- eliminates duplication with state and federal laws for the registration of securities and investment advisers
state
- any 50 states
- any territory/possession of the United States which includes American Samoa and Guam
- includes District of Columbia
- includes Puerto Rico
definition
- important
- creates jurisdiction
NOT an agent
- when buying and selling EXEMPT securities
- EXEMPT transactions
Registration exemption
- federal covered adviser-a investment adviser CAN be EXEMPT from state registration
Questions (first attempt 3/4):
- 1. A final order may be entered only after opportunity for a hearing has been granted. TRUE.
- *2. If an administrator determines that a registration statement for a security is incomplete, he may issue a cease and desist order. FALSE, cease and desist is for people, stop orders are for securities.
- 3. Under the Uniform Securities Act, the city of Atlanta would be included in the definition of the term person.TRUE
- 4. The GEMCO Employees Retirement Plan currently has assets of $750,000. Under the USA, the plan would be considered an investment adviser. FALSE
Persons subject to state registration:
- Broker/dealers-legal persons such as corporations or partnerships
- agents-always individuals (natural persons)
- investment advisers-generally legal persons such as corporations or partnerships
- investment adviser representatives-always persons
broker dealer
- any person engaged in the business of effecting transactions in securities for the accounts of others or for its own account
- person with office in state who buys and sells securities for the accounts of others
- firms where registered representatives work w. sales and trading
- agency: buy and sell client's securities
- proprietary: buy and sell for own accounts
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