Outline of Uniform Securities Act (with NASAA Amendments)

I.    Fraudulent and other prohibited practices

A.    Sales and purchases-Section 101

Liability for violations
Use of non-public information
Disclosure of material information

B.    Advisory activities

Investment advisory contracts-Section 102(c)
Custody of clients’ funds and securities-Section 102(e)
Dishonest or unethical conduct-Section 102(a)
Compensation-Section 102(d)
Solicitation of clients – Section 102(b)

1.    Fraudulent Advice-Section 102(a)

II.    Registration of investment advisers, investment adviser representatives,
broker dealers and agents

A.    Registration requirements

1.    Broker dealers and agents-Section 201(a)
2.    Investment advisers and investment adviser representatives-Sections 201 (c) and 201 (d)

Exemptions due to nature of clients
Investment companies
Other investment advisers
Federal covered advisers
Broker dealers
Trust companies
Savings and loan associations
Insurance companies
Certain employee benefit plans
Government agencies or instrumentalities
De minimis exemption-Sections 201(c), 201(d), 401(f), and 401(g)

3.    Expiration of registration-Section 201(e)

4.    Limited registration of Canadian broker-dealers and     agents-Section 201-A

B.    Registration and notice filing procedure

Application and effective date-Section 202(a)
Federal covered advisers notice filing-Section 202(b)
Registration fee-Section 202(c)
Successor firm-Section 202(d)
Minimum capital rules-Section 202(e)
Surety bonds and minimum financial requirements-Section 202(f)

C.    Post-registration provisions

Books and accounts-Section 203(a)
Information to be furnished-Section 203(b)
Financial Reports-Section 203(c)
Corrections and amendments-Section 203(d)
Inspection power-Section 203(e)

D.    Denial, revocation, suspension, cancellation and withdrawal of registration

1.    Grounds-Section 204(a)
2.    Qualifications-Section 204(b)
3.    Suspensions-Section 204(c)
4.    Cancellations-Section 204(d)
5.    Withdrawals-Section 204(e)
6.    Procedures-Section 204(f)

III.    Registration and notice filing procedures for securities

A.    Registration requirement-Section 301

B.    Registration by filing

Applicability-Section 302(a)
Content of registration statement-Section 302(b)
Effective date-Section 302(c)

C.    Registration by coordination Applicability-Section 303(a)

Content of registration statement-Section 303(b)
Effective date-Section 303(c)

D.    Registration by qualification

Applicability-Section 304(a)
Content of registration statement-Section 304(b)
Effective date-Section 304(c)

E.    General registration provisions

Persons who may file-Section 305(a)
Fees-Section 305(b)
Annexes-Section 305(c)
Incorporation by reference-Section 305(d)
Administrator’s power to reduce content Section 305(e)
Content of registration statement for non-issuer distributions-Section 305(f)
Escrow and impounding-Section 305(g)
Contract form-Section 305(h)
Effective period, withdrawal and non-issuer distributions-Section 305(i)
Reports-Section 305(j)
Certain investment company securities – Section 305(k)
Use of prospectus – Section 305(l)

F.    Denial, suspension and revocation of registration

Grounds-Section 306(a)
Suspensions-Section 306(b)
Procedures-Section 306(c)
Stop orders-Section 306(d)

G.    Federal covered securities

Filings of Securities Act of 1933 documents-Section 307(a)
Filings of SEC Form D documents-Section 307(b)
Stop orders-Section 307(d)

IV.    General provisions

A.    Definitions

1.    Fraud-Section 401(d)
2.    Investment adviser-Section 401(f)

Exclusions from definition

Investment adviser representative
Incidental to profession
Federal covered advisers

3.    Investment adviser representatives-Section 401(g)
4.    Sale and offer-Section 401(k)
5.    Security-Section 401(m)

Exclusions from definition

6.    Broker-dealer-Section 401(c)

Exclusions from definition

Financial institutions
Out of state place of business

7.    Agent-Section 401(b)
8.    Other Definitions-Section 401
9.    Federal covered adviser-Section 401 (c1)
10.   Federal covered security-Section 401(c2)

B.    Exemptions from registration

1.    Exempted securities-Section 402(a)

American governments
Foreign governments
Building and loan associations
Insurance companies
Credit unions
Railroads, other common carriers and public utilities
Securities listed on certain exchanges
Non-profit persons
Commercial paper
Employees’ benefit plans
Provisions to which exemption applies

2.    Exempted transactions-Section 402(b)

Isolated non-issuer transactions
Certain non-issuer distributions
Unsolicited non-issuer transactions by broker dealers
Underwriting transactions
Whole mortgages
Sales by certain parties acting in an official capacity
Sales by pledgees
Sales to institutional buyers and broker-dealers
Offerings to a limited number of persons
Preorganizational subscriptions by
a limited number of persons
Offers to existing security holders
Offers during Securities and
Exchange Commission waiting period
Provisions to which exemption applies

3.    Denial and revocation of exemptions-Section 402(c)
4.    Burden of Proof-Section 402(d)

C.    Filing of sales and advertising literature-Section 403

D.    Misleading filings-Section 404

E.    Unlawful representations concerning registration, exemption or notice filing-Section 405

No official approval
Unlawful representations

F.    Administration of Act-Section 406

Designation of administrator
Restrictions on officials’ conduct

G.    Investigations and subpoenas-Section 407

Subpoena enforcement
Compulsory testimony

H.    Prohibitory orders and injunctions-Section 408

I.    Criminal penalties-Section 409

Penalties prescribed
Prosecuting authority
Saving of other crimes

J.    Civil liabilities-Section 410

Violation of registration or fraud provisions
Additional special investment adviser and investment
adviser representative liabilities
Persons liable
Statute of limitations
Offers to rescind
Unenforceability of illegal contracts
Waivers void
Saving of existing remedies

K.    Judicial review of orders-Section 411


L.    Rules, forms, orders and hearings-Section 412

Standards for adoption
Form and content of financial statements
Publication of rules and forms
Good faith reliance
Hearings to be public

M.    Administrative files and opinions-Section 413

When filing occurs
Data may be made public
Copies and certifications

N.    Scope of the Act and service of process-Section 414

Offers in this state
Acceptance in this state
Publications, radio and television
Investment advice
Consent to service of process
Substituted service of process

O.    Statutory policy-Section 415

P.    Short title-Section 416

Q.    Severability of provisions-Section 417

R.    Repeal and saving provision-Section 418

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