. § 1-203(g)
Yes Release No. 00-CF-2
Yes 70 Pa. Stat. § 1-203(f)
Yes 70 Pa. Stat. § 1-202(f)
Yes 70 Pa. Stat. § 1-203(n)
Yes 70 Pa. Stat. § 1-203(q)
Yes 70 Pa. Stat. § 1-203(o)
Yes 70 Pa. Stat. § 1-202(g)
List of unethical and unlawful practices. 70 Pa. Stat. §1-403; 10 Pa. Code §305.019
Registered investment adviser representatives are fiduciaries and have a duty to act primarily for the benefit of its customers. Further, representatives must observe high standards of commercial honor and just and equitable principals of trade in the conduct of their business. For a list of unethical and unlawful practices, see: 10 Pa. Code § 305.019
Pennsylvania Securities Act of 1972
Yes 70 Pa. Stat. §1-205
No
No
No
No
Yes 70 Pa. Stat. §1-206
40
Rhode Island
Yes R.I. Gen. Laws § 7-11-402(14)
Yes R.I. Gen. Laws § 7-11-402(1)
Yes R.I. Gen. Laws § 7-11-402(2), (3)
Yes R.I. Gen. Laws § 7-11-402(4)
Yes R.I. Gen. Laws § 7-11-402(10)
Yes R.I. Gen. Laws § 7-11-402(7)
Yes R.I. Gen. Laws § 7-11-402(9)
Yes R.I. Gen. Laws § 7-11-402(6)
Yes R.I. Gen. Laws § 7-11-402(8)
Yes 230-RICR-50-05-3.14
Yes R.I. Gen. Laws §7-11-401(11)
Yes R.I. Gen. Laws § 7-11-402(5)
No
Yes R.I. Gen. Laws § 7-11-402(12)
Yes R.I. Gen. Laws § 7-11-401(7)
Yes R.I. Gen. Laws § 7-11-402(13)
No
Yes R.I. Gen. Laws § 7-11-402(16)
Yes R.I. Gen. Laws § 7-11-401(12)
List of unethical and unlawful practices. 230-RICR-50-05-2.10
For a list of unethical and unlawful practices, see: 230-RICR-50-05-2.10
Rhode Island Uniform Securities Act
Yes R.I. Gen. Laws §7-11-209
No
Yes R.I. Gen. Laws §7-11-302
No
No
Yes R.I. Gen. Laws §7-11-304
41
South Carolina
Yes S.C. Code § 35-1-202(16)
Yes S.C. Code § 35-1-202(1)
Yes S.C. Code § 35-1-202(2)
Yes S.C. Code § 35-1-202(6)
Yes S.C. Code § 35-1-202(14)
Yes S.C. Code § 35-1-202(12)
Yes S.C. Code § 35-1-202(13)
Yes S.C. Code § 35-1-202(11)
Yes S.C. Code § 35-1-202(7)
Yes S.C. Code Regs. 13-205
No
Yes S.C. Code § 35-1-202(10)
No
No
Yes S.C. Code § 35-1-201(6)
Yes S.C. Code § 35-1-202(15)
Yes S.C. Code § 35-1-202(22)(A)
Yes S.C. Code § 35-1-202(18)
Yes S.C. Code § 35-1-202(21)
List of unethical and unlawful practices. S.C. Code §35-1-501; S.C. Code Regs. 13-501
For a list of unethical and unlawful practices, see: S.C. Code Regs. 113-23
South Carolina Uniform Securities Act of 2005
Yes S.C. Code §35-1-303
No
No
No
No
Yes S.C. Code §35-1-304
42
South Dakota
Yes S.D. Codified Laws § 47-31B-202(16)
Yes S.D. Codified Laws § 47-31B-202(1)
Yes S.D. Codified Laws § 47-31B-202(2)
Yes S.D. Codified Laws § 47-31B-202(6)
Yes S.D. Codified Laws § 47-31B-202(14)
Yes S.D. Codified Laws § 47-31B-202(12)
Yes S.D. Codified Laws § 47-31B-202(13)
Yes S.D. Codified Laws § 47-31B-202(11)
Yes S.D. Codified Laws § 47-31B-202(7)
Yes S.D. Admin. R. 20:08:07:29
No
Yes S.D. Codified Laws § 47-31B-202(10)
Yes S.D. Admin. R. 20:08:07:27
No
Yes S.D. Codified Laws § 47-31B-201(6)
Yes S.D. Codified Laws § 47-31B-202(15)
Yes S.D. Codified Laws § 47-31B-202(22)(A)
Yes S.D. Codified Laws § 47-31B-202(18)
Yes S.D. Codified Laws § 47-31B-202(21)
List of unethical and unlawful practices. S.D. Admin. R. 20:08:03:06; S.D. Admin. R. 20:08:03:07
Investment adviser representatives are fiduciaries and have a duty to act for the benefit of their clients. The extent and nature of this duty varies according to the nature of the relationship between investment advisers or investment adviser representatives and their clients and the circumstances of each case. For a list of unethical and unlawful practices, see: S.D. Admin. R. 20:08:05:28
Uniform Securities Act of 2002
Yes S.D. Codified Laws §47-31B-201
No
No
No
No
Yes S.D. Codified Laws §47-31B-304
43
Tennessee
No
Yes Tenn. Code § 48-1-103(b)(8)
Yes Tenn. Code § 48-1-103(b)(7)
Yes Tenn. Code § 48-1-103(b)(20)
Yes Tenn. Code § 48-1-103(b)(4)
Yes Tenn. Code § 48-1-103(b)(1)
Yes Tenn. Code § 48-1-103(b)(3)
No
Yes Tenn. Code § 48-1-103(b)(2)
Yes Tenn. Code § 48-1-103(b)(14)
No
No
No
No
Yes Tenn. Code § 48-1-103(a)(9)
Yes Tenn. Code § 48-1-103(a)(10)
Yes Tenn. Code § 48-1-102(16)(F)
Yes Tenn. Code § 48-1-102(16)(F)
Yes Tenn. Code § 48-1-103(b)(9)
List of unethical and unlawful practices. Tenn. Comp. R. & Regs. 0780-04-03-.02
For a list of unethical and unlawful practices, see: Tenn. Comp. R. & Regs. 0780-04-03-.02
Tennessee Securities Act of 1980
Yes Tenn. Code §48-1-105
No
No
No
No
Yes Tenn. Code §48-1-106
44
Texas
No Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
No Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
No Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. § 581-5(P) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. § 581-5(I) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. § 581-5(A) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. § 581-5(H) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. § 581-5(J) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. § 581-5(B) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes 7 Tex. Admin. Code § 109.4, 7 Tex. Admin. Code § 139.16 Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. §581-6(H) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
No Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
No Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
No Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. § 581-6(F) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. § 581-5(E) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. § 581-5(D) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. § 581-5(G) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. § 581-5(I)(b) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Fraud generally prohibited but no list of specific practices. Tex. Admin. Code tit. 7, §115.1 Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Fraud generally prohibited but no list of specific practices. Tex. Admin. Code tit. 7, §116.1 Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
The Securities Act Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. §581-7 Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
No Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
No Note: Effective Jan. 1
2022
the Texas Securities Act will control.
No Note: Effective Jan. 1
2022
the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. §581-7(B)(1) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
Yes Tex. Rev. Civ. Stat. §581-7(A) Note: Effective Jan. 1, 2022, the Texas Securities Act will control.
45
Utah
Yes Utah Code § 61-1-14(2)(k)
Yes Utah Code § 61-1-14(2)(a)
Yes Utah Code § 61-1-14(2)(b)
Yes Utah Code § 61-1-14(2)(c)
Yes Utah Code § 61-1-14(2)(q)
Yes Utah Code § 61-1-14(2)(f)
Yes Utah Code § 61-1-14(2)(h)
Yes Utah Code § 61-1-14(2)(e)
Yes Utah Code § 61-1-14(2)(g)
Yes Utah Admin. Code R164-14-25v
No
Yes Utah Code § 61-1-14(2)(d)
Yes Utah Admin. Code R164-14-21v
Yes Utah Code § 61-1-14(2)(i)
Yes Utah Code § 61-1-14(1)(e)
Yes Utah Code § 61-1-14(2)(j)
Yes Utah Code § 61-1-14(2)(l)
Yes Utah Code § 61-1-14(2)(p)
Yes Utah Code § 61-1-14(g)
List of unethical and unlawful practices. Utah Admin. Code r. 164-1-3
For a list of unethical and unlawful practices, see: Utah Admin. Code r. 164-6-1g
Utah Uniform Securities Act
Yes Utah Code §61-1-9
No
No
No
No
Yes Utah Code §61-1-10
46
Vermont
Yes 9 Vt. Stat. § 5202(16)
Yes 9 Vt. Stat. § 5202(1)
Yes 9 Vt. Stat. § 5202(2)
Yes 9 Vt. Stat. § 5202(6)
Yes 9 Vt. Stat. § 5202(14)
Yes 9 Vt. Stat. § 5202(12)
Yes 9 Vt. Stat. § 5202(13)
Yes 9 Vt. Stat. § 5202(11)
Yes 9 Vt. Stat. § 5202(7)
Yes Order 00-037-S, Securities Division, Department of Banking, Insurance and Securities
No
Yes 9 Vt. Stat. § 5202(10)
Yes Order No. 93-9-SE
No
Yes 9 Vt. Stat. § 5201(6)
Yes 9 Vt. Stat. § 5202(15)
Yes 9 Vt. Stat. § 5202(22)
Yes 9 Vt. Stat. § 5202(18)
Yes 9 Vt. Stat. § 5202(21)
List of unethical and unlawful practices. Vt. Code R. 21 030 003-3.
For a list of unethical and unlawful practices, see: Vt. Code R. 21 030 001-7-3
Vermont Uniform Securities Act (2002)
Yes 9 Vt. Stat. §5303
No
No
No
No
Yes 9 Vt. Stat. §5304
47
Virginia
Yes Va. Code § 13.1-514(B)(9)
Yes Va. Code § 13.1-514(B)(1)
Yes Va. Code § 13.1-514(B)(2)
Yes Va. Code § 13.1-514(B)(3)
Yes Va. Code § 13.1-514(B)(7)
Yes Va. Code § 13.1-514(B)(5)
Yes Va. Code § 13.1-514(B)(6)
Yes Va. Code § 13.1-514(B)(4)
Yes (isolated transactions by pledgee) Va. Code § 13.1-514(B)(1)
Yes Va. Code §13.1-514(B)(19); 21 Va. Admin. Code 5-40-140
Yes Va. Code §13.1-514(A)(9)
Yes Va. Code § 13.1-501(B) (negotiations between issuer and underwriter)
Yes 21 Va. Admin. Code 5-40-70
No
Yes Va. Code § 13.1-514(A)(12)
Yes Va. Code § 13.1-514(B)(8)
Yes Va. Code § 13.1-514(B)(14)
Yes Va. Code § 13.1-514(B)(15)
Yes Va. Code § 13.1-514(A)(10)
List of unethical and unlawful practices. 21 Va. Admin. Code 5-20-280
Investment adviser representatives are fiduciaries and have a duty to act for the benefit of their clients. The extent and nature of this duty varies according to the nature of the relationship between investment advisers or investment adviser representatives and their clients and the circumstances of each case. For a list of unethical and unlawful practices, see: 21 Va. Admin. Code 5-80-200
Securities Act
Yes Code of Virginia §13.1-509
No
No
No
Yes Va. Code §13.1-508
Yes Va. Code §13.1-510
48
Washington
Yes Wash. Rev. Code § 21.20.320 (12)
Yes Wash. Rev. Code § 21.20.320 (1); Wash. Admin. Code § 460-44A-050
Yes Wash. Rev. Code § 21.20.320 (1); Wash. Admin. Code § 460-44A-050
Yes Wash. Rev. Code § 21.20.320 (3)
Yes Wash. Rev. Code § 21.20.320 (1); Wash. Admin. Code § 460-44A-050
Yes Wash. Rev. Code § 21.20.320 (6)
Yes Wash. Rev. Code § 21.20.320 (8)
Yes Wash. Rev. Code § 21.20.320 (5)
Yes Wash. Rev. Code § 21.20.320 (7)
Yes Wash. Admin. Code § 460-44A-300
Yes Wash. Rev. Code §21.20.310(9)
Yes Wash. Rev. Code § 21.20.320 (4)
No
Yes Wash. Rev. Code § 21.20.320 (10)
Yes Wash. Admin. Code § 460-42A-081
Yes Wash. Rev. Code § 21.20.320(11)
Yes Wash. Rev. Code § 21.20.320(13)
Yes Wash. Rev. Code § 21.20.320(14)
Yes Wash. Rev. Code § 21.20.310(10)
List of unethical and unlawful practices. Wash. Admin. Code 460-22B-090
Investment adviser representatives are fiduciaries and have a duty to act for the benefit of their clients. The extent and nature of this duty varies according to the nature of the relationship between investment advisers or investment adviser representatives and their clients and the circumstances of each case. For a list of unethical and unlawful practices, see: Wash. Rev. Code § 21.20.020; Wash. Admin. Code § 460-24A-220
Securities Act of Washington
Yes Wash. Rev. Code §21.20.180
No
No
No
No
Yes Wash. Rev. Code §21.20.210 to Wash. Rev. Code §21.20.230
49
West Virginia
Yes W. Va. Code § 32-4-402(b)(12)
Yes W. Va. Code § 32-4-402(b)(1)
Yes W. Va. Code § 32-4-402(b)(2)
Yes W. Va. Code § 32-4-402(b)(3)
Yes W. Va. Code § 32-4-402(b)(9)
Yes W. Va. Code § 32-4-402(b)(6)
Yes W. Va. Code § 32-4-402(b)(8)
Yes W. Va. Code § 32-4-402(b)(5)
Yes W. Va. Code § 32-4-402(b)(7)
No
Yes W. Va. Code §32-4-402(a)(10)
Yes W. Va. Code § 32-4-402(b)(4)
No
Yes W. Va. Code § 32-4-402(b)(10)
Yes W. Va. Code § 32-4-402(a)(8)
Yes W. Va. Code § 32-4-402(b)(11)
Yes W. Va. Code § 32-4-401(l)(6)(B)
Yes W. Va. Code § 32-4-401(l)(6)(C), (D)
Yes W. Va. Code § 32-4-402(a)(11)
List of unethical and unlawful practices. W. Va. Code §32-2-204
For a list of unethical and unlawful practices, see: W. Va. Code R. § 111-1-13
Uniform Securities Act
Yes W. Va. Code §32-3-303
No
No
No
Yes W. Va. Code §32-3-302
Yes W. Va. Code §32-3-304
50
Wisconsin
Yes Wis. Stat. § 551.202(16)
Yes Wis. Stat. § 551.202(1)
Yes Wis. Stat. § 551.202(2)
Yes Wis. Stat. § 551.202(6)
Yes Wis. Stat. § 551.202(14)
Yes Wis. Stat. § 551.202(12)
Yes Wis. Stat. § 551.202(13)
Yes Wis. Stat. § 551.202(11)
Yes Wis. Stat. § 551.202(7)
Yes Wis. Stat. § 551.202(13)(am)
No
Yes Wis. Stat. § 551.202(10)
Yes Wis. Admin. Code DFI-Sec 2.027
Yes Wis. Stat. § 551.202(25)
Yes Wis. Stat. § 551.201(6)
Yes Wis. Stat. § 551.202(15)
Yes Wis. Stat. § 551.202(22)(a)
Yes Wis. Stat. § 551.202(18)
Yes Wis. Stat. § 551.202(21)
List of unethical and unlawful practices. Wis. Admin. Code DFI-Sec 4.06
For a list of unethical and unlawful practices, see: Wis. Admin. Code DFI-Sec 5.06
Wisconsin Uniform Securities Law
Yes Wis. Stat. §551.303
No
No
No
No
Yes Wis. Stat. §551.304
51
Wyoming
Yes Wyo. Stat. Ann. § 17-4-202(a)(xvi)
Yes Wyo. Stat. Ann. § 17-4-202(a)(i)
Yes Wyo. Stat. Ann. § 17-4-202(a)(ii)
Yes Wyo. Stat. Ann. § 17-4-202(a)(vi)
Yes Wyo. Stat. Ann. § 17-4-202(a)(xiv)
Yes Wyo. Stat. Ann. § 17-4-202(a)(xii)
Yes Wyo. Stat. Ann. § 17-4-202(a)(xiii)
Yes Wyo. Stat. Ann. § 17-4-202(a)(xi)
Yes Wyo. Stat. Ann. § 17-4-202(a)(vii)
Yes 002-0017-9 Wyo. Code R. § 3
No
Yes Wyo. Stat. Ann. § 17-4-202 (a)(x)
Yes Wyoming Secretary of State (Exemptions)
Yes Wyo. Stat. Ann. § 17-4-202 (a)(vi)
Yes Wyo. Stat. Ann. § 17-4-201(a)(vi)
Yes Wyo. Stat. Ann. § 17-4-202(a)(xv); 002-0017-6 Wyo. Code. R. § 1(c)
Yes Wyo. Stat. Ann. § 17-4-202(a)(xxii)
Yes Wyo. Stat. Ann. § 17-4-202(a)(xviii)
Yes Wyo. Stat. Ann. § 17-4-202(a)(xxi)
Every agent must observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business. Acts and practices including, but not limited to, items set forth by NASAA on “Dishonest or Unethical Business Practices of Broker-Dealers and Agents” may be considered contrary to such standards and grounds for denial, suspension or revocation of registration, or such other action authorized by statute. Additional list of unethical and unlawful practices. 002-0017-5 Wyo. Code R. § 5; 002-0017-5 Wyo. Code R. § 6
The Secretary of State incorporates by reference NASAA's Prohibited Conduct of Investment Advisers, Investment Adviser Representatives and Federal Covered Investment Advisers Model Rule USA 2002 502(b) adopted September 17, 2008, located at www.nasaa.org. 002-0017-10 Wyo. Code R. § 13
Wyoming Uniform Securities Act
Yes Wyo. Stat. Ann. §17-4-303; 002-0017-7 Wyo. Code R. § 1
No
No
No
No
Yes Wyo. Stat. §17-4-304; 002-0017-7 Wyo. Code R. § 2
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Typical Generalized Steps in Securities Issuance
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