Uniform Securities Act (USA)
The model state securities law most states' 'blue sky' statutes are based on.
What is Uniform Securities Act (USA)?
A model act drafted in 1956 (revised in 2002) that states adopt, with variations, to regulate securities, broker-dealers, agents, investment advisers, and investment adviser representatives within their borders. Its two pillars are registration and antifraud. NASAA's exams test the 1956 Act as amended.
Uniform Securities Act (USA): a worked example
A state's securities division enforces its version of the USA against an unregistered adviser.
More terms in Uniform Securities Act & Registration
State Securities Administrator
The official or agency that enforces a state's securities act.
Person (USA Definition)
Anyone who can be held legally responsible - individuals and organizations.
Investment Adviser (USA Definition)
Advises on securities, as a business, for compensation.
Excluded from the Investment Adviser Definition
Banks, incidental professionals, broker-dealers, and publishers are not advisers at all.
Exemptions from State Adviser Registration
An adviser with no office in the state and only institutional or very few clients there.
De Minimis Exemption
No place of business in the state and fewer than 6 clients there in 12 months.
Federal Covered Adviser
An adviser registered with the SEC rather than the states.
Exempt Reporting Adviser
A private fund adviser exempt from SEC registration but still filing reports.
All Uniform Securities Act & Registration terms · Full glossary