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US Securities Laws are a dual system.
How do you comply?
Typical Generalized Steps in Securities Issuance
Federal Securities Exceptions
:
Federal Exception
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 , 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
None
Any
Yes
Only accredited investors and up to 35 other persons
No
No – “covered security” under Securities Act Section 18
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
$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
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
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
Blue Sky Laws
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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