Uniform Securities Law

This act governs the offer and sale of securities within the state and the conduct of the firms and individuals who deal in them. It requires securities to be registered before sale — with paths for coordination with federal filings or registration by qualification — while carving out categories of exempt securities and exempt transactions, and it separately requires broker-dealers, agents, investment advisers, and investment adviser representatives to register and to meet ongoing postregistration obligations. It also prohibits fraud and misleading filings in connection with securities transactions and investment advice, and backs those prohibitions with administrative authority to deny, suspend, or revoke registrations and exemptions, along with civil liability and criminal penalties.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.