The Uniform Securities Act (USA) is a model statute designed to guide each state in drafting its state securities law. It was created by the

National Conference of Commissioners on Uniform State Laws The Uniform Law Commission (ULC), also called the National Conference of Commissioners on Uniform State Laws, is a non-profit, American unincorporated association. Established in 1892, the ULC aims to provide U.S. states (plus the District of C ...

(NCCUSL). The purpose of the Uniform Securities Act is to provide model legislation that can be adopted by a state to deal with securities fraud at the state level, supplementing enforcement and regulation efforts of the U.S.

Securities and Exchange Commission The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

(SEC). Not all investments are covered federally and not all investment dealers are registered at the federal level, so the SEC does not have authority over all securities and securities transactions. As a result, there is a need for state-level security regulations to protect investors with respect to these securities. The Uniform Securities Act provides model legislation that can be enacted by a state to provide this protection. The state security laws are often known as

blue sky law A blue sky law is a state law in the United States that regulates the offering and sale of securities to protect the public from fraud. Though the specific provisions of these laws vary among states, they all require the registration of all se ...

s. The Act was first promulgated in 1930, when it was entitled the ''Uniform Sales of Securities Act of 1930.''Richard B. Smith
A New Uniform Securities Act
reprinted from Wall Street Lawyer, February, 2003. The 1930 Act met with limited success, enacted by only five jurisdictions. In 1943, the NCCUSL dropped the Act from its list of Uniform Acts. The Act was substantially revised in 1956, as the ''Uniform Securities Act of 1956''. This revision was much more successful, and was adopted by 37 jurisdictions. The act was revised again in 1985 as the ''Uniform Securities Act of 1985'', and amended in 1988, but few states adopted these changes, and instead continued to operate under the 1956 Act. The most recent version of the Act is the Uniform Securities Act of 2002'' which was last revised in 2005. http://www.uniformlaws.org/shared/docs/securities/securities_final_05.pdf . , the 2002 Act has been enacted in

Georgia Georgia most commonly refers to: * Georgia (country), a country in the Caucasus region of Eurasia * Georgia (U.S. state), a state in the Southeast United States Georgia may also refer to: Places Historical states and entities * Related to the ...

Hawaii Hawaii ( ; haw, Hawaii or ) is a state in the Western United States, located in the Pacific Ocean about from the U.S. mainland. It is the only U.S. state outside North America, the only state that is an archipelago, and the only stat ...

Idaho Idaho ( ) is a U.S. state, state in the Pacific Northwest region of the Western United States. To the north, it shares a small portion of the Canada–United States border with the province of British Columbia. It borders the states of Monta ...

Indiana Indiana () is a U.S. state in the Midwestern United States. It is the 38th-largest by area and the 17th-most populous of the 50 States. Its capital and largest city is Indianapolis. Indiana was admitted to the United States as the 19th ...

Iowa Iowa () is a U.S. state, state in the Midwestern United States, Midwestern region of the United States, bordered by the Mississippi River to the east and the Missouri River and Big Sioux River to the west. It is bordered by six states: Wiscon ...

Kansas Kansas () is a U.S. state, state in the Midwestern United States, Midwestern United States. Its Capital city, capital is Topeka, Kansas, Topeka, and its largest city is Wichita, Kansas, Wichita. Kansas is a landlocked state bordered by Nebras ...

Maine Maine () is a state in the New England and Northeastern regions of the United States. It borders New Hampshire to the west, the Gulf of Maine to the southeast, and the Canadian provinces of New Brunswick and Quebec to the northeast and nor ...

Minnesota Minnesota () is a state in the upper midwestern region of the United States. It is the 12th largest U.S. state in area and the 22nd most populous, with over 5.75 million residents. Minnesota is home to western prairies, now given over t ...

Missouri Missouri is a state in the Midwestern region of the United States. Ranking 21st in land area, it is bordered by eight states (tied for the most with Tennessee): Iowa to the north, Illinois, Kentucky and Tennessee to the east, Arkansas t ...

Oklahoma Oklahoma (; Choctaw: ; chr, ᎣᎧᎳᎰᎹ, ''Okalahoma'' ) is a state in the South Central region of the United States, bordered by Texas on the south and west, Kansas on the north, Missouri on the northeast, Arkansas on the east, New ...

South Carolina )''Animis opibusque parati'' ( for, , Latin, Prepared in mind and resources, links=no) , anthem = " Carolina";" South Carolina On My Mind" , Former = Province of South Carolina , seat = Columbia , LargestCity = Charleston , LargestMetro = ...

South Dakota South Dakota (; Sioux: , ) is a U.S. state in the North Central region of the United States. It is also part of the Great Plains. South Dakota is named after the Lakota and Dakota Sioux Native American tribes, who comprise a large po ...

Vermont Vermont () is a U.S. state, state in the northeast New England region of the United States. Vermont is bordered by the states of Massachusetts to the south, New Hampshire to the east, and New York (state), New York to the west, and the Provin ...

Wisconsin Wisconsin () is a state in the upper Midwestern United States. Wisconsin is the 25th-largest state by total area and the 20th-most populous. It is bordered by Minnesota to the west, Iowa to the southwest, Illinois to the south, Lake M ...

and the

US Virgin Islands The United States Virgin Islands,. Also called the ''American Virgin Islands'' and the ''U.S. Virgin Islands''. officially the Virgin Islands of the United States, are a group of Caribbean islands and an unincorporated and organized territory ...

.Uniform Securities Act website
''Enactments''
/ref> The 2002 Act has been endorsed by the following organizations:Uniform Securities Act website

/ref> *

American Bar Association The American Bar Association (ABA) is a voluntary bar association of lawyers and law students, which is not specific to any jurisdiction in the United States. Founded in 1878, the ABA's most important stated activities are the setting of aca ...

(ABA) * ABA Business Law and Litigation Sections * Certified Financial Planner Board of Standards * Investment Counsel Association of America (ICAA) (now the Investment Adviser Association (IAA)) *

National Association of Securities Dealers The Financial Industry Regulatory Authority (FINRA) is a private American corporation that acts as a self-regulatory organization (SRO) that regulates member brokerage firms and exchange markets. FINRA is the successor to the National Associat ...

(NASD) *

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its liste ...

(NYSE) *

North American Securities Administrators Association The North American Securities Administrators Association (NASAA), founded in Kansas in 1919, is the oldest international investor protection organization. NASAA is an association of state securities administrators who are charged with the responsi ...

(NASAA) *

Securities Industry Association The Securities Industry Association (SIA) was an association of firms and people who handle securities (in the financial sense) (stocks, bonds and their derivatives). In 2006, it merged with the Bond Market Association to form the Securities ...

(SIA)

References

External links

Final text
of the 2002 Act
Final text
of the 1956 Act *{{cite journal , last=Seligman , first=Joel , title=The New Uniform Securities Act , journal=Washington University Law Quarterly , year=2003 , volume=81 , pages=243–299 , url=http://lawreview.wustl.edu/inprint/81-2/Seligman.pdf , access-date=November 18, 2011 United States securities law Securities Act

See also

References

External links