Uniform Securities Act

Model legislation for regulating securities at the state level. The National Conference of Commissioners on Uniform State Laws originally drafted the Uniform Securities Act in 1930; it has periodically updated the Act and recommends that state legislature enact it. The Act deals with security issues not subject to SEC regulation. As of 2009, 12 states and the U.S. Virgin Islands have enacted a form of the most recent update of the Act, which was composed in 2002.

Uniform Securities Act

A 1956 act designed to bring uniformity to state regulation of securities. The Act deals with fraud and the registration of securities and dealers. States are free to adopt all, parts, or none of the Act.

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References in periodicals archive

(65.) For example, section 101 of the Uniform Securities Act makes it unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly

(67.) Section 410 of the Uniform Securities Act expressly provides a private right of action against one that offers or sells securities through "any untrue statement of a material fact." Id.

The role of blue sky laws after NSMIA and the JOBS act

Section 101 of the Uniform Securities Act is modeled after Rule 10b-5 and Section 10(b) of the Securities Exchange Act of 1934.

While Section 410(h) of the Uniform Securities Act expressly prohibits a court from implying that right of action, many states have not adopted this portion of Section 410(h).

Accountant liability from a state law perspective

It was believed that adoption of a more modern and uniform securities act would promote legitimate capital formation and improve the state's reputation among investment managers and entrepreneurs as a place to do business.

NH's Uniform Securities Act

The National Conference of Commissioners on Uniform Laws (NCCUL) promulgated the Uniform Securities Act of 1956, which has been adopted at one time or another, in whole or in part, by 37 jurisdictions.

Remedies for wronged investors: recent federal laws and court decisions have diminished the rights of investors to recover for fraud and other wrongful conduct in securities transactions. But it can be done

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