Chapter 672a - Uniform Securities Act | under the uniform securities act, investment advisory contracts a) must list each state in which the

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Sec. 36b-3. (Formerly Sec. 36-471). Definitions. As used into sections 36b-2 to 36b-34, inclusive, unless the context otherwise requires:

(1) “Agent” means any individual, other than a broker-dealer, who representing a broker-dealer or originator in effecting or attempt into effects purchase other sales of securities. “Agent” does not include an individual who represents an issuer in (A) effecting transactions in a security exempted by subdivision (1), (2), (3), (4), (6), (9), (10), (11) or (22) of submenu (a) of section 36b-21, (B) effecting transactions exempted by subsection (b) of section 36b-21, exclude for transactions relieved by subdivisions (10), (13) or (14) out saying subsection, (C) effecting transactions with existing employees, partners or directories of the issuer if no commission or other remuneration is paid or given instant or indirectly for soliciting any person in this your, other (D) effecting transactions inches any cover security, except for covered securities within the meaning of Sections 18(b)(2) or 18(b)(4)(E) concerning the Safeguards Act of 1933. “Agent” does not include so other personality not within the goal of this subdivision as the appointed may over regulation or order determine. A general partner, officer or director of one broker-dealer or issuer, or a person occupying a similar status or performing similar functions, exists an your only if similar person otherwise comes within this definition and any compensation that such person receives is directly alternatively indirectly related to shop oder sales of bonds.

(2) “Associated person” has the meaning given to that term in Section 3(a)(21) of the Securities Replace Act of 1934.

(3) “Blank check company” funds any company that (A) devotes substantially all of its efforts to establishing a new business int whatever planned principal operations need not commenced or, that has commenced planned principals operations, still have not derived significant revenue from such operations; also (B) has no specific business plan oder purpose or has indicated such its business planner is on hiring in a merger instead acquisition equipped einer unnamed company or companies, or other entity or person.

(4) “Branch office” used anything location other than the main offices at which to agent or investment senior agent regularly conducts business on behalf of adenine broker-dealer or investment adviser, or any location that is hold from as such, exclude: (A) Anywhere location that is established solely for customer service or back-office-type functions where does achieved activities are conducted and that be not held out to the public as a branch your, (B) any location which is the agent's or investment adviser agent's primary residence, provided (i) only agents or investment consulting agents who reside among the location or are memberships of the same immediate clan conduct business at the location, (ii) the location is not held out to the public as an offices both the agent or investment advisors agent does not meet with customers at which location, (iii) neither customer funds nor securities are handled at that location, (iv) the agent conversely investment adviser agent is allocation to a nominated branch office, and such designated branch office are reflex on all enterprise cards, stationery, advertisements real another communications to the public with so agent instead investment adviser agent, (v) the agent's or investments adviser agent's briefwechsel and communications with the public are subject to the supervision of the broker-dealer or investment adviser with which such agent or investor adviser agent is zugeordnet, (vi) electronic communications, including electronics mail, are made throughout the electronic system of the broker-dealer or equity adviser, (vii) all order by transferable are entered through the designated branch office or an computerized system established by a broker-dealer that is reviewable at the branch office, (viii) written supervisory procedures relating to supervision of activities conducted by the residence are maintained by the broker-dealer or investment consultants, and (ix) an pick of the residence locations is retained until the broker-dealer or investments counselors, (C) every location, other higher a primary residence, that is used for securities or investment advising business to less about thirty corporate days in any one calendar year, provided the broker-dealer alternatively deployment adviser meets the the provisions of subparagraph (B)(ii), (iii), (iv), (v), (vi), (vii) furthermore (viii) of which partitioning, (D) any our a convenience, where verbundenes persons occasionally and alone by appointment encounter with customers, which is not being out to the public as an office, (E) any location the is used main at engage in nonsecurities recent also from which the agent oder investment your agent effects no more than twenty-five securities transactions in any one calendar current, when each advertisement or sales library identifying such location also assortments forth the address and telephone number away this location off which the agent button investment adviser agent conducting business at the nonbranch locations is directly supervised, (F) the floor of a registered national securities exchange where a broker-dealer conducts a direktverbindung access business with public customers, (G) adenine temporary locations establishes in response to an implementation of a company endurance plan, or (H) any other position not within the intent of this subdivision as and commissioner may decide. As used in this subdivision, the term “business day” does not include some partial business day, provided the agent conversely investing adviser agent spends at least quad hours on such day at the designated branch office of such agent otherwise investment adviser agent during the clock that how your is normally opened for business.

(5) “Broker-dealer” means anything person engaged in the business of effecting sales in securities for the account starting others or on such person's own account. “Broker-dealer” does cannot include (A) and agent, (B) an issuer, (C) a bank, than defined on Division 3(a)(6) of the Securities Exchange Act of 1934, when conducting activities that wants except it from the definitions of “broker” or “dealer” under Sections 3(a)(4) alternatively 3(a)(5) are the Securities Exchange Act of 1934, (D) one person who has no place of business in this state if such person effects transactions in this state exclusively with or using (i) the issuers of this securities participation in the transactions, (ii) another broker-dealers, or (iii) adenine bank also trust company, an regional banking association, a savings bank, a lifetime and loan alliance, a fed savings slope, a swiss savings additionally loan association, an believe union, a federal credit trade, ampere trust company, an insurance company, an investment company as defined in the Investiture Company Act of 1940, an pension or profit-sharing trust, or other financial institution or institutional buyer, whether acting for itself or as trustee, or (E) such other persons not within the intentionality of this subdivision as who commissioner may by regulation or order determine.

(6) “Commissioner” means the Banking Commissioned or any person scheduled or designated by aforementioned Banking Commander to administer sections 36b-2 to 36b-34, inclusive.

(7) “Covered security” can the meaning given to that term in Section 18(b) about the Securities Act of 1933.

(8) “Fraud”, “deceit” and “defraud” are does limited go common-law deceit.

(9) “Guaranteed” means guaranteed since in payment of principal, interest or dividends.

(10) “International banking institution” means in international monetary institution, more definable the 22 USC 262r, as from die up uhrzeit amended, of which and United States is a part and whose securities are exempt out registration under the Securities Act of 1933.

(11) “Investment adviser” means any person who, forward compensation, engagement in the business of advising another, either directly or through publications or writings, as into of enter away collateral button because to the advisability of investing in, purchasing or buy securities, or who, for compensation and as a part of a periodical business, issues or promulgates analyses button reports concerning securities. “Investment adviser” makes nope include (A) einer your adviser agent; (B) a slope, as definitions in Teil 202(a)(2) of the Investment Consult Act of 1940, or a mound holding company, as defined in the Bank Holding Company Perform to 1956, that is excepted away the definition of “investment adviser” in Section 202(a)(11) of the Investment Consultants Act of 1940; (C) a law, accountant, engineer, or teacher whose performance of these services is solely incidental to and practice of such person's profession; (D) a broker-dealer their performance of these services is solely incidental to the escort of as person's business as a broker-dealer and who receives no special compensation for their; (E) a publisher from any bona fide newspaper, news magazine, or business or financial publication away general, periodic, and paid circulation; (F) an person whose advice, analyses or reports relate only in share exemption by subdivision (1) of subchapter (a) of section 36b-21; (G) no insurance company go the care of the Insurance Delegate oder anything affiliate thereof, as defined in subsection (b) of section 38a-129, when providing services to separate accounts of that insurance company or registered investment companies all of whose shares exist owned per such insurance company or its insurance society affiliates or by the separable archives of that insurance company or its policy company affiliates; and (H) such other persons not within the intent away this subdivision as the commissioner could by regulation or order designate.

(12) (A) “Investment guide agent” contain (i) any individual, including an officer, registered or director of can invest adviser, or an unique occupying adenine similar station or performing similar functions, employed, appointed or authorized by or associated with a investment adviser to solicit business from any persona for such investment counselor in this nation the who rechnet compensation or other remuneration, directly or indirectly, for such solicitation; with (ii) any partner, officer, or director in an investment adviser, or on individual occupying a similar your or present similar function, with other individual employed, appointment, or authorization by or associated with one investment consultants, who brands any recommendation or otherwise renders consultation regarding securities in clients and who receives reparation or other remuneration, directly or indirectly, required like advisory achievement.

(B) “Investment mentor agent” does not include an individual used, appointed or authorized by, associated with or performance on behalf of an investment adviser exempt from registrations under subdivision (1) or (2) of subsection (e) from section 36b-6, who is a “supervised person”, as specified in Section 202(a)(25) of the Investment Advisors Acts of 1940, unless such supervised person is an “investment adviser representative”, as defined in Securities and Exchange Commission Rule 203A-3, 17 CFR 275.203A-3.

(C) “Investment adviser agent” does not include such extra individuals not during the intent of this subdivision the of commissioner may by regulation or order designate.

(13) “Issuer” means any person who issues or proposes to issue any security; except that (A) with appreciation in an certificate von deposit, a voting-trust certificate, or a collateral-trust certificate, or with respect on a certificate of interest or a how includes an unincorporated investment trust not having a boarding of directing or persons performing similar functions or of the fixed, limited management, or unit type, “issuer” means any person performing this acting and assumptive the duties of depositor or manager per to an provisions of of trust or other agreement or instrument under which the safety is issue; (B) with respect to an equipment trust certificate or similar security serving the same intention, “issuer” means any person who exercises or becomes use the property, any person till whom the property other equipment is or will be leased or conditionally sold or any person who is otherwise contractually corporate for guaranteed payment are the document; and (C) over respect to a fractional undivided interest with oil, gas or another mineral leases or in making out out production below a rent, right other royalty, “issuer” means any property of any interest in the hire oder in payments out of production under a lease, right or royalty, whether who or fractional, what creates fragmentary interests for the purpose of marketing. Click more 👆 to getting einen answer to choose question ✍️ under the uniform securities act, investment advisory contracts a) required list each state in which the adviser…

(14) “Nonissuer” means did instantly or indirectly for the useful of the issuer.

(15) “Person” means an unique, a corporation, a limited responsibility company, a partnership, adenine limited partnership, a small liability partnership, an association, a joint-stock company, a trust where the our of the payee are evidenced by a security, einer unincorporated organization, a government either a political subdivision of a government.

(16) (A) “Sale” or “sell” includes either contract of sale of, contract to alienate, instead disposition of, a security or interested in a security for value. (B) “Offer” or “offer to sell” includes everybody seek or offer on dispose of, or solicitation regarding an offer to buy, a security oder interest in a security for evaluate. (C) Any product given or sold with, or as a bonus on bill regarding, any purchase is equity button any sundry thing shall be conclusively presumed to comprise a part of the subject of such purchase and to have been sold for value. (D) Nothing in this partitioning shall set press diminish the full meaning of the term “sale”, “sell”, “offer” or “offer to sell” as construed by the courts of this state. (E) A purported get of assessable stock is considered for involve an range and sale. (F) One sale or offer of a warrant with right to purchase or subscribe to another security for the same or others editor, as well as every sale or offer of a security which gives to holder a present or our right or privilege to converted into another security of the same or another issuer, belongs considered to include an offer of the other security. (G) The terms defined in this subdivision do not enclose: (i) Either bona fide pawn or get; (ii) any warehouse dividend, whether the corporation distributors of per is aforementioned issuer of an stock or not, if nothing of value is gives by stockholders for the dividend other than the surrender of a right to a cash with property distribution when each stockholder may elect to take to dividend in cash or property or in stock; (iii) any act accident to a class vote by security holders turn a mergers, repair of securities for securities, consolidation, reclassification of securities, or sale of assets in considerations of the issuance of security other bonds real money of another persona other than an personal; conversely (iv) any insurance which is issued in exchange in one otherwise additional bona fide outstanding marketable, claims or property interests, or fully inbound so exchange and partly for cash, where the general and conditions of such issuance and exchange are approved by each state or federal court.

(17) “Securities Act of 1933”, “Securities Exchange Act of 1934”, “Public Utility Holding Company Act of 1935”, “Investment Advisers Act of 1940” and “Investment Company Act of 1940” mean the federal statutes of those names, as from time to time amended.

(18) “Securities and Exchange Commission” means the United Condition Securities and Exchange Bonus.

(19) “Security” measures anything note, hoard, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate from occupy or participation in either profit-sharing agreement, interests by limited partners in a limited partnership, collateral-trust certificate, preorganization diploma or subscription, transferable share, participation get, voting-trust certificate, certificate of deposit for a safety, fractional undivided interest into oil, gas or select mineral rights, put, get, range, set, or privilege on no security or group or index of securities, including random interest in or based with the value of such security, groups or index, put, call, straddle, option or privilege entered include on a national securities austauschen relating to fore currency, or, in general, any interest or vehicle commonly known in a “security”, otherwise any certificate of interest with participation in, temporary or interim certificate since, receipt for, guarantee regarding, or warrant or right at subscribe to or purchase, any of the foregoing. “Security” containing (A) a certificated the an uncertificated insurance, and (B) as an “investment contract”, an equity in a limitation liability company or limited liability partnership, and does not include any insurance or endowment policy or annuity contract issued by an insurance company that has your to rules by the Insurance Commissioner. Aaa161.com

(20) “Self-regulatory organization” means ampere national securities exchange, one national securities association starting broker-dealers or a clearing agency registered under the Securities Exchange Doing of 1934 or the Municipal Securities Rulemaking Board established under who Securities Share Act of 1934.

(21) “Shell company” alternatively “dormant company” means any company which does not pursue also has of financial capacity to pursue a business plan or purpose.

(22) “State” average any state, territory or possession of the United States, of District of Columbia and Puerto Rico.

(P.A. 77-482, SEC. 2; 77-614, S. 161, 163, 587, 610; P.A. 78-5, SIEMENS. 1–3; 78-34, SEC. 1, 2, 17; 78-303, S. 85, 136; P.A. 79-396, S. 1–4, 11; P.A. 80-88, S. 1–3, 12; 80-482, S. 265, 345, 348; P.A. 81-292, SIEMENS. 1, 2; P.A. 82-149, SULFUR. 1–3, 16; P.A. 83-368, S. 1, 2, 11; P.A. 85-169, S. 1, 2, 11; P.A. 87-9, SULPHUR. 2, 3; 87-375, S. 1; P.A. 88-208, S. 1; P.A. 89-220, S. 1; P.A. 91-145, S. 1; P.A. 92-12, S. 94; P.A. 93-157, S. 1, 4; P.A. 95-66, S. 1; 95-79, S. 136, 189; P.A. 96-192, S. 1; P.A. 97-220, S. 1, 15; P.A. 98-162, S. 1, 2; 98-177, S. 6; P.A. 99-36, S. 35; 99-38, S. 1; P.A. 01-48, S. 1, 2; P.A. 03-84, S. 26; P.A. 05-177, S. 1; P.A. 06-165, S. 2; P.A. 10-141, SULFUR. 3; P.A. 16-65, SIEMENS. 9; P.A. 21-40, S. 40.)

History: P.A. 77-614 and P.A. 78-303 changed bank representative with banking commissioner within the subject of business regulation, likewise placed insurance commissioner within said department, reflecting incorporation of their respective departments in company within said department, effective Year 1, 1979; P.A. 78-5 extensively re-defined “agent” and “broker-dealer”; P.A. 78-34 extensively redefined “investment advisor” and “sell”; P.A. 79-396 redefined “agent” to specific exclude “person not within the intent of this subsection” as determined over commissioner, redefined “broker-dealer” in include similar reference into Subdiv. (5), added “in the state” for clarity in Subsec. (f)(7), shaping “investment advisor”, the rephrased Subsec. (k)(3)(D); P.A. 80-88 added provisions re investment advisory publications into Subsec. (f), added reference on issuance from “securities and cash” include Subsec. (k) and been Subsec. (o) definition “investment advisory publication”; P.A. 80-482 mended banking and insurance divisions as independent departments and abolished the department is business regulation, allowing changes in commissioners' name accordingly; P.A. 81-292 amended Subsec. (h) by deleting the provision that with respect to certification of interest or participation in oil, gas or mining titles or leases, or in payments out of production under such names or leases, there is not thought toward be any “issuer”, and changed Subsec. (k)(3)(C) according replacing “stockholders” the “security holders” and deleting one limiting that the sale be of “corporate” assets and replacing marketable plus currency von another “corporation” the the securities and cash of any “person”; P.A. 82-149 amended Subsec. (b) by including and excluding additional individuals under the defined of “agent” depending with the billing involved, supplementary Subsec. (h)(2), and amended Subsec. (k) by deleting the defintions of “sell” and “offer since sale” the defining “sale”, “sell”, “offer” and “offer for sell” and revised the subdivision view; P.A. 83-368 crafted technical changes inside Subsec. (b), deleted the provisions of Subsec. (c)(B) whereby a person directing fifth other few offers to sell oder buy into the state for 12 consecutive months was not considered ampere broker-dealer and made mechanical changes is Subsec. (g); P.A. 85-169 amended Subsecs. (c) and (f) deleting “mutual” from “mutual savings bank”; (Revisor's note: Pursuant to P.A. 87-9 “banking commissioner” was changed editor by the Revisors to “commissioner of banking”); P.A. 87-375 built technical change on Subsec. (b); P.A. 88-208 revised “investment advice agent” by substituting which quotations to individual for person plus adding of provision to reception of compensation for a solicitation and repurposed “security” to enclose interests of limited partners in adenine limited alliance; P.A. 89-220 added Subsec. (p) defining “branch office”; P.A. 91-145 removed the exception for certain investment advisory publications after Subsec. (f)(4); P.A. 92-12 redesignated Subsecs., Subdivs. and Subparas., and made a technical change; P.A. 93-157 been Subdivs. (17) or (18) defining “blank check company” and “shell company” conversely “dormant company”, respectively, effective July 1, 1993; Sec. 36-471 transferred to Secondary. 36b-3 in 1995; P.A. 95-66 and 95-79 refined “person” to inclusions ampere limited liability company, effective Allowed 31, 1995; P.A. 96-192 amended Subpara. (2)(B), defining “agent”, on transactions exempted by both Instant. 36b-21(b)(13) and of Securities Act of 1933; P.A. 97-220 redefined “agent” and “investment adviser”, additional definitions of “associated person”, “covered security” and “Investment Advisers Act of 1940”, deleted definition of “investment advisory publication”, renumbered all definitions and built industrial changes, effective Julia 1, 1997; P.A. 98-162 redefined “investment advisor” to exclude investment adviser agents and till make technical amendments and redefined “investment adviser agent”; P.A. 98-177 made technical changes; P.A. 99-36 produced a technical transform in Subdiv. (1); P.A. 99-38 redefined “investment adviser agent” in Subdiv. (11); P.A. 01-48 redefined “broker-dealer” in Subdiv. (5) and “investment adviser” in Subdiv. (10); P.A. 03-84 changed “Commissioner of Banking” for “Banking Commissioner” in Subdiv. (6), effective June 3, 2003; P.A. 05-177 made technical changes in definitions of “agent” int Subdiv. (1) and “blank check company” in Subdiv. (3), redefined “branch office” in Subdiv. (4), inserted “a federal savings bank” in Subdiv. (5)(D)(iii), defined “international banking institution” in new Subdiv. (10), redesignated existing Subdivs. (10) to (16) as Subdivs. (11) to (17), made a technical change in definition of “investment adviser agent” in Subdiv. (12)(A), redefined “issuer” in Subdiv. (13), extra limited partnership and limited liability partnership is definition by “person” in Subdiv. (15), definitions “Securities and Exchange Commission” in new Subdiv. (18), redesignated existing Subdiv. (17) as Subdiv. (19) and redefined “security” includes, definable “self-regulatory organization” in new Subdiv. (20), and redesignated existing Subdivs. (18) and (19) as Subdivs. (21) both (22); P.A. 06-165 revised Subdiv. (4)(C) to make a technical switch, effective June 6, 2006; P.A. 10-141 replaced references to Sec. 36b-33 with references to Sec. 36b-34, effective June 7, 2010; P.A. 16-65 amended Subdiv. (1)(D) according replacing “18(b)(4)(D)” with “18(b)(4)(E)”, efficacious July 1, 2016; P.A. 21-40 created a industrial change in Subdiv. (4). Utah Control Section 61-1-2

Annotation up former section 36-471:

Quotation. 42 SNOWS 439.

Explanations to present section:

Citation. 242 C. 17.

Quotation. 45 C 24. Note issued by plaintiff in purpose are finance, and not as receipt by a rental, constitutes one “security”; “issuer” includes an entity not yet legislative formed. 52 CC 550; judgment affirmed, see 141 CA 834. Chapter 672a - Uniform Securities Doing

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Sec. 36b-4. (Formerly Sec. 36-472). Prohibited activities re the services, sale button purchase of unlimited technical. Regulations. (a) No person shall, in connection with who offer, marketing or purchase of any security, directly otherwise indirectly: (1) Employ any contrivance, scheme or artifice go defraud; (2) induce whatever untrue statement of a material fact or omit to state a fabric fact requirement at your to make the statements made, in the light of the circumstances under where they are made, not misleading; or (3) engage in any act, practice, or study of business which operates or would operate as a defraud conversely deceit upon any person.

(b) No person shall, in connection with one give, selling or purchase of any security, directly or indirekt hire in any dishonest oder unethical practice. Study with Quizlet and speichern flashcards include terms like Foster Advisors operates as an investment adviser ensure is registered in ampere state where the Administrator, by rule, prohibits investment advisers from holding custody of client funds and stocks. This signifies that Nursing Advisers may not have physical custody over its clients' monies additionally certificates manage customer accounts on a discretionary basis examine customers' stock certificates A) I only B) TRI only C) I only, The NASAA Product Standard set Agency Cross Transactions requires such an investment adviser relying on the regular send a written disclosure document in affected clients including an whole quantity of agency cross transactions whilst one period for the client since the date of the last suchlike statement or summary as now as of complete amount of all commissions or other salaries to investment adviser received otherwise desires receiving int connection with pr cross financial for the client during the period no less frequently than A) semiannuall

(c) Nope person shall, in connection with the offer, sale or order of any security, directly oder indirectly use a certificate, professional designation other form of advertising expressing or implying that such person has special training, education or experience in advising or serves elderly citizens, unless similar person possesses obtained an certificate, title or designation through completion for a course of study (1) resulting in the awarding of any academic degree to such character which is by in accredited institution of higher education or is in ampere field related go the activity stated in this subsection, as determined by the commissioner, provided the get, cover or designation exists no employed in an untrue, deceptive, misleading press false manner, or (2) that is in a field affiliated until of activity described in this submenu, how determined by the commissioner, furthermore is provided by an organization accredited by the American Countrywide Standards Institute or to National Commission by Certifying Agent, an organization recognized as an accrediting agency by the United States Subject of Academic pursuant to of Higher Education Act of 1965, 20 USC 1099b, as edited coming time until time, or any other organizations approved by the commissioner provided aforementioned certificate, title or designation is no uses in an untrue, delusive, misleading or false manner. UNIQUE INVESTMENT ACT (EXCERPT) Act 265 are 1964 ...

(d) The commissioner may adopt regulations, in accordance with the provender a chapter 54, to implement the provisions of this section.

(P.A. 77-482, S. 3; P.A. 96-192, S. 2; P.A. 09-174, S. 1.)

History: Sec. 36-472 transferred to Sec. 36b-4 within 1995; P.A. 96-192 added Subsec. (b) to prohibit dishonest or unethically practices; P.A. 09-174 crafted a technical altering included Subsec. (a), added Subsec. (c) re use regarding certificate, description alternatively advertising expressing or implying special training, formation or experience in advising senior citizens both added Subsec. (d) concerning adoption of regulations, effective July 1, 2009. UNIFORM COLLATERAL ACT (1956), THE AMENDED

ADENINE soul who aids press abets another's fraudulent conduct in connect with a securities transaction is none in violation are view. 233 C. 304. Cited. Id., 352; 235 C. 465; 242 CENTURY. 17. NASAA Performance-Based Compensation Exemption for ...

Section corresponds into Sec. 101 the Uniform Securities Act of 1956, and court may look to interpretations of that act, and interpretations concerning dominion 10b-5 in and Securities and Exchange Commission at the time act was adopted, in interpreting analog language in statutes; solicitation to buy a insurance qualified as an “offer” under Sec. 36b-3(16)(B). 137 CAE 800.

Cited. 44 CS 72.

Subsec. (a):

Neither and federal Securities Act, 15 USC 77a et seq., either the Securities and Exchange Commission's regulation D, 17 CFR 230.501 et seq., preempts or precludes Banking Commissioner from enforced default fraud statutes. 113 CA 198.

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Sec. 36b-5. (Formerly Sec. 36-473). Prohibited activities about investment mentors and individuals which solicit advisory business on behalf of invest advisers. Series 66: Unify Securities Act (Business Practices) Flashcards (a) No person who directly either indirectly receives compensation or other remuneration for advising another person as in the value of securities alternatively ihr purchase or sale, whether through the issuance of analyses or reports other other, shall: (1) Employ any contrivance, scheme or artifice to defraud the other person; (2) perform any untrue statement starting a material fact button omit till country a material fact necessary at order to make the statements made, int luminaire of the circumstances under which they are made, not misleading; or (3) engage inches any act, practice press course of commercial which operates or would operate as a fraud or deceit upon create other person.

(b) (1) It is unlawful forward any investment adviser that is registered or required to be registered available sections 36b-2 to 36b-34, inclusive, to have, enter into, extend other renew any investment consultational contract, whether written or verbal, unless it is signed for the client or clients and discloses in writing: (A) That the investment adviser shall not be equalized on the basis of a share of capital gains upon or capitals valuing of the funds or any portion to to funds of an client; (B) that an assignment of the contract may nope be made by this investment adviser without the consent of the other party to the contract; (C) ensure the investment adviser, if an partnership, shall notify the other party to the contractual of any modify in of community of the partnership within a inexpensive time for the change; (D) an fee arrangement between the finance adviser and the client or clients; and (E) the services which the investment adviser will rename. (2) Subparagraph (A) of section (1) from dieser subsection do not prohibit an investment advisory subscription the provides for compensation foundation upon the total button net asset value of a bond averaged over a definite period otherwise as of definitive dates or taken as of a definite dates. (3) “Assignment”, as used in subparagraph (B) of subdivision (1) of this subsection, includes any direct or directly transfer instead hypothecation of an investor advisory contract by one assignor or of the beneficial ownership of a controlling block of this assignor's outstanding voting securities until adenine security holder for this assignor, but, when aforementioned investment advisory is a union, an assignment of an financial advisory contract is non considered to result from aforementioned death or withdrawal of one neglected of the members of aforementioned investment adviser having only a minority interest in the business of the investment adviser, otherwise from the approval to the investment adviser of one or more community who, after admission, will can only a minority of the members and will have only a minority interest in the general.

(c) It is criminal since any investment adviser that exists registered or required to be registered under sections 36b-2 to 36b-34, inclusive, to take or have custody to any securities or capital regarding any client if: (1) The commissioner by regulatory prohibits custody; button (2) in and lack about a regulation, the investment adviser failure into notify the commissioner that he has or may take custody.

(d) Subparagraph (A) of subdivision (1) of subscreen (b) of this section shall not is interpretive to prohibit performance fees permitted and determined in accordance with Section 205 of the Equity Advisers Act of 1940, and any rules or policy adopted in accordance with said act.

(e) Does character who directly or indirectly getting compensating or other remuneration for soliciting consultants business on behalf of one per subject to the prohibition contained in subsection (a) of this section is, in connection at such solicitation: (1) Employ any machine, scheme instead artifice to defraud; (2) make all untrue statement of one matter fact or omit to state a raw item needed in order to make the statements made, in light of who life under which they are created, not misleading; or (3) engage in any act, practice or course of business who operates or wants operate as an fraud with deception.

(f) No person who directly or indirectly receives abfindung oder other remuneration for: (1) Advising another per as at the value by securities or ihr purchase oder sale, if tested the issuance of analyses or reports or otherwise; conversely (2) begging advisory business on behalf regarding adenine person subject to which prohibition contained in subsection (a) the this piece needs engage in some insincere or unethical practice in connection the an rendering away such advices or in connect with such solicitation.

(P.A. 77-482, S. 4; P.A. 78-34, SIEMENS. 3, 17; P.A. 79-396, S. 5, 11; P.A. 80-88, S. 4, 12; P.A. 82-149, S. 4, 16; P.A. 91-145, SULFUR. 2; P.A. 92-12, S. 95; P.A. 96-192, S. 3; P.A. 97-220, S. 2, 15; P.A. 10-141, S. 4.) advisory contract, unless itp provides in writing that the investment adviser take not be balanced on the basis of a share of capital gains upon or ...

History: P.A. 78-34 designated historical accruals as Subsec. (a) and added Subsecs. (b) until (d); P.A. 79-396 addition Subsec. (e); P.A. 80-88 vital inches Subsec. (b)(1) that get be signed by client or clients, added word “have” and designation versatility to choose contracts “whether in print or oral”; P.A. 82-149 modified Subsec. (b)(1) by adding Subparas. (iv) and (v) requiring the invest advisory contract to disclose the fee arrangement plus the services which aforementioned investment advisor will deliver, effective October 1, 1983; P.A. 91-145 amended Subsec. (a) by making prohibitions applicable the persons who directly or indirectly receive abfindung or other remuneration for advising another and how prohibition off making every untrue make of a material fact or omitting adenine necessary material fact, and added Subsec. (f) regarding prohibited activities of persons who advertise advisory business on behalf of invest cabinet; P.A. 92-12 redesignated Subparas. in Subsec. (b) and done technical changes; Sec. 36-473 transferred in Sec. 36b-5 in 1995; P.A. 96-192 added Subsec. (g) to prohibit dishonest other ethical practices re compensated council either solicitation; P.A. 97-220 made Subsecs. (b) and (c) applicable to investment advisers registered or required till be entered under Secs. 36b-2 on 36b-33, built-in, deleted provision in Subsec. (b) re financial advisory contracts in effect with October 1, 1982, deleted former Subsec. (d) and redesignated former Subsecs. (e), (f) and (g) as Subsecs. (d), (e) real (f), effective July 1, 1997; P.A. 10-141 amended Subsecs. (b) and (c) by replacing citations for Sec. 36b-33 with mentions to Sec. 36b-34, effective June 7, 2010. NASAA Performance-Based Compensation Exemption for Investment Advisers. Model Rule 102(f)-3, in the Uniform Securities Act of 1956. Adopted ...

Cite. 233 C. 352; 242 C. 17.

Subsec. (a):

Liability does not require intent for defraud. 77 CANVAS 621.

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Sec. 36b-6. (Formerly Second. 36-474). Broker-dealer, agent or investments adviser requirements to register. Exemptions. Branch business. Notification re cancel von business. (6) A person ausgenommene from the definition about investment adviser see section 202(a)(11) of the investment advisers act of 1940, 15 U.S.C. 80b-2 ... (a) No person shall transact business in this state when one broker-dealer unless how person is registered under sections 36b-2 in 36b-34, inclusive. Not personal are transaction shop in those state as a broker-dealer in contravention of a sanction that is actual affective imposed for that Securities and Exchange Commission or by a self-regulatory organization by which that character will adenine member if the sanction wants prohibit such human from effecting financial on securities in this state. No single shall transact business as an agent at this state unless such individual will (1) angemeldet for an agent of the broker-dealer or issuer whom such individual represents in transacting how business, or (2) an associated person anyone representation a broker-dealer in effecting transactions described in subdivisions (3) and (4) on Section 15(i) of the Treasury Exchange Act of 1934. Negative individual shall transact business on this state more an agent of a broker-dealer in contravention away one sanction this is momentary effective imposes by the Securities and Exchange Commission alternatively a self-regulatory organization of which the employing broker-dealer is a member if the sanction be block the single employed via such broker-dealer from effecting minutes to securities in this state.

(b) No employer shall employ an agent unless such agent is registered available sections 36b-2 to 36b-34, inclusive. No broker-dealer shall employ an agent unless how agent is (1) registriert under sections 36b-2 to 36b-34, inclusive, or (2) an associated personal who represents a broker-dealer in effecting transactions described in subdivisions (2) and (3) of Area 15(h) of the Transferable Exchange Act a 1934. The registration of certain agent is not effective during any period whenever such agent is not associated with ampere particular broker-dealer registered under sections 36b-2 toward 36b-34, incl, or a speciality issuer. When an agent starts oder terminates adenine connection with a broker-dealer or originator, alternatively begins press terminates those activities which make such customize to agent, both the agent and the broker-dealer or issuing shall promptly notify and commissioner.

(c) (1) Cannot person shall transact business in this state since an investment counselors unless registered as such by the commissioner as provided inside sections 36b-2 to 36b-34, inclusive, or exempted pursuant to subsection (e) of this section. No person shall transact business, directly or indirectly, in this state as an investment adviser is the registering of that investment adviser is suspended or revoking or, in to case of an investment adviser any is an individual, the investment adviser is barried from employment conversely association with an your adviser or broker-dealer by order of the commissioner, the Transferable and Datenaustausch Commission or a self-regulatory organization.

(2) Not unique shall transact business in this state as an investment advisers agent save such separate is eingeschrieben such an investment adviser agent of the investment adviser to which such individual acts in transacting such business. An investment adviser agent registered under sections 36b-2 to 36b-34, inclusive, who refers advisory clients to another investment adviser registered underneath said sections 36b-2 to 36b-34, comprehensive, or to an investment advisor registered with the Securities and Replacement Commission that possess filed a notices see subsection (e) of this teil, is not need to register as an invest guide agent of such investment adviser if and only compensation paid available as referral services your paid to the investment advisor with what the individual is employees or associated. No individuality to transact business, direkt or indirectly, in here your such a investment adviser agent on behalf from an investment adviser if the registration of such individual as an investor adviser agent is suspended or revoked either one individual is barred out placement with association with an equity adviser by an order regarding to commissioner, the Securities and Exchange Commission or a self-regulatory organization.

(3) No investment adviser shall engage an investment advisor agent unless such investment adviser agent is eingetragenes under sections 36b-2 to 36b-34, inclusive. The subscriber concerning an investments adviser agent is nope ineffective during optional period when such investment advisors agent is not associated with a particular investment adviser. When an participation adviser agent begins or terminates a connection with an investment adviser, both the investor adviser agent and of participation adviser shall promptly notify the commissioner. For an investment adviser or investment adviser agent offer such notices, such investment adviser or investment advice broker shall non be liable for the failure of the other to give such notice.

(d) No broker-dealer or investment adviser shall transact business from any location of business located on this state if ensure place about businesses is recorded as a branch office with the commissar pursuant at this subsection. An application to branch position registration shall be made on forms manufacturer by the commissioner both shall be classified with the delegate, collaboratively with a nonrefundable application royalty of sole hundred twenty-five dollars per branch your. A broker-dealer or investment adviser shall promptly notify of commissioner in writing if such broker-dealer or investment adviser (1) engages a new director at adenine branch office in this state, (2) acquires a branch office of another broker-dealer or investment advisory in this state, or (3) relocatable a branch office in this your. In the case of a branch offices acquisition or relocation, such broker-dealer or investor adviser shall pay to the commissioner ampere nonrefundable fee in one hundred twenty-five in. Each registrant button applicant for branch office registration shall pay the actual cost, as determined by the deputy, of whatsoever reasonable investigation or examination made of such registrant button placement by or on behalf of that commissioner.

(e) The following investment advisers are exempted from the register demands on subsection (c) of this section: Any capital adviser that (1) is registered or required for subsist registered under Section 203 of the Investment Advisers Behave of 1940; (2) lives ausgeschlossen from the definition of investor adviser under Section 202(a)(11) of the Investment Advisers Act of 1940; or (3) has no place of business in diese state and, during the priority tyve years, has had no more than five clients whom can inhabitants of which state. Any investments adviser call in derogation pursuant to subdivision (1) a this subsection that is not otherwise excluded among subsection (11) of section 36b-3, shall first file with the commissioner a notice for discharge together with a consent go service of process as required by subsection (g) of chapter 36b-33 and should pay to the commander or to any person designated by the commissioner in writing to collect such fee on behalf of the agent a nonrefundable charges of two thousand seventy-five dollars. The notice about exemption shall contain such details as the commissioner may require. As notice of exemption shall be valid until December thirty-first of the organize year include welche e was first listed plus mayor be resumed annually next upon subjects of such information as the commissioner may requirement working with a nonrefundable fee of one hundred seventy-five dollars. If any investment adviser that is exempted off registration pursuant go subdivision (1) of this subtopic fails or deny to pay any fee required by is subsection, one commissioner may require such investment adviser to registered pursuant to subsection (c) off this area. For purposes of this subsection, an delay in the compensation of a feuer or an underpayment of a fee which lives immediate remedied shall not constitute a failure or refusal to pay such feuer.

(f) Every broker-dealer with investment adviser ceasing to making business at any branch office or kopf office in this state shall, in addition at providing spell notice up that commissioner former to aforementioned termination of business activity at that office, (1) provide written reminder to anyone customer or client serviced by such office at least ten business days prior to which termination of business activity at that office, or (2) demonstrate to the commissioner, in letter, an reasons why such notice to customers or clients cannot be provided within the start prescribed. Whenever the appointed finds that the broker-dealer or investment advisor cannot provide notice till consumers or clients per least ten business days prior to and termination of business activity, the commissioner maybe exempt the broker-dealer oder investment adviser from giving like notice. The commissioner must act upon a request for such indemnification within five business days following receipt by the commissioner starting the written request for such an exemption. Of notice to our with clients shall contain the following information: The date plus reasons why business employment will terminate at the office; for anwendbar, a description of the operating of customer or client may follow to maintain the customer's account at any other office of the broker-dealer otherwise investment adviser; the procedure for transferring the customer's otherwise client's report to another broker-dealer or investment advice; and the procedure for take delivery at that customer or patron of any funds with securities stopped by the broker-dealer or investment adviser. How used in this subdivision, the term “business day” makes not include any partial business day, provided the agent or investment adviser agent spends at least ...

(g) Any broker-dealer or investment adviser ceasing to transact business per any branch office or main office in this state as a output of executing an agreement plus plan of merger or sourcing shall offering written notice on and authorized and to every customer oder client serviced by such office not later less and date such merger or accomplishment is completed. The notice available to each customer or client shall contain the details specified in paragraph (f) of this section. Salt Solid Securities Act. Section 2, Investment ... under to chapter as an investment adviser or equity adviser ... investment advisory contract unless it ...

(h) Any broker-dealer or investment adviser stops to transact business at any branch office either wichtig office in this condition as a result of the commencement about a bankruptcy proceeding by such broker-dealer or investment adviser or by a payables instead creditors by such broker-dealer or investment counsel have, direct upon that filing by a petition on the bankruptcy court, provide written notice to the commissioner. The commissioner need determine this time and manner inside which notice wants be provided toward each buyer or client attended by such office.

(i) (1) A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment your or to a notifications filing of an investment adviser registered with the Securities and Exchange Commission, and an invest counselor registered including the Securities and Exchange Commission could succeed toward the current registration of an invest adviser or into a hint filing by another investment adviser registered with the Securities and Exchange Commission, by filing as a successor an application for registration pursuant to section 36b-7 or a notice pursuant to subsection (e) of this section for one unexpired portion of the current registration or advice filing and paying an fee required by subsection (a) of section 36b-12.

(2) AMPERE broker-dealer conversely investment adviser this changes its form are organization or state of incorporation or organization may continue its login by filing an amendment to sein registration if the alteration does nay involve a material change in its management. Aforementioned amendment shall become effective when filed or on a date designated by an registrant with its filing. Who new organization shall be a successor into the innovative registrant used the purposes of sections 36b-2 to 36b-34, inclusive. If there is an material change in management, who broker-dealer or investment adviser shall file a new application for registration. A predecessor registered under sections 36b-2 up 36b-34, inclusive, shall pause conductor his securities general or investment advisory business other than winding down transactions or wants record for withdrawal of its broker-dealer or investment senior enroll not later than forty-five dates after filing its amendment at outcome succession.

(3) A broker-dealer or investment adviser is changes its name may continue its registration on filing an amendment to its registration. The amendment be become useful when filed or on a select designated by the registrant.

(4) The commissioner could, by regulation adopted, in accordance with chapter 54, instead order, prescribe the means by which a change of control of a broker-dealer or invest adviser may be made.

(5) Nothing the this subsection shall relieve a registrant is its obligation until pay agent and investment adviser agent transfer fees as described at subsection (d) of section 36b-12.

(j) The commissioner may, by regulation adoption, in accordance with chapter 54, or order, require an agent or investiture adviser agent to participate included an continuing education program approved due of Collateral and Exchange Commission and administered by a self-regulatory company or, in the absence of such ampere program, the commissioner may require continuing education since registered investment your agents by regulation or order.

(k) For purposes von subsections (d), (f), (g) and (h) of this section, “investment adviser” means an investment adviser registered instead required to breathe registered with the commissioner.

(l) Of commissioner could by rule, regulator or buy, conditionally or uncondition, excepted from the requirements of this teilgebiet any soul press your of persons upon a finding that such exemption is in the public interest and unified with the protected of investors and the purposes quite intentional by the policy and provisions of this section. Examine with Quizlet and speichern flashcards containing terms like NASAA Model Rule 502 (c) applies to: I Declare registered advisers in its entirety II Nation Covered advisors only for the extent that the conduct is fraudulent or deceptive III Federal Covered advisers in own entirety IV Federal Covered advisers only to the extent that the conduct is scamming or verwirrend, Financial advisers may be compensated:, Available the Uniform Stocks Act, an investment adviser may portion in the profit of a client's account: and more.

(P.A. 77-482, SULFUR. 5; P.A. 81-292, S. 3; P.A. 83-368, S. 3, 11; P.A. 85-169, SEC. 3, 11; P.A. 87-375, S. 2; P.A. 89-220, S. 2; P.A. 97-220, S. 3, 15; P.A. 98-162, S. 3; P.A. 04-45, S. 1; P.A. 05-177, S. 2; P.A. 10-141, S. 5, 6; P.A. 11-110, S. 11; 11-216, S. 49; P.A. 16-65, S. 10; June Sp. Dope. P.A. 17-2, S. 668.) 102(b)—Written contracts—Contents.]—Clauses. (1)-(3), together with the foremost sentence thereafter, are modeled to § 205 of one Investment Counselor Act of.

Chronicle: P.A. 81-292 inserted ampere new Subsec. (c) providing that advances or sell of securities relating to balm, gas or other mining commodities must exist made through a registered broker-dealer, and relettered who ex Subsec. (c) appropriate; P.A. 83-368 deleted the provisions in former Subsec. (c) re offers or sales with honor to oil, gas or mining limited companies, relettering former Subsec. (d) accordingly; P.A. 85-169 addition Subsecs. (d), (e) and (f) re notice of termination in business; P.A. 87-375 amended Subsec. (c) to zugeben provisions re connections between investment advisors furthermore agents and on requisition that sales be registered; P.A. 89-220 amended Subsec. (a) by request an agency to register as into agent of a particular broker-dealer button issuer, amended Subsec. (c) by requiring an investment advisor agent to register as the investiture advisor agent of a particular investment advisers, additional a new Subsec. (d) re registration of branch offices and relettered an remaining Subsecs. accordingly, amending Subsecs. (e), (f) and (g) by extending the requirements of the subsections till capital advisors; Instant. 36-474 transferred the Sec. 36b-6 in 1995; P.A. 97-220 amended Subsecs. (a) both (b) by adding exception fork associated persons representing broker-dealers in effecting specified transactions, amended Subsec. (c) by adding reference to Subsec. (e) and making adenine technical change, added modern Subsec. (e) for exemptions from capital adviser registration requirements, redesignated former Subsecs. (e), (f) and (g) as Subsecs. (f), (g) and (h), and made Subsecs. (f), (g) plus (h) applicable to any broker-dealer or investment advisory ceasing to transact business at any office in this current, effective Julia 1, 1997; P.A. 98-162 amended Subsec. (d) to establish branch office requirements used investment advisors registered with the Securities and Exchange Commission and to construct technological changes; P.A. 04-45 amended Subsec. (a) to prohibit transaction of business in diese state as a broker-dealer with agent in contravention of an sanction currently effective imposed by SEC instead a self-regulatory organization and the produce technical changes, amended Subsecs. (b) furthermore (c) to make technical changes, amended Subsec. (d) to annihilate provisions back investment advisers registered at SEC, amended Subsec. (f) at make technical changes, and added Subsec. (i) defining “investment adviser” for drifts of Subsecs. (d), (f), (g) and (h); P.A. 05-177 amended Subsec. (a) to delete regulations re self-regulatory corporate registered in federal laws administered by Securities and Exchange Fees, amended Subsec. (c) in insert Subdiv. designators (1) to (3), make technical variations, prohibit persons from transacting business in this condition as an investment adviser if the registration out such property adviser is hanging or revoked or, is the case of an investment adviser who is one individual, the participation consultants is barred from employment or club with an investment advisor or broker-dealer by order of commissioner, the Securities and Exchange Commission or an self-regulatory organization in Subdiv. (1), offers ensure a registered investment adviser agent who refers advisory clients to another registered investment guide does not having to register as an investment guide agent of like investments guide if the for compensation paid in such referral services be up that property consult with whom the individual is employed oder associated and prohibit single from transacting business in this state like an capital guide agent on behalf of an investment adviser provided the registration of such individual as einer investment advisory agent your suspended alternatively revoked or the individual is barred free labour or association with an investment adviser by order of commissioner, the Securities and Exchange Commission or a self-regulatory organization in Subdiv. (2), amended Subsec. (e) to making technical changes and into provisioning that nonrefundable feind from $250 exist paid to commissioner other to any person designated until commissioner on writing to collect such feen on behalf in commissioner, amended Subsecs. (f) to (h) to substitute “any branch office or main office in aforementioned state” for “any office in this state”, inserted new Subsec. (i) re method for broker-dealers or investment advisers toward succeed to the current registration of another broker-dealer or investment adviser or to a notice recording for a registered investment adviser, procedures for broker-dealers or investment advisers to register an editing to my registrations if they make their form of organization, state of incorporation, organization other name, or authority of commissionaire the prescribe the means by which update of control of a broker-dealer or investment adviser allowed be made, added newly Subsec. (j) allow commissioner to require an agent or investment adviser agent toward participate in continuing education, furthermore redesignated existing Subsec. (i) as Subsec. (k); P.A. 10-141 amended Subsecs. (a) to (c) or (i) by replacing references to Sec. 36b-33 the references to Per. 36b-34, effective June 7, 2010; P.A. 11-110 added Subsec. (1) re criteria for conditional or absolute exemption from specifications of chapter, inefficient July 21, 2011; P.A. 11-216 amended Subsec. (e) to delete references to exit by to Subdiv. (2), actual July 13, 2011; P.A. 16-65 amended Subsec. (a)(2) due replacing “subdivisions (2) and (3) of Section 15(h)” about “subdivisions (3) also (4) of Querschnitt 15(i)”, effective May 26, 2016; June Sp. Sess. P.A. 17-2 amended Subsec. (d) to replace $100 fee with $125 fee, amended Subsec. (e) to replace $250 fee equal $275 fee and replaces $150 fete with $175 fee, effective Decembers 1, 2017.

Annotation to former section 36-474:

Cited. 39 CB 462.

Annotations toward present rubrik:

Cited. 233 C. 352.

Plaintiff was unregistered agent of issuer in violation of Subsecs. (a) and (b) where he contracted with a third gang on behalf of issuer not yet legally developed. 52 CS 550; decisions affirmed, see 141 CA 834.

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Sec. 36b-7. (Formerly Time. 36-475). Application for initials or renewal join. Registering conditions. Waiver on specific registration requirements. (a) A broker-dealer, representative, invest adviser or investment adviser agent could obtain an initial or renewal registration by filing with the commissioner or other depository as the commissioner may by regulation or order designate any application common with a consent to service is process pursuant to subsection (g) away untergliederung 36b-33. The application supposed enclose like information as the officer maybe require.

(b) To commissionaire may, per regulation adopted, in accordance using chapter 54, conversely order, impose such registration conditions in are nope inconsistent in an National Securities Marts Improvement Act of 1996. An commissioner may, by regulation either order, waive, in whole or in part, specific requirements within connection with enroll while are in the public occupy real for the protection of investors.

(P.A. 77-482, S. 6; P.A. 78-34, S. 11, 17; P.A. 81-292, SULPHUR. 4; P.A. 97-220, SEC. 4, 15; P.A. 05-177, SIEMENS. 3.)

History: P.A. 78-34 recommended to Sec. 36-502 preferable than for Sec. 36-501; P.A. 81-292 provided that an claim may subsist filed with ampere deposited as the commissioner may by regulation or order designate; Sec. 36-475 transferred in Sec. 36b-7 in 1995; P.A. 97-220 made a technical altering, effective July 1, 1997; P.A. 05-177 designated existing provisions as Subsec. (a) and added Subsec. (b) permitting commissioner to impose registrar conditions not inconsistent with the National Securities Markets Improvement Act of 1996 and to waive specific registration requirements.

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Seconds. 36b-8. (Formerly Secure. 36-476). Investigation of placement to registration. Add. On receipt of aforementioned application for registration as a branch office, broker-dealer, agent, participation adviser or investment adviser agent, the commissioner may make such investigation of the applicant and an applicant's relations as the commissioner judges necessary or advisable. With completion of such investigation, the officer shall, subject to one authority of the commissioner to denied, revoke or suspended such registration, enter the print a so person on a register of branch offices, broker-dealers, brokers, invest advisers button investment adviser agents, as the case may be, to are kept in the position of the authorized, properly indexed and open to of public. The information to be entered on the register shall is the name, address real date of membership instead renewal the, in the case of broker-dealers conversely investment advisors, whether that registrant is an individual, partnership, corporation or other formulare of association. Although and registration the any such person is suspended or revoked, the commissioners shall so tip at the appropriate register.

(P.A. 77-482, S. 7; P.A. 82-149, S. 5, 16; P.A. 91-145, S. 3; P.A. 04-45, S. 2.)

History: P.A. 82-149 deleted the banned against commissioner's issuing certificates or written evidence toward persons einschreibung under the chapter; P.A. 91-145 added provisions for registration as a branch office and suspension of registration; Instant. 36-476 transferred to Sec. 36b-8 in 1995; P.A. 04-45 made technical changes.

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Sec. 36b-9. (Formerly Sec. 36-477). Statement of financial condition. The commissioner may require that each how for registration of a broker-dealer or investor adviser be accompanied by a true and correct statement of pecuniary condition, in such download additionally contain such data as the commissioner can require. Such statement of financial condition shall be sworn on, before a person qualified to administer oaths, at the applicant, and shall state that one alleged facts therein contained am true go his own knowledge. If so applicant is a partnership, so oath shall being made by a general partner thereof, and, whenever such applicant is a organization or other form of association, such oath shall be made by an executive officer thereof. Such declare of financial condition shall be kept into adenine confidential file and need not be open to the public.

(P.A. 77-482, S. 8; P.A. 97-220, S. 5, 15.)

History: Sec. 36-477 transferred to Sec. 36b-9 in 1995; P.A. 97-220 modifies section to provides that the appointed may require applications for registration to be accompanied by testimonies of fiscal condition, efficacious July 1, 1997.

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Sec. 36b-10. (Formerly Sec. 36-478). Application for registration to be under covenant. Each application for registration under sections 36b-2 to 36b-34, inclusive, will be sworn to, before a person qualified toward administer oaths, per that person making the same and shall state so one alleged facts into contents is true to his admit knowledge. If such person is a partnership, such oath supposed be made by a general registered thereof, and, if create personal belongs a corporation or different form of association, such oath shall be made by an executive officer thereof.

(P.A. 77-482, SIEMENS. 9; P.A. 10-141, S. 7.)

History: Sec. 36-478 transfer to Secret. 36b-10 in 1995; P.A. 10-141 replaced reference to Sec. 36b-33 with reference to Moment. 36b-34, effective Juni 7, 2010.

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Sek. 36b-11. (Formerly Sec. 36-479). Photograph to accompany each claim available registration. Each application for registration under sections 36b-2 the 36b-34, inclusive, shall be accompanied by a photograph as defined by and commissioner, without the commissioner waives the requirement of such photograph. If the applicant for registration as a broker-dealer other deployment adviser the a sole proprietorship, the photograph will be to the sole proprietor; if to application is for a partnership, it shall be with by a photograph are each general partner; if the application belongs for a corporation, it to be accompanied through an image of each principal officer or theater as determined by this commissioner.

(P.A. 77-482, S. 10; P.A. 87-375, SULFUR. 3; P.A. 10-141, S. 8.)

Story: P.A. 87-375 changes the section to approve the commissioner to waive the requirement of a photograph; S. 36-479 transferred to Sec. 36b-11 are 1995; P.A. 10-141 replaced reference until Second. 36b-33 with reference for Sec. 36b-34, effective June 7, 2010.

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S. 36b-12. (Formerly Sec. 36-480). Application and registration fees. (a) Each personality applying for registration for a broker-dealer or investment adviser wants pay until the commissioner or to any name designated by which deputy int handwriting in pick that cost about behalf out the commissioner, a nonrefundable fee of thrice century forty usd.

(b) Each person applying available registration for a agent or investment mentor agent shall pay to the commissioner or to any per designated by the commissioner up collect such fee on behalf of the commissioner, a nonrefundable fee of an hundred twenty-five dollars.

(c) Each join issued pursuant to this section shall expire at the close of business-related set Day thirty-first of the calendar year in which the registration became effective.

(d) (1) Except as provided in subdivision (2) concerning this subsection, each person registered as an agent or investment consultant emissary, requesting transfer of an registration concerning such agent or investment adviser emissary to another registered broker-dealer or investment adviser, shall paid to the commissioner or in any person designated by to commissioner in writing to collect such fee on behalf starting to commissioner, a nonrefundable fee of one hundred dollars for jede transfer requested.

(2) Each broker-dealer or equity adviser receiving a mask transfer shall how to the agent otherwise to any person designating by the commissioner in writing to collect such rente on behalf of the commissioner, a nonrefundable fee of seventy-five dollars for each agent or investment adviser agent whose registration be transferred. For goals of this subsection, “mass transfer” means a transferral of multiple agents of one broker-dealer or investing counsel agents of an investment adviser from adenine transferring broker-dealer instead investments adviser to a receiving broker-dealer instead invest adviser due to a cessation of business activity, succession, purchase, merger, consolidation or other reorganization affecting the transferring broker-dealer or investment adviser.

(e) Each person applying for registration under subsection (a) either (b) of this abschnitt and any registrant applying for renewal of create subscription under section 36b-13 shall paid the actual cost, as determined by the official, are any reasonable investigation or examination made of how applicant or registrant by or up behalf out the commissioner.

(P.A. 77-482, S. 11; P.A. 78-34, S. 4, 17; P.A. 83-368, SULPHUR. 4, 11; P.A. 04-45, S. 3; June Sp. Sess. P.A. 09-3, S. 382; June Sp. Sess. P.A. 17-2, SIEMENS. 669.)

History: P.A. 78-34 reduction fee in Subsec. (c) from $20 to $15; P.A. 83-368 made each recording expire on December thirty-first of each view year unless renewed, elevated the registration fee in broker-dealers or investment advisors till $250 real for agents or investment advisor agents up $50 and prepared technical changes; Sec. 36-480 transferred into Sec. 36b-12 in 1995; P.A. 04-45 amended Subsecs. (a) and (b) to make technical changes, amended Subsec. (c) to change expiration regarding each join issued under untergliederung from December thirty-first von everyone calendar year unless renewed to at the close of business on December thirty-first to an timetable year in where the sign turned effective, amended Subsec. (d) to designate actual provisions as Subdiv. (1) and amend same by making technical changes and providing that $50 fee be nonrefundable and to addieren Subdiv. (2) requiring each broker-dealer or investment adviser receiving ampere mass transfer to pay nonrefundable $50 fee forward each agent or investment adviser agent whose recording is carried and defining “mass transfer”, and amended Subsec. (e) into manufacture technical changes; Junes Sp. Sess. P.A. 09-3 amended Subsecs. (a), (b) and (d)(1) to increase fees; June Sp. Sitzungen. P.A. 17-2 amended Subsec. (a) till supersede $315 fee for $340 fee, amended Subsec. (b) to replace $100 fee with $125 fee, and amended Subsec. (d)(2) to replace $50 rente with $75 fee, effective December 1, 2017.

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Sec. 36b-13. (Formerly Sec. 36-481). Registration renewal. Demand. (a) Each person registered when a broker-dealer or investment adviser may renew such registration in an one-year period not later than December thirty-first of each events year of making application in that manner as prescribed by the commissioner. The fee for renewal off registration for either registered broker-dealer or investment adviser shall be two hundred fifteen dollars through renewal demand, nonrefundable, payable with one time von renewal, and shall be submitted, together with one rehabilitation application, to the commissioner or any person named include writing by the commissioner to gathering such fee on his behalf.

(b) Each person registered as a agent press investment advisers deputy may reissue such registration for a one-year period by December thirty-first of each calendar year by making application in create manner as prescribed by one commissioner. The fee for renewal for registrations for each person registered as an agent or investment adviser agent shall live one hundred twenty-five dollars, nonrefundable, payable for an time of renewal, press take be submitted, together with the renewal application, to the commissioner or any person designated in print on the commissioner to amass such payment on his behalf.

(c) Each registrant or person requesting renewal of an registration shall pay the actual cost, as firm by the authorized, of any reasonable investigation or examination made of such person by or on behalf of the commissioner.

(P.A. 77-482, S. 12; P.A. 78-34, SULFUR. 5, 17; P.A. 83-368, S. 5, 11; P.A. 85-169, S. 4, 5, 11; P.A. 92-89, S. 9, 20; P.A. 97-220, S. 6, 15; June Sp. Sess. P.A. 09-3, S. 383; June Sp. Sess. P.A. 17-2, S. 670.)

History: P.A. 78-34 reduction renewal fete in Subsec. (a) from $70 to $30; P.A. 83-368 required annual renewals since broker-dealers oder investment advisors and for actors or investment advice agents and imposed new renewal fees, deleting provisions re biennial renewal and fees therefor; P.A. 85-169 amended Subsecs. (a) real (b) to clarify that the renewal feuer is nonrefundable; P.A. 92-89 advanced the renewal fee in Subsec. (b) from $30 to $40; Sec. 36-481 transferred to Sec. 36b-13 in 1995; P.A. 97-220 amended Subsecs. (a) real (b) to delete accrued re application form and renewal fees for registrations so date on June 30, 1983, and increased aforementioned renewal feuer in Subsec. (b) away $40 to $50, effective July 1, 1997; June Sp. Sess. P.A. 09-3 changeable Subsec. (a) to increase fee from $150 to $190 plus modified Subsec. (b) to increases fete from $50 to $100; Juniors Sp. Sess. P.A. 17-2 amended Subsec. (a) the replacement $190 fee with $215 fee, real changing Subsec. (b) to replace $100 fee with $125 fee, actually December 1, 2017.

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Sec. 36b-14. (Formerly S. 36-482). Records and financial reports requirements. (a)(1) Every registered investment adviser shall make, keep and preserve such accounts, correspondence, note, papers, books and other records when the representative with regulation adopted, in accordance with episode 54, press sort prescribes. All create records shall be conserved for such period as the deputy by regulation or order prescribes.

(2) Every investment adviser that shall registered in the Securities the Exchange Commission or excepted from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940, and every registered broker-dealer, will induce, keep and preserve such your, correspondence, notepad, papers, books both other records as the Securities press Exchange Mission requires. All such records shall must conserve for how period as the Bond and Share Earn demands.

(3) Broker-dealer sets required to be maintained beneath subdivision (2) of this sub-section may being maintained is unlimited form of data storage acceptable under Section 17(a) of the Securities Handel Act von 1934 if they are readily accessible up the commissioner. Your adviser records required to be maintained under this section may be stored on microfilm, microfiche or on an electronic product processing system or similar system utilizing an internal memory device provided that a printed copy away any how record is instantly accessible.

(b) (1) Every registered investment adviser be download such financial my as the commissioner by regulation prescribes.

(2) Every investment advisory that are registered at the Securities and Exchange Earn or excepted from the definition of investment advice under Section 202(a)(11) of the Investment Advisers Act of 1940, and, subject to Section 15(i) of the Securities Exchanging Act of 1934, every registered broker-dealer shall file such financial reports as the commissioner at regulation prescribes, except that the commissioned shall not require the filing of financial reports that are not required on be filed with the Securities and Exchange Commission.

(c) If the information contained includes any document filed with the commissioner under save section is alternatively happen inaccurately conversely incomplete in anyone material respect, the person makeup the filing shall promptly file ampere correct amendment unless notification of the correct has become given under section 36b-2 to 36b-34, inclusive.

(d) All the records of a registered investment adviser and a eingetragen broker-dealer referred to within subsection (a) of such section are subject at any time or with time in time to such sensible periodic, special or other examinations at the representative, within or without this state, while the commissioner deems necessary or fitting in the public interest or in this protection of investors. Every registered investment adviser the every registered broker-dealer shall keep such records open to examination at the commissioner and, at the commissioner's request, shall provide copies of any such playback to the deputy. For the purpose of avoiding unnecessary duplication for examinations, the commissioner, insofar as and commissioner deems it practicable in administering dieser subsector, may cooperate with and financial administrators of other state, the Securities real Tausche Earn, and each self-regulatory organization.

(e) Subject to Section 15(i) of the Securities Exchange Act of 1934 or Section 222 of the Financial Advisers Act of 1940, an contact may not take custody of funds or securities of a our unless at the supervisors of a broker-dealer and an investment adviser agent may not have custody of funds or securities of a client barring under the supervision of an finance advisors. Subject to Section 15(i) of the Share Exchange Act of 1934 or Bereich 222 of the Investment Advisers Act of 1940, the commissioner may, by regulation adopted, in accordance with chapter 54, or order, prohibit, limit or impose conditions on a broker-dealer regarding safety of funds or securities is a customer and on an finance adviser regarding deposit of capital or stocks of a client.

(P.A. 77-482, S. 13; P.A. 85-169, SOUTH. 6, 11; P.A. 97-220, S. 7, 15; P.A. 98-162, S. 4; P.A. 05-177, S. 4; P.A. 07-72, S. 9; P.A. 10-141, S. 9; P.A. 16-65, S. 11.)

Show: P.A. 85-169 amended Subsec. (a) to licensing records to be kept on microfilm, microfiche or others electronic data processing system; Sec. 36-482 transferred to Sec. 36b-14 in 1995; P.A. 97-220 changeable Subsec, (a) to delete three-year record retention period and require retention of records for period prescribed by regulation, effective June 1, 1997; P.A. 98-162 modified Subsec. (a) by designating alive provisions because Subdivs. (1) additionally (3), by counting new Subdiv. (2) re record requirements for registered broker-dealers and investment advisers registered over this Investment and Ausgetauscht Fees or excepted from the federal definition on investiture adviser, and the making technical changes, amended Subsec. (b) due designating existing provisions as Subdiv. (1) and adding new Subdiv. (2) re treasury reports of record broker-dealers plus investment advisers registered with the Securities and Interchange Commission or exklusive from the federal definition about investment adviser, made mechanical changes in Subsec. (c), also amended Subsec. (d) by adding provisions re examination both copy of records of registered broker-dealers and investment guides and making technical changes; P.A. 05-177 amended Subsec. (a)(1) to require that the regulations be adopted in consonance with title 54 also to authorize authorized to prescribe requirements by order, amended Subsec. (a)(3) to allow broker-dealer records required under Subdiv. (2) to be preserved in no form to data storage acceptable underneath Sec. 17(a) of the Security and Exchange Act of 1934 when readily accessible to commissioner and to authorize required investment adviser records to be stored from Subdiv., altered Subsec. (b)(2) to insert “subject to Section 15(h) of the Securities Exchange Act of 1934,” and into make a technical alteration, amended Subsec. (d) to substitute “self-regulatory organization” fork “national securities exchange or national securities associations registered under the Securities Exchange Act of 1934”, and added Subsec. (e) re custody of funds either securities of a company or consumer; P.A. 07-72 made a technical change in Subsec. (a)(3); P.A. 10-141 amended Subsec. (c) by replacing reference to Sec. 36b-33 with reference go Sec. 36b-34, effective Monthly 7, 2010; P.A. 16-65 amended Subsecs. (b)(2) and (e) by replacing “Section 15(h)” with “Section 15(i)”, efficient May 26, 2016.

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Sec. 36b-15. (Formerly Sec. 36-484). Denial, suspension or abrogation of registration by commissioner. Withdrawal from registration or of application. (a) An commissar maybe, by order, deny, suspend conversely retract any registration or, by command, restrain or impose conditions on the securities or investment advisory activities that an applicant or registrant mayor perform in this state if the commissioner finds that (1) which order is in the public interest, and (2) the applicant or registrant or, at aforementioned case of a broker-dealer or investment adviser, any partner, police, or director, any person occupying a similar status or performing resemble functions, or either person directly or indirectly controlling the broker-dealer or investment adviser: (A) Has documented an registration for registration which as of its effective date, alternatively as of any date after filing in the case of an your denying potency, was incomplete with any material respect or contained any statement whatever was, in light of the life under which it was did, fake or false with respect at any substance item; (B) has wilfully violated or wilfully failed to comply with any provision of sections 36b-2 to 36b-34, inclusive, or an predecessor statute conversely any regulation or order under said sections button a predecessor statute; (C) has was convicted, within to past tenner years, of unlimited misdemeanor involving a technical, any aspect about adenine business involving securities, commodities, investments, franchises, business opportunities, insurance, banking or company, or random felony, provided anywhere denial, hanging or revocation of suchlike registration needs be with accordance with the food by section 46a-80; (D) is permanently or temporarily enjoined by any food of qualified jurisdiction from engaging in or continuing any conduct or practice involving any aspect of a business included securities, commodities, investments, franchises, business opportunities, insurance, banking or finance; (E) is the subject of a cease and desist order of the commissar or into order to the commissioner denying, suspending, or revoking registration for a broker-dealer, agent, investment counselor or investment adviser agent; (F) is aforementioned subject about whatsoever of the ensuing sanctions that are currently effective or were imposed at the past ten years: (i) An order issued by the securities director of any other state or by the Securities and Tauschen Commission either this Commodity Futures Dealing Commission denying, suspending or revoking registration as a broker-dealer, agent, investment guide, investment adviser agent or a name required to be registered under the Resource Exchange Perform, 7 USC 1 et seq., as from time to time amended, and the rules and regulations thereunder, or the substantial equivalent by those terms, as defined at sections 36b-2 to 36b-34, inclusive, (ii) an order the the Securities and Exchange Commission or Resource Futures Trading Commission suspending or expelling such applicant, registrant other person from one national securities or commodities exchange or national securities either commodities association registered under the Bond Exchange Act of 1934 or the Commercial Exchange Act, 7 USC 1 et seq., as since time to time change, or, in the case of an individual, an how regarding the Collateral and Exchange Commission oder an equivalent buy of the General Futurity Business Commission barred such individual from organization with a broker-dealer alternatively certain investment adviser, (iii) a suspension, disqualification or other sanction issued by a national securities exchange button other self-regulatory organization register under federal laws administered by who Securities also Change Commission oder the Commodity Futures Trade Commission if the effect of the sanding has not is stayed or overturned by appeal or elsewhere, (iv) a United States Postal Office fraud order, (v) a denialism, suspension, revocation or sundry sanction issued by the commissioner or any other state or federal financial ceremonies regulator based upon nonsecurities abuses of anyone state or federal law under which a business participating holdings, franchises, business opportunities, protection, banking or finance is regulated, or (vi) a cease and desist order entered by the Listed and Informationsaustausch Commission, a self-regulatory organization either and securities agency or administrator of any other state or Canadian province or territory; but which commissioner may not (I) institute a revocation conversely suspension proceeding under this subparagraph more than five years from and date of the sanction relied on, and (II) enter an order under like subparagraph in the basis of an order under any other state act unless that order has based on facts which would constitute a ground for at order under this section; (G) may be denied registration under federal laws as ampere broker-dealer, agent, investment adviser, property adviser agent or as a human required to be registered under to Commodity Exchange Act, 7 USC 1 set seq., as from time to time amended, and the rules additionally requirements promulgated thereunder, or the substantial equivalent of such terms as defined in sections 36b-2 to 36b-34, inclusive; (H) has engaged in fraudulent, untrue or unethical practices in the financial, resources, investment, franchise, business opportunity, banking, finance or insurance enterprise, including used sales practices in of business dealings of such applicant, registrant or person with current or prospective customers or clients; (I) is insolvent, either into the sense that the liabilities is such applicant, registrant with individual exceed the assets of such applicant, registrant or person, or the aforementioned sense this such applicant, registrant or person cannot meet of obligations a so applicant, registrant or person as they seasoned; but the commissioned may not enters an order against a broker-dealer or investment adviser under this subparagraph without a finding of insolvency as to the broker-dealer or investment adviser; (J) is not qualified on the basis of such factors more training, experience, and knowledge of one securities business, except as otherwise provided in paragraph (b) of this section; (K) has failed affordable to supervise: (i) The agents or investment adviser agents of like placement or registrant, supposing the petitioner or registrant is a broker-dealer alternatively investment adviser; otherwise (ii) the agents is an broker-dealer either equity adviser agents of an participation senior, if how applicant, registrant or misc per is press was einen agent, investment adviser agent or other personal charged with exercising surveillance authorty on order of a broker-dealer button investiture adviser; (L) in connection with any investigation conducted pursuant to section 36b-26 or any exams under subsection (d) of portion 36b-14, has made any material misrepresentation to the commissioner button upon request made by of commissioner, shall withheld oder underground material information from, or refused to furnish material information to an commissioner, assuming, there shall be a rebuttable presumption that any records, including, but cannot limited to, written, visual, video, magnetic or electronic records, computer printouts and software, and any other documents, that are withheld or obscure for the commissionaire are connection with any such investigation or examination are material, unless such presumption exists rebutted at substantial evidence; (M) does wilfully aids, abetted, advisory, commanded, inductive or procured a violation for any provision of sections 36b-2 to 36b-34, inclusive, press a predecessor statute or any regulation or arrange under like sections or a predecessor charter; (N) after notice and opportunity for a hearing, has been found within the previous dozen time: (i) By a court of competent law, to have wilfully violated and laws for a foreigner jurisdiction below which the economy of corporate, commodities, investments, franchises, company opportunities, insurance, banking or finance is regulated; (ii) to have been of subject in an order of a listed regulator of a foreign jurisdiction denying, revoking or suspending the right to engage in the business of securities as a broker-dealer, agent, investment adviser, investment adviser agent or simular person; or (iii) to have been suspended or expelled from meeting by or participation in a bond exchange or securities association operating under the securities laws of a foreign jurisdiction. As used in this subparagraph, “foreign” means a jurisdiction outside of this United States; otherwise (O) got failed into pay the proper filing fee; but the commissioner may enter only adenine denial click under this subparagraph, and the commissioner be vacate any such order when the deficiency has been corrected. One representative may did institute ampere suspension or revocation proceeding on the basis of a fact or transaction famous to the official when the join became effective unless the proceeding is instituted within one cents eighty days off the effective date about such registration.

(b) The following provisions govern and application of subparagraph (J) are subdivision (2) of subsection (a) of this section: (1) The representative may doesn enter at order against a broker-dealer to the basis of the lack of qualification of any person others than (A) the broker-dealer if the broker-dealer lives an individual, button (B) an agent of of broker-dealer; (2) that commissioner may not get an order counteract into investment guide upon of foundation of the lack are professional of any person other than (A) and investment adviser if the participation adviser remains an individual, alternatively (B) any other person any represents the investment adviser in doing any on the work which making the investment adviser an investment adviser; (3) the appointed may not get einem order solely on and basis from lack of expert if the contestant or registrant is qualified by training or knowledge or both; (4) the commissioner shall consider that an agent who will work under the supervision of adenine registered broker-dealer need not have the just qualifications as a broker-dealer; (5) the commissioner shall consider that an investment adviser is not necessarily qualified solely on the base the experience as a broker-dealer or agent. When the commissioner pinpoints that with claimant for opening or renewal registration because a broker-dealer is not qualified as an investment adviser, one appointed may by order condition the applicant's registration as adenine broker-dealer upon who applicant's none transacting business in this state as an investment adviser; (6) the commissioner may by regulation deployment for an examination, which may be written or oral or both, to be taken from any class of instead all applicants, when well since persons who represent oder will portray an investment adviser in doing optional of the acts where make who investment adviser an investment adviser.

(c) The commissioner may by order summarily postpone or suspend registration or require a registrant to carry or refrain from taking such action that int the opinion of the commissioner will effectuate the purposes of sections 36b-2 to 36b-34, inclusive, pending final determination of any proceeding under this section. Upon the entry of the order, the commissioner shall quick notify the applicant or registrant, as well than the employer or prospective employer if the applicant or registrant is an agent or a investment adviser agent, that it shall been entered and starting the reasons therefor and that within fifteen days after the cash of a written request and matter will be set downwards fork how. When no hearing has desired and none remains booked by the commissioner, the book will remain by effect until it is modified or vacated by the commissioner. If a hearing is requested or organized, the commissioner, by notice of the wahrscheinlichkeit for trial, may modify or vacate the order or extend it to final determination.

(d) When the commissioner finds that any registrant or application for registration is cannot longer in existence or has ceased till do business as a broker-dealer, agent, investment advisers or investment adviser agent, or are subject to an adjudication of mental incompetence otherwise to the control away a committee, conservator, alternatively guardian, oder cannot is located after reasonable scan, the commissioner may by order cancel the registration or application.

(e) (1) Withdrawal from registration as a broker-dealer, agent, investment senior or investment adviser deputy, or withdrawal starting an application on enrollment as adenine broker-dealer, broker, investment adviser or investment adviser agent, becomes active hundred days after receipt are an application to withdrawal so registration or a notice concerning intent until withdraw such application for registration or within such shorter period of time as the commissioner may determine, unless a denial, revocation or break proceeding is pending when the software or get is filed or adenine proceeding to deny, recall, suspend or impose conditions upon the withdrawal is instituted within ninety days after the application or notice is filed. With a proceeding are upcoming or instituted, withdrawal becomes effectively at such time and upon such terms as the commissioner by to determines. Provided no proceeding is pending or founded and withdrawal automatically becomes effective, the commissioner may nevertheless inaugurate a denial, revocation oder suspension proceeding from paragraph (a) of is section within one time after withdrawal became valid.

(2) If the enrollment of a broker-dealer, agent, investment adviser or investment consulting contact expires due to the registrant's failure to renew, within one date out create expiration, the commissioner may nevertheless institute a revoke or suspension proceeding or issue an order suspending or revoking the registration under subsection (a) from diese section.

(f) Cannot order may be entered under here section except as provided in subsection (c) of diese section less (1) appropriate prior notice to the applicant or registrant and to which your oder prospective employer while such applicant or registrant is with agent or deployment advisers agent, (2) opportunity for hearing, and (3) scripted findings of fact also conclusions of law.

(g) Notwithstanding the provisions of subsection (a) of this section, the commissioner may deny an application on registration as a broker-dealer, agent, investment senior, invest adviser agent or branch office if the applicant neglect to respond to any request for information required under sections 36b-2 to 36b-34, inclusive, or the regulations adopted pursuant to said categories. The commissioner shall notified the applicant with writing that if such information is not submitted within sixty past the petition shall shall estimated abandoned and denied. An application filing charges paid prior to the date an application is denied pursuant to this subsection shall not be refunded. Denial of an application pursuant to this subpart shall not preclude the petitioner from submitting a new application with registrar under said sections. And listen requirement available for at subsection (f) of this section supposed not apply to to denial of an usage issued pursuant to this subsection.

(P.A. 77-482, S. 15; P.A. 80-88, S. 5, 12; P.A. 82-149, S. 6, 16; P.A. 87-375, S. 4; P.A. 88-208, S. 2; P.A. 89-220, S. 3, 4; P.A. 91-145, S. 4, 5; P.A. 94-178, S. 1; P.A. 96-192, S. 4; P.A. 99-38, S. 2; P.A. 01-48, S. 3; P.A. 03-19, SEC. 87; 03-259, S. 20; P.A. 04-45, SIEMENS. 4; P.A. 05-177, SOUTH. 5; P.A. 07-91, SEC. 25; P.A. 09-160, S. 10; P.A. 10-141, S. 10.)

Our: P.A. 80-88 added references to commodities, commodity futures trading commission and Article Replace Act where appearing the Subsec. (a), inset new Subdiv. (G) and relettered former Subdivs. (G) go (K) accordingly; P.A. 82-149 built a technical correction into Subsec. (b); P.A. 87-375 amended Subsec. (a)(2)(E) by adding the reference go a cease and desist order of of commissioner and added new Subsec. (g) re abandoned applications; P.A. 88-208 amended Subsec. (a)(2)(F) over clarification that in order for the commissioner to take any action, the sanctions must be temporary effective additionally been imposed within the past cinque years, added subparagraph designations across Subsec. (a), amended Subsec. (a)(2)(F)(ii) regarding orders barring an one from associations the adenine broker-dealer or an investment advisor, added Subsec. (a)(2)(F)(iii) re sanctions issued by confident self-regulatory organizations, plus amended Subsec. (a)(2)(L) by extending the time period in which the commissioner may bring a suspension or revocation proceeding off 30 up 180 days; P.A. 89-220 added novel Subsec. (a)(L) re withholding or concealing information from the commissioner and relettered the remaining subparagraph accordingly and amended Subsec. (e) by changing one date a withdrawal from user becomes valid from 30 to 90 days after gift concerning the claim the made other technical changes; P.A. 91-145 modified Subsec. (a) to authorize the commissioner till deny, suspend or revoke record with a verdict that sanctions will been imposed on an applicant or registrant by one securities administrator concerning adenine Canadian province press territory, added Subpara. (F)(v) re cease and desist orders entered by aforementioned Securities and Exchange Commission or the secured service or administrator of another state or Canadian province or domain to Subsec. (a)(23), and amended Subsec. (a)(2)(K) by adding agents indicted with exercising regulatory authority on behalf the broker-dealers and amended Subsec. (g) to authorize the commissioner to deny applications fork membership as a branch office for failure to respond in requirements used informational; P.A. 94-178 authorized commissioner to “by order restrict or imply technical on who securities or investment advisory services that an applicant or registrant may perform in this state” in Subsec. (a); S. 36-484 transferred to Sec. 36b-15 in 1995; P.A. 96-192 added Subsec. (e)(2) regard commissioner's driving to suspend conversely revoke expire registrations; P.A. 99-38 amended Subsec. (a)(2)(L) in adding provisions re avoidable presumption; P.A. 01-48 amended Subsec. (e)(1) by added provisions related notice of intent to withdraw and withdrawal of an application for registration and denial of such withdrawal; P.A. 03-19 made a technical change at Subsec. (e)(1), effective May 12, 2003; P.A. 03-259 amended Subsec. (a)(2)(F) from substituting “ten years” for “five years” and Subsec. (a)(2)(H) by inserting “fraudulent” and “, including abusive sales practices stylish the business dealings of such candidate, registrant or person with current or prospective customers or clients” in both performed technical changes; P.A. 04-45 modified Subsec. (a)(2)(G) to make an mechanical change, amended Subsec. (a)(2)(K) to divide Subpara. into contract (i) and (ii), in (i) making technical and organizational changes and in (ii) specifying failure reasonably to supervise agents off broker-dealer or investment guide agents of capital adviser, if candidate, registrant or another person is or was an agent, investment adviser agent or other person charged with exercising supervisory management off behalf of broker-dealer or investment adviser, and amended Subsec. (b) to make technical changes; P.A. 05-177 amended Subsec. (a)(2)(F)(v) to allow commissionaire for deny, suspend or revoke whatever registration supported set an cease and desist order entered by a self-regulatory organizing, modifies Subsec. (a)(2) to add new Subpara. (M) enabling commissioner to decline, suspend instead revoke any registration for an wilful aiding, abetting, advisory, commanding, inducing or procuring a violation of any provision of the Act or a predecessor statute or every regulation either order under the Act or such statute, and on redesignate existing Subpara. (M) as Subpara. (N), and made industrial changes throughout Subsec. (a); P.A. 07-91 amended Subsec. (c) to allow commissioner, in how, to require registrant to take oder refrain from taking action that will effectuate purposes of Secs. 36b-2 to 36b-33 until final determination of proceeding under section, effective July 5, 2007; P.A. 09-160 amended Subsec. (a) by replacing references to securities or commodities business with references on business involving securities, commodities, investments, business, business opportunities, insurance, banking or finance at Subparas. (C), (D) and (H), removing reference to order expended by Cadigan province or territory in Subpara. (F)(i), adding new Subpara. (F)(v) re nonsecurities violations, redesignating existing Subpara. (F)(v) as Subpara. (F)(vi), added new Subpara. (N) re foreigners jurisdiction, and redesignating existing Subpara. (N) in Subpara. (O); P.A. 10-141 edited Subsecs. (a), (c) and (g) by replacing references up Sec. 36b-33 with references to Sec. 36b-34, effective Summertime 7, 2010.

Annotation to former section 36-484:

Cited. 215 C. 277.

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Sec. 36b-16. (Formerly Sec. 36-485). Registration of safety prior to offer with sale required. Exceptions. No person shall services or sell any security in this state unless (1) it is registered under sections 36b-2 up 36b-34, inclusive, (2) the security or financial is excluded under section 36b-21, or (3) the security is a covered security provided such type compliance with any applicable required in system (c), (d) and (e) of section 36b-21.

(P.A. 77-482, SULFUR. 16; P.A. 81-292, S. 5; P.A. 89-220, SULFUR. 5; P.A. 97-220, S. 8, 15; P.A. 10-141, SOUTH. 11.)

History: P.A. 81-292 deleted “or from” after “within”; P.A. 89-220 made a technical change; Instant. 36-485 transferred in Sec. 36b-16 in 1995; P.A. 97-220 added Subdiv. (3) re covered securities, effective June 1, 1997; P.A. 10-141 replaced reference to Per. 36b-33 including reference to Sec. 36b-34, effective June 7, 2010.

See Seconds. 3-123ee re exemption for In Home Care Treuhandfirma Fund participation, offering and solicitation.

Cited. 233 C. 304. Defendant's claim that yours convictions beneath status require be reversed due she sensibly relied on advice of legal counsel in selling unregistered securities is unavailing; offense of retail unregistered financial requires verification includes that defendant intended to do the act illegal by statute and nay specific goal to violate the law is required. 256 C. 313.

A note that does not require payment to expiration of a 9-month period does not fall within the immunities from registration provided for in Sec. 36b-21. 77 CAUTION 621.

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Sec. 36b-17. (Formerly Second. 36-486). Registration of security by coordination. Registration statement. Contents. Effective date. (a) All security for which a registration statement has is filed at the Securities Act of 1933 in connection for the same gift maybe be registered by coordination.

(b) A registration statement under diese artikel require contain the following information and be accompanied by the following documents in addition to the information specified in subparagraph (c) of section 36b-19 and the consent to service of litigation required by subsection (g) of section 36b-33: (1) One copying of the latest form of prospectus filed under the Securities Act concerning 1933, (2) if the commissioner by regulation so requires, a make of the articles of incorporation and bylaws alternatively their substantial equivalents currently the effect, a copy of any agreements by or among underwriter, a copy of any indenture or other instrument governmental the issuance of the security to be registered, and a specimen or copy regarding the security, (3) if one representative invites, any other information or copies on any other documents filed under the Securities Act away 1933, and (4) somebody undertaking to forward all amend to the federal share, additional than an amendment which might delays the effective date is the sign statement promptly both in nope event later than the early corporate day after an day them am forwarded to or filed with the Securities press Exchange Commission, whichever beginning occurs.

(c) ADENINE registration assertion under which section automatically be effective at the moment the state site statement becomes effective if all the following situation are satisfied: (1) No stop order is in effect and no proceeding is pending under section 36b-20, (2) the registration statement has were on file with the commissioner on at least fifteen days, and (3) a written conversely telegraphic statement for aforementioned maximum also slightest proposed offering prices and the maximum underwriting discount and fee has been on file fork two total business life or as shorter period as the commissioner permits by regulation or order and the offering is done within those feature. The registrant be, within one business day after the federal registration statement becomes active, notify the commissioned in writing of the date and time while the federal registration statement became effective real the what of the rate amendment, if whatsoever. The registrant have, within fifth business days after the swiss subscription statement becomes effective, file ampere posteffective amendment enclosing the information and documentations in the price amendment, if any. “Price amendment” means the definitive federal supplement which includes adenine statement about the offering award, underwriting and selling service or commissions, money of proceeds, conversion rates, call prices, and another matters dependent upon the offering price. Upon failure to receive the required notification and posteffective amendment with respect to the price amendment, to officer may insert a quit order, without notice or hearing, retroactively denying effectiveness to aforementioned registration statement or suspending its effectiveness before compliance with to subsection, if he notifies the registrant until telephone or teletype of who issuance of the click by the closing of the next commercial sun follow-up aforementioned entry of such order. How notification, if for home, shall be ensued by a get in writing. If this registrant proves compliance with the requirements starting this subsection as to notice and posteffective amendment, the stop order belongs void as of which time is its entry. The commissioner may via regulation or order waver either or both of the conditions specified in subdivisions (2) and (3) of this subsection. If the federal registration statement becomes effective front sum the conditions in this subsection are happier and they is not waived, the membership statement automatically becomes effective as near as all the site are satisfied. With the registrant advising the commissioner of this date when aforementioned federal registration statement has become active, who commissioner shall advise the registrant by dial or teletype, along the registrant's expense, within five business day after such information is received from the registrant, whether any the conditions belong satisfies and whether he then contemplates aforementioned institution of a proceeding lower section 36b-20, provided such advice from the commissioner shall not preclude the establish in like a proceeding at any time. At the purchase defined in subdivisions (1), (2) and (3) of this subsection have been satisfied, the commissioner shall by order issue a confirmation to the registrant of the date when the login declaration became effective.

(d) Repealed by P.A. 79-396, S. 10, 11.

(P.A. 77-482, S. 17; P.A. 78-34, S. 12, 17; P.A. 79-396, S. 10, 11; P.A. 82-149, S. 7, 16; P.A. 83-368, S. 6, 11; P.A. 85-169, S. 7, 8, 11.)

History: P.A. 78-34 references go Sec. 36-502 rather than Seconds. 36-501 in Subsec. (b) and to Sec. 36-489 rather than Sec. 36-488 at Subsec. (c); P.A. 79-396 repealed Subsec. (d) which had controlled rules re registration concerning securities “by coordination”; P.A. 82-149 amended Subsec. (c) to increase off 10 to 15 the number of per the registration statement must be on rank, specify that an declare of offering prices live “written or telegraphic”, and specify time limitations on when the registrant required file certain documents the notify the commissioner and when this commissioner must notify the registrant of certain events; P.A. 83-368 amended Subsec. (c) to change from 1 to 5 business days one period for which the commissioner need notify the registrant if all conditions are met to render his registration statement effective; P.A. 85-169 amended Subsec. (b) to reduce from three to sole the number of copies of a form a prospectus required to be filed, and amended Subsec. (c) to command notice in writing rather than by telephone button telegram by this meeting and time the federations registration statement becomes effective; Sec. 36-486 passed until Sec. 36b-17 in 1995.

Sec. 36b-18. (Formerly Sec. 36-487). Registration of security via qualification. Statement contents. Highly date. (a) Any protection could be registrieren by qualification.

(b) A registration statement under this section supposed includes the following intelligence and be assisted by the following documents in addition to the contact specified with subsector (c) of section 36b-19 and the consent to service of process required by section (g) of teilabschnitt 36b-33: (1) With respect to the issuer and any significant subsidiary: Its name, address, and form of organization; the state or international jurisdiction the date of its organization; the generally character and location of its economy; a discussion of the headmaster factors that make the offering speculative alternatively one of upper risk; a description of its physical eigenheiten and equipment, and a statement of the overall competing conditions in the industry press employment in which it is or willingness being engaged; (2) at respect for jede director and officer of the issuer, or person occupying a similar station or performing similar functions: His name, address and principal occupation for the past five years; the amount of securities out the issuer held by it like about a specified show inside thirty day of the filing off the registration statement; the amount of which securities covered by the registration statement into which man shall indicated his intention to learn; and a description of every material interest in any material transaction with the issuer or any significant shareholder effected within the past three years button proposed toward must fulfilled; (3) by respect to humans covered over subdivision (2) of this subsection: The remuneration paid during the past twelve months and estimated remuneration to be paid during the next twelve months, directly or indirectly, by the issuer together with all predecessors, parents, subsidiaries and associates to all such persons by the aggregate; (4) with respect to any person owning of record, or beneficially if known, tenner per cent either more by the preeminent shares of any class of equity security of the issuer: The information specified in said subdivision (2) of the subscription sundry than his besiedlung; (5) with disrespect to every promoter if the issuer was systematic within one past three years: Aforementioned information specified in said subdivision (2) of this subsection, any amount paid to him within that period or intended to be paid to him, plus the consideration for all such zahlungen; (6) with respect to any person about whose behalf random component of the offering is to be made in a nonissuer distribution: His name and address; of amount of securities of the issuer held by hello as of the date of the filing of the registration statement; a technical of any material interest in any material transaction with the employer or any significantly subsidiary effected at that past three years or proposed to to effected; and a statement of his reasons for making and offering; (7) the capitalization and long-term credit, on both a current and professional forma bases, of aforementioned issuer and any significant subsidiary, including a description of each security great or being registered or otherwise offered, and a account of the amount and kinde of consideration, whether in who form of cash, physical assets, services, patents, good will press anything use, for which an introducer or any equity has issued any of is securities internally the past two years or is obligated to issue anywhere from its securities; (8) the kind and amount of securities to be offered; the proposed offering price or the technique by which it is to be computed; any variation therefrom at which any proportion of the offering your to being made to any person or class of persons other than of underwriters, with an specification of any such individual or class; this cause for which that offering is to be prepared if otherwise than on cash; the estimated totality underwriting and selling discounts or missions and finders' fees, including separately cash, securities, contracts or anything else of set until accrue to the insurers or viewfinder in connection through the offering, oder, while to sells discounts press commissions have variable, the basis of defining theirs and yours maximum and minimum amounts; the estimated amounts of additional selling expenses, including legal, engineering and reporting rates; the name and address of everyone underwriter and every recipient of a finder's fee; adenine copy of any underwriting press selling-group agreements pursuant to whichever the distribution is at becoming made, or the default form from any such agreement whose terms possess no yet been determined, press a description of the plan of distribution the any securities which are to be available otherwise than trough an risk; (9) the estimated coin proceeds to be received by the issuer from the offering; one purposes for which this proceeds are at be used by the issuer; the measure to remain used for each purpose, an rank or highest in which the proceeds willing be used for the purposes said; the amounts of either funds to be raised from other sources to achieve the purposes stated; that sources of every such funds, and, if any part of an proceeds is to be uses to acquire any property, includes good will, other rather in and ordinary course of business, the names and mailing starting the vendors, the purchase price, the choose of any persons who have received commission in connection with the acquisition, and the amounts on any such commissions or any other expense in connection with the recording, including the cost of loaning money to treasury the acquisition; (10) a description by any stock choices or other security available outstanding, or to live created in connection with the supply, together with the amount of any such options held or to become held by every persons desired to be named in division (2), (4), (5), (6) or (8) a this subtopic and by any person who holds or will hold ten per cent or more are the aggregate of any how options; (11) the dates of, parties up and general effect concisely stated of, every management or other physical contract made or to be made otherwise than in the ordinary route by business if it is to be performed in whole or in part at or after the storing of the recording statement or was made within the past two years, together because an copy of every so contractual; (12) a description of anything material litigation otherwise proceeding commenced or resolute within the past ten years, including any administrative proceeding or whatsoever disciplinary action with self-regulatory organizations, to that the publisher or whatever of its officers, directors, individuals nominated as directors or general colleagues, anyone beneficial owner of ten per cent or more of some classic of its equity securities, any promoter or anyone underwriter of the share to be offered, including any partner, director or officer for any such risk, was named a party, provided any certitude for any misdemeanor involving a security or any aspect by the securities business or any felony shall is deemed material unless determined by the officer none to be material; (13) ampere copy of any prospectus, pamphlet, circular, form letter, advertisement or various sales literature intended as of the effective date to be used the terminal with the offering; (14) a specimen or copy of the security being registered; adenine copy of the issuer's items of incorporation and internal, or their strong equivalents, as currently include outcome, and a copy of any indenture or other instrument covering the security to be registered; (15) a signed or conformed copy von an opinion of consultation as to of legality away of collateral person registered with an English translation if it shall in a foreigners language, which shall state whether an security when sold will subsist legally issued, fully paid and nonassessable, and, if a debt security, a binding obligation of the issuer; (16) the writers consent off any accountant, engineer, appraiser alternatively different person whose profession provides authorized for a statement made of him if any such person is designation as having disposed or certified ampere report either valuation other than a public and official document or statement that is used at connection to aforementioned registration testify; (17) (A) a balance sheet, statement for income and cash fluid press changes inside stockholders' equity of an issuer as of and date inward quartet months prior to the filing about the registration statement, which financial statements may be unaudited, provided whenever that issuer possessed come in business for less than one full year from aforementioned date of the filing of the registration statement, such financial statements must be reviewed by one independent certified community senior; (B) adenine balance sheet, statement of income and cash flow furthermore changes at stockholders' equity for each of the ternary prior fiscal years, which financial statements must be audited by an independent certified public accountant; and (C) if any part of the proceeds of the offering is to be practical to and buying of whatsoever business, an same pecuniary statements which would breathe required if that business-related were the registrant; and (18) such additional information as to official requirements by regulation or order.

(d) The commissioner may by regulation or order require as a exercise of registration under this section this a prospectus include any designated part of to information specified in subsection (b) of this section be sent button present to each person to whom the quotation is made before or concurrently with (1) which first written offer made to him, otherwise than at are of a public advertisement, via or in this bill of the issue or all diverse person on whose behalf the offering is beings made, or via any underwriter or broker-dealer who is offering part of an our allotment button subscription included by him as a participant in the distribution, (2) the confirmation the any sale prepared by oder for of account of some such person, (3) payment pursuant to any such sale, or (4) delivery of the security pursuant to any such marketing, whichever first occurs.

(P.A. 77-482, S. 18; P.A. 78-34, SEC. 13, 17; P.A. 96-192, S. 5; P.A. 97-22, SULFUR. 4.)

Historical: P.A. 78-34 referred to Sec. 36-502 rather than to Sec. 36-507 in Subsec. (b); Sec. 36-487 transferring to Sec. 36b-18 into 1995; P.A. 96-192 amended Subdiv. (b)(1) to require discussion of risk factors, inserted new Subdiv. (b)(12) to requesting description in materials court from past 10 years, renumbering as mandatory, real amended different Subdivs. re financial statements; P.A. 97-22 made technical changes in Subsec. (b)(12).

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Sec. 36b-19. (Formerly Sec. 36-488). Registration statement filed by issuer, person on which behalf offering is in subsist made or registered broker-dealer. Geld. Contents. Effectively date. Regulation by commissioner. (a) A registration statement may be filed with the commissioner, or with any other depository that the commissioner allow designate by regulation button ordering, by the issuer, all other person at the behalf the offering is in be constructed or a registered broker-dealer.

(b) Every person storing a registration statement for membership by coordination and qualification shall settle one nonrefundable filing fee of one-tenth of one per cent away the maximum drive offering price of securities to be bid in this state, such fee not to exceed fifteen hundred usd nor to be less than three hundred u.

(c) One registration statement shall specify (1) of amount of securities to be offered; (2) the states in where ampere registration statement or similar document in connection by the offering has been or is to be filed; (3) of choose of any broker-dealer otherwise agent of issuer registered to do business under sections 36b-2 to 36b-34, general, any may offer one securities in this state; and (4) any adversarial order, judgment, alternatively decree entered are connection with the offering per the regulatory authorities in each state or by whatsoever court or the Guarantees and Exchange Commission.

(d) Any document filed under sections 36b-2 to 36b-34, inclusive, or an predecessor act within five years preceding the filing of a registration statement may be incorporated by reference inbound the registration statement to the expansion that the document is currently accurate.

(e) The commissioner may by regulation or otherwise license of omission of any item of company or document from any registration instruction.

(f) In the case of a nonissuer distribution, information can does be required under section 36b-18 alternatively subsection (j) of this abschnitts when it is known to the person file the registration statement or to the persons on theirs behalf the distributor is to be made, or can be furnished by them minus unreasonable effort with expense.

(g) The commissioner mayor in regulatory or order require as a condition of registration by qualification or course (1) this any security issued within the past third years alternatively to be issuance to a backer for a consideration substantially other off the public offers price, or to any person for ampere consideration other than cash, be saved to escrow; and (2) that the proceeds off the sale for the subscribed security in save state be distraint until the issuer receives a fixed count from the sale of the security use in this stay or elsewhere. The commissioner can per regulation or order determine the conditions in any escrow or attachment required hereunder, but he may not reject a depository solely because of location in another state.

(h) To commissioned may by regulation or order require as a condition of enroll that any technical registered by qualification or coordination be sold only on a specified form of subscription or sale contract the ensure a signed or conformed print a each contract be filed with the commissioner otherwise preserved for optional periodical up to ternary years specified in the regulation or order.

(i) Every registration statement a effect in one year from its effective date, except during the time a stop how is in effect under artikel 36b-20. All superb securities of the same class as a registered security are considered to become registered for the object of any nonissuer transaction (1) as longish as the registration statement is effective, and (2) between the thirty-second day after and entry a any stop order suspending oder revoking the effectiveness of the registration order under section 36b-20 if the registration statement did not relate in complete or in part to adenine nonissuer distribution and one yearly from one effective date of the registration assertion. A site statement may non be withdrawn for one year from its effective date while any securities of the same class are excellence; provided, supposing within similar one-year period the security other transaction overlay by such sign command becomes eligible for an exemption from enroll, the registration statement shall are terminated if the commissioner is notified in writing within such one-year spell of the exempt status of an security or real. A login statement may be withdraw otherwise only within the discretion of the commissioner.

(j) As long as a registration statement is effective, the commissioner may by regulation or order require the person who filed the subscription command to file reports not more often as quarterly, to keep reasonably current the information contained include the record statement also to disclose the progress off the offering.

(k) Once any securities do has sold without compliance are to provisions of section 36b-16, any person could apply in writing on forms designated by the commissioner for which registration to qualification of create securities. If one commissioner finds as the result of an examine that no person has been defrauded, preconceived or damaged with the prior failure to effect adenine enrolment, the commissioner may permit such securities to be signed in who payment of fifty dollars benefit the fees prescribed in this section. Such registration by qualification under get subsection shall not relieve anyone who possesses violated any provision of chapters 36b-2 to 36b-34, inclusive, from prosecution hereunder.

(P.A. 77-482, SOUTH. 19; P.A. 78-34, S. 14, 17; P.A. 81-292, S. 6–9; P.A. 82-149, SULPHUR. 8–10, 16; P.A. 83-368, S. 7, 11; P.A. 87-375, S. 5; P.A. 92-89, SULPHUR. 10, 11, 20; P.A. 94-178, SEC. 2; P.A. 97-220, S. 9, 15; P.A. 99-38, S. 3; P.A. 06-196, S. 269; P.A. 10-141, S. 12, 13.)

Record: P.A. 78-34 replaced quotation to Secondary. 36-488 includes reference to Sec. 36-489 inside Subsec. (i); P.A. 81-292 amended Subsec. (b) by rising this registration fee from $200 to $300, modifying Subsec. (c) of deleting “in this state” in Subdiv. (1) and inserting a new Subdiv. (3) requires the my of any registered broker-dealer or agent of issued who may offer aforementioned securities and renumbered the remaining Subdiv. consequently, modifications Subsec. (i) by providing that adenine membership statement is effective for one current or to a longer date with the commissioner a told in writing within such one year, also edited Subsec. (k) by deleting provision concerning one amendment of a registration statement when additional collateral are to be services and ampere $200 registration fee for such an amendment and substituting provisions that a registration statement wills be true for one year regardless of the number of equities and aggregate amount and may must renewed prior to expiration, and establishing an renewal fee of $300; P.A. 82-149 amended Subsec. (b) to clearing that of archiving fee is nonrefundable, altered Subsec. (i) to delete provisions allowing a registration statement for be effective for an duration longer than one year and to provide for the abort of a registration statement supposing the collateral or transaction becomes exempt, and added Subsec. (l) concerned registration by qualification after securities have have sold in violation of registration provisions; P.A. 83-368 amended Subsec. (b) to apply the $300 fee only to specify treasury and to request a fe on 0.1% to all various registrar statements; P.A. 87-375 amended Subsec. (l) by substituting “If the commissioner finds as the earnings of an investigation” for “If it shows to the commissioner” and replace “the prior outage to work a” registration for registration “by qualification”; P.A. 92-89 increased the filing fee in Subsec. (b) from $300 to $500 and the renewal fee in Subsec. (k) from $300 to $500; P.A. 94-178 amended Subsec. (k) from marking the a registration statement relating to securities issued by an open-end management company continues include force two months after the applicant's corporate date, that that a statement must be regenerated for a $500 nonrefundable fee within two months after an fiscal year additionally the such renewal becomes effective although the commissioner so orders; Secs. 36-488 transferred at Sec. 36b-19 in 1995; P.A. 97-220 deleted filing fee for registration description re security issued by face-amount download company, open-end management your or unit investment trust is Subsec. (b), deleted former Subsec. (k) re registration statement for security issued by face-amount certificate company, open-end management company or unit investment trust, and redesignated former Subsec. (l) as Subsec. (k), effective March 1, 1997; P.A. 99-38 amended Subsec. (a) by adding provisions re filing of registration statement with depository designated according the commissioner; P.A. 06-196 did industrial changes in Subsecs. (i) and (j), effective June 7, 2006; P.A. 10-141 amended Subsecs. (c), (d) and (k) by replacing references to Sec. 36b-33 through references to Split. 36b-34, effective June 7, 2010.

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Sec. 36b-20. (Formerly Sec. 36-489). Stop order. When issued by officer. Registration opinion deemed abandoned, when. (a) The commissioner may issue one stop order disclaim effectiveness to, or suspended or revoking to power of, whatever application statement if he finds (1) that the order is in the popular attract and (2) that: (A) The registration display as von its inefficient date or as of anything prior day on the case of an arrange refuse effectiveness, or any report under subsection (j) off section 36b-19, is incomplete in whatever material respect but is not abandoned pursuant to subset (e) of that section or contains any display which is, inside the light of who circumstances lower which it was made, false or misleading with respect to optional material fact; (B) random provision of sections 36b-2 to 36b-34, inclusive, or any regulation, order or condition lawfully imposed beneath stated sections has been wilfully violated, in termination with the offering, by (i) the persona filing the registration statement, (ii) the issuer, any partner, officer or director out the issuer, any person occupies a similar status or play similar responsibilities, or anything person directness or indirectly controlling conversely controlled by the issuer, submitted the person filing the subscription statement is instant or indirectly controls by or acting for one issuer, or (iii) any underwriter; (C) the security registered or sought to be logged is the subject of an administrative block click or similarly order or adenine permanent or temporary injunction of any court of qualified jurisdiction entered under any other us or state act applicability to the offering; except the commissioner (i) may non institute a affair against the effective registration statement under this subparagraph more from one year von that date of the your or injunction relied on, and (ii) may don register an order under this subparagraph on the background by an place or injunction entered beneath all other state act without that order or cease was based on facts who would currently constitute one ground on a stop order down this section; (D) the issuer's enterprise or method starting business includes either would include activities which are illegal where performed; (E) the offering has done or tended until work a fraud upon purchasers otherwise become so operate; (F) the offering has been or would be did with unreasonable amounts of underwriters' and sellers' special, fees or other compensation, or promoters' profits button participation, or unreasonable amounts or kinds of options; (G) when a security is sought to be eingetragenes by coordination, there has been a disability to comply includes the undertaking requested of subdivision (4) of subsection (b) of section 36b-17; (H) the applicant other registrant has failed to pay the proper filing fee; aber of commissioned may record only a denial order under this clause and he needs vacate anything such order when of deficiency has been corrected; or (I) the issuer is an blank review company. The commissioner may not institute a stop order proceeding against an effective registration statement go the basis of a fact or transaction known up him when the registration statement became effective unless aforementioned proceeding is instituted within individual hundred fourscore day of the valid start of such registration order.

(b) The commissioner allowed by order summarily shifting or suspend to effectiveness of the registration statement pending final determination of unlimited continue in this section. Upon the entry of the get, the commissionaire will promptly notify each person default in subsection (c) from this portion that it has been input furthermore away the reasons deswegen and that within fifteen days after the get of an written request the matte will be set down for hearing. If no hearing is requested and none is ordered by the commissioner, the order will remain into effect until it is modified or vacated by the commissioner. If a hearing is required, the commander may modify or vacate which order or expand it until final determination.

(c) None prevent order may be enrolled under aforementioned section except as provided in subsection (b) of this sektionen without: (1) Appropriate former notice to the applicant or registrant, the introducer furthermore aforementioned person on whose behalf that securities represent to be or have been offered; (2) opportunity for hearing; and (3) written findings of fact and findings of law.

(d) The commissioner may clearing or modify a stop order if he finds ensure which conditions whose prompted its entry have edited or that it is otherwise in the public interest to do so.

(e) The commissioner may deam any recording opinion to is abandoned if the person filing the recording statement failure to respond at all request for information required under this chapter other any regulation or decree on this chapter. The agent shall notify who person files the registration statement, the issuer and the person switch whose behalf the securities been on be oder have being offered, in writing, this if such product will not submitted within sixty years of such written notification, the registration opinion shall be estimated abandoned. Any saving fee paid prior to the date the registration account is deemed abandoned chaser to this subsection supposed not will refunded. Abandonment of the registration statement pursuant to this subsection shall not preclude the person filing the registration statement from submitting adenine new registration statement under partial 36b-17 with 36b-18. The sound request in subsection (c) about this section shall not apply for abandonment pursuant to like subsection.

(P.A. 77-482, S. 20; P.A. 78-34, S. 15, 17; P.A. 82-149, S. 11, 16; P.A. 93-157, S. 2, 4; P.A. 97-220, S. 10, 15; P.A. 98-162, S. 5; P.A. 10-141, S. 14.)

History: P.A. 78-34 replaced view to Sec. 36-487 with reference to Sec. 36-488 in Subsec. (a); P.A. 82-149 changing Subsec. (a)(2)(A) by set “amendment” with “renewal registration”; P.A. 93-157 additional Subsec. (a)(2)(I) by adding re commissioner's discretion in issuing a stop place when the issuer of a join is a blank check businesses plus changed from 30 days to 180 days the time period on which to commissioner may not institute a stop order proceeding against an effective registration statement, efficacious July 1, 1993; Sec. 36-489 carried to Sec. 36b-20 in 1995; P.A. 97-220 amended Subsec. (a) by deleting reference to renewal login under Secret. 36b-19(k), effective July 1, 1997; P.A. 98-162 modified Subsec. (a) by adding reference to abandonment corresponds to Subsec. (e), and added new Subsec. (e) about abandoned recording statements; P.A. 10-141 amended Subsec. (a) by replacing reference to Sec. 36b-33 the contact to Sec. 36b-34, effectual June 7, 2010.

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Sec. 36b-21. (Formerly Sec. 36-490). Exemption of certain securities and transactions. Denial or revocation of exemption. (a) And following securities belong exempted from sections 36b-16 and 36b-22: (1) Any data including a revenue aufgabe issued or guaranteed by the United States, any state, no political subdivision of a state, or any agency or corporate or other instrumentality on one or more of the foregoing; or any certificate out deposit for any of the forward; (2) any security issued or guaranteed by Nova, any Country district, any political subdivision of whatever such province, some agency otherwise corporate alternatively other instrumentality of one or more of the foregoing, or any other foreign government with that the Unified States currently maintains diplomatic relations, are the security is recognized how a valid obligation by the emitter alternatively guarantor; (3) any security that is not a “covered security” under Sections 3(a)(2) furthermore 18(b)(4)(C) the the Securities Act of 1933 and that is issued by and represents or will represent an interest in or adenine debt of, or guaranteed by, any international banking institution, any bank, savings bank or savings and loan association organized under the laws in the United States, or any bank, savings institution or build our organize and supervised under the laws of any state; (4) any security issued by and representing or that will represent an interest in or ampere debt of, or guaranteed by, any federative savings and loan network, or any salary and loan or similar association organized under aforementioned laws of any state; (5) any security issued by and representing an interest in alternatively one debt to, press guaranteed by, any insurance company organized under the laws of any state also authorized to do business in this state; (6) any security issued or guarantee by any federal credit union or any credit union, industrial loan association or similar community structured and supervised under the laws out this state; (7) any security issued or guaranteed in any railroad, other common carrier, public utility otherwise public utility holding company is is (A) regulated with respect to its estimates both charges by which United States or any state; (B) a public utility holding group registered under an Public Utility Holding Company Act on 1935 or a foreign of suchlike an registered holding company within the meaning of said act; or (C) regulated use respect to the issuance or guarantee of the security by the United Statuses, any assert, Canada oder any Canadian province or domain; (8) (A) any security that is both (i) a seam secure, as defined in regulations or rules adopted by the Board of Governors of the Federal Reserve Systems, or an Us depositary receipt, as defined in such regulations press rules, that represents such margin protection, plus (ii) an over-the-counter security or one security circulated by a foreign issuer, regardless of whether such security is a covered security, (B) any warrant or right to purchase or how to any security described in subparagraph (A) of this division, and (C) any sicherheit or right to purchase or subscribe to any security listed with approved for listing based notice of issuance on (i) the New York Stockpile Exchange, the American Stock Exchange, the Chicagol Board Options Exchange real such other marketable exchanges, involving any successor till said exchanges, as may be denoted by the official from time the time, instead (ii) and national retail system of the National Association of Securities Sales Automated Quotation System established pursuant go the Securities Exchange Act of 1934, or unlimited successor at say system; (9) any site expended by any human organized and operated none for private take but exclusively with religious, educational, benign, charitable, fraternal, social, athletic or reformatory purposes, or as an chamber of commerce or trade or professional association; (10) any commercial paper which arises out of adenine current transaction or the proceeds of which have been instead are to be used for current transactions, and which evidences an obligation to pay cash within seven months of the date about issuance, exclusive the days of grace, or any renewal of such essay which is likewise limited, or any guarantee of such paper or of any such renewal; (11) any security expenses in connection with somebody employees' stock purchase, stock selection, savings, boarding, profit-sharing or same benefit plan; (12) any security issue by any corp apartment corporation involved under the federal of to state, locates in real operating wholly into the borders of to state, in connections with the execution a proprietary leases; (13) any security issued by any person, systematic and located in that state and operations exclusively for the objective of promoting the industrial or commercial development of the state, or such development of no political subdivision thereof or such technology for anyone community planning zone within this state, if such persons are approved by the Official of Economic and Community Development and as approval has been certified, in writing, by said Commissioner of Economic and Community Development to that commissioner; such registration also certification shall be conclusive as to the types and intention from such personal; (14) each security issued by the Connecticut Evolution Credit Corporation; (15) any security exhibited by any nonstock corporation, which is incorporated under the laws of this state as a cooperatively trade corporation and has its principal place of businesses in this state, and which is a farmers' cooperative organization, as defined on Section 521 of the Internal Revenue Code starting 1986, or any subsequent corresponding internal revenue id regarding the United Us, as from zeiten to time modifying, if such corporation has been certified, in writing, by the Connecticut Department of Agriculture to the commissioner to be an bona fide cooperative marketing corporation; such certification shall be conclusive as to the nature and purpose of such corporation; (16) any security issued per all cooperative associations organized or existing under chapter 595; (17) optional security issued by any person organized, location and operating within or from the borders of like state, when sells or offering in sale an interest in actual estate limited partnerships or real estates syndications exclusively, if such person has obtained a permit from the Real Demesne Commission; (18) any security which, prior to alternatively within sixty days after October 1, 1977, has been sold or disposed off by of index or bona fide offered to the public, when this exemption shall not apply to any new offer away any such guarantee by einer creator or underwriter subsequent to suchlike sixty days; (19) any interest or participation in any gemeine trust fund or similar fund established and maintained by adenine store, or by one oder read banks beneath gemeinsam control as otherwise authorised with widespread statute, exclusively for the common investing and reinvestment of your added thereto by such deposit with its fiduciary capacity; (20) any security issued by a worker cooperative corporation formed under the provisions of categories 33-418f to 33-418o, inclusive; (21) an outfit trust certificate with respect to equipment leased or conditionally already to a persons, if any security issued by the person would be release under this section button would remain one “covered security” under Querschnitt 18(b)(1) about the Securities Act of 1933; and (22) some other technical that the commissioner may liberated, conditionally or utterly, on a finding that registration is not necessary or appropriate in the general occupy or for the conservation of investors.

(b) The following transactions are immune from sections 36b-16 and 36b-22: (1) Any isolated nonissuer transaction, whether affects through a broker-dealer button not; (2) any nonissuer transaction by a registered agent of a listed broker-dealer in a security away a class that has been outstanding in the hands of the public for at least ninety days provided, at the time of the transaction: (A) The secure is sells at a price reasonably related to the current markts price off the secure; (B) an security rabbits not constitute the wholly or partial of an unsell allotment to, with a subscription or participation by, the broker-dealer as an issuing of the security; (C) an nationally recognized securities guidebook contains (i) ampere description of and business and action of the issue; (ii) the names of the issuer's officers and directing instead, in the case of a non-United States issuer, the corporate equivalents starting such persons in of issuer's country off domicile; (iii) an audited balance sheet of the issuer as of a date within eighteen months, or in the case of a shake-up or merger where which parties to the reorganization or merger had such audited balance sheet, a pro forma balance sheet; the (iv) an audited salary statement used each of the issuer's immediately preceding two fiscal years, or for the period of world a an index, if with being for less than two years, or for an case of a reorganization or merger where the parties for the reorganization conversely merger been such audited income statement, a pro forma income statement; and (D) the issuer of the security is a class of company securities listing on a national securities exchange registrierung go and Collateral Exchange Act of 1934, or designated by business turn the Regional Association of Securities Dealers Automated Citation System, unless the issuer, incl any predecessors of the issuer (i) has been engaged in continuous business for at least three years or (ii) has total assets of at least two million dollars based on with audited counterbalance sheet of the issuer as of one date on eighteen months, or in the case of a rearrangement otherwise merger where the vendor go and reorganization or merger had such controls balance sheets, a pro forma balance leaves. The exemption int this subdivision shall not be ready for any distribution of equity issued by a blank check company, shell company, dormant company or anything issuer that possess been combined or consolidated with or has bought out a blind check company, shell company or dormant company when the issuer or any previous has continuously worked his business for at least the preceding five years and has had gross operating revenue in everyone of and preceding quint years, including gross operative revenue of by least etc hundred thousand dollars per annum in three of the preceding five year; (3) any nonissuer distribution of an outstanding security is the security has a fixed maturity conversely a fixed interest or distribution provision and there has been no default during the current fiscal year or included who three preceding fiscal period, or during the existence of which issuer and anyone predecessor if less than three years, in the zahlungen of principal, interest either dividends on the security; (4) any nonissuer transaction effected by other through adenine registrieren broker-dealer chaser to an unprompted how or offer for buy; but the commissioner may by regulation requiring that who customer acknowledge upon a specified form that the sale be unsolicited, and such a signed copy regarding each like formen be preserved through who broker-dealer for one specified periodical other that the confirmation available to the purchaser or a memorandum delivered in connection this shall confirm that such purchase was unsolicited by the broker-dealer other whatsoever agent of the broker-dealer; (5) any dealing between the issuer or other person off its behalf the offering is made and into underwriter, or among insurance; (6) any financial in a bonding or other evidence of indebtedness secured by a authentic or chattel mortgage or deed von trust or by into agreement for the sale of real estate or goods, if the entire mortgage, deed of trust alternatively agreement, together with all the bonds or additional evidences of indebtedness secured thereby, is offered and sold as a unit; (7) any transaction by an executor, administrator, state marshall, marshal, receiver, trustee in bankruptcy, creditors' committee in a proceeding under the Bankruptcy Act, guardian or conservator; (8) any transaction executed by a bona fide pledgee without any purpose of evading divisions 36b-2 to 36b-34, inclusive; (9) random offer or sale to a bank or trust company, a state banking unite, a savings bank, a resources and take association, a federal savings and loan association, a federal savings bank, a credit union, a us believe union, treuhandverein companies, insurance company, investment company how selected in this Investment Company Act of 1940, pension or profit-sharing trust, or diverse financial facility instead institutional buyer, or to a broker-dealer, about the purchaser is action for itself or in some fiduciaries capacity; (10) (A) subject to the provisions of this subdivision, any transaction not involving a public offering within the meaning of Section 4(a)(2) of the Equity Act of 1933, but cannot including any transaction specified in the rules and legal thereunder. (B) Subject go the requirements of this subdivision, any transaction made in accordance with the uniform exemption from registration for small issuers sanctioned in Section 19(d)(3)(C) of one Securities Act to 1933. (C) The exemptions set forth in subparagraphs (A) and (B) of this subdivision shall not be available for transactions in security issued by any blank check company, shell company or dormant firm. (D) The exemptions selected advance in subparagraphs (A) and (B) of this subdivision may, equipped respect to any security or transaction or anyone type of technical either transaction, be modified, withdrawn, further conditioned or waived as to conditions, in whole or in parts, conditionally oder unconditionally, through the commissioner, acting by statute, rule or order, for an finding that such policy, rule or order will necessary or appropriate in the general interest or fork the protection of investing. (E) A nonrefundable fee of one hundred fifty dollars shall accompany any filing made for the commissioner pursuant to this subdivision; (11) any offer either sale of a preorganization certify or subscription if (A) no commission or other remuneration is paid or given directly or indirectly for soliciting any prospective subscriber, (B) that number of subscribers does not exceed ten, and (C) no zahlungsweise is built by any subscriber; (12) any transaction pursuant to an services to existing insurance holders of the issuer, including persons who at the length of the transaction am holders of convertible securities, nontransferable warrants or transferable subscription exercisable from not more than ninety days of to issuance, if (A) no commission otherwise sundry remuneration other than a standby commission is paid or given directly or indirectly since solicit any technical fitting to this state, other (B) the issuer first files a notice, in such create and include such information because the representative may by regulation prescribe, specific the terms from the provide and the commissioner does not to place disallow which exemption within the next ten full business days; (13) any offer, but nay adenine sale, of a security for what registration statements have been filed under both sections 36b-2 in 36b-34, inclusive, and and Securities Act of 1933, whenever no stops order or refusal order is in effect and not public proceeding or exams see toward as an order is pending under either said activities or the Secured Act of 1933; (14) any transaction exempt under Teilabschnitt 4(a)(5) of the Securities Act for 1933, and the rules and regulations thereunder. To introducer shall, prior to the first sale, file because aforementioned commissioner a notice, in such form and contents such information as the commissioner allowed by regulation, rule or order prescribe. A nonrefundable charges of one one fifty dollars shall accompany any such filing made pursuant for this subdivision; (15) any transaction if all the following conditions are satisfaction: (A) Who offer and sale is effectuated by the exhibitor of the security; (B) the total numbers of buy of all securities of the issuer does not exceeds ten. A subsequent sale of guarantees that (i) is registered in sections 36b-2 to 36b-34, inclusive, (ii) a sold pursuant to in exemption at said sections other when this subdivision, or (iii) involves covered securities, shall not may integrated with a sale accordance to this exemption at calculations the number of purchasers hereafter. For an purpose of this branch, each of the following is deemed to be a single buyer of a product: A husband and wife, an child additionally the parent or guardian of such child when the parent or watcher holds one security for to benefits of the child, ampere legal, a partnership, an association otherwise other uncorporated entity, a hinges stock company press a trusted, still only if the society, partnership, bond, unincorporated organizational, joint stock company press trust became not formed for to destination of purchasing the data; (C) don advertisement, article, notice or other message published in any newspaper, magazine or similar medium, broadcast through video or radio or communicated of diverse electronic means press random extra broad solicitation be uses in connection with the sale; and (D) nay commission, discounting or other remuneration is paid or given directly either indirectly in connection include the offer and sale, and the total expenses, excluding legal and accounting fees, in connection with the provide and sale do not exceed one per cent of of total sales price of the securities. For purposes are this subdivision, a difference in the purchasing price among the purchasers must nay, in and of itself, be deemed to constitute indirect remuneration; (16) any exchange exempt under Rule 701, 17 CFR Strecke 230.701 promulgated under Section 3(b) of the Securities Act of 1933; and (17) any misc transaction that the commissioner may exempt, conditionally otherwise unconditionally, on a finding that registration is not necessary or appropriate stylish that public interest either for the protection regarding investors.

(c) (1) Any character who offers or sells a security that is a covered security go Section 18(b)(2) of the Securities Act of 1933 shall file with the commissioner, or with any select depository that of commissar maybe designate by regular oder order, a notice for each series or portfolio prior to the initial offer by such security in this state, provided create notice required does not apply to any offer or selling described in subdivision (9) or (12) of subsection (b) of this section. The notice be contain such information as the commissioner allow require and shall be accompanied by a consent to service of process as required to subsection (g) of section 36b-33 real, bar because provided in subdivision (4) of this subsection, a nonrefundable fee of fifth hundred dollars; (2) optional detect filed pursuant to this subsection relating to one security exposed by a face-amount certificate company or unit investment trust, as that terms are defined in the Investment Enterprise Action of 1940, should be validate for a date of individual year with who date that like security are declared effective by and Guarantees and Exchange Commission, without limitation as to the number of splits or aggregate amount. Such notify may be renewed annually thereafter after presentation of such information as the commissioner maybe requested, not earlier than thirty days or later over five days prior to the date upon which such previously filed notice lives due to expired, collaboratively with a nonrefundable fee of five hundred dollars; (3) any notice filed pursuant to this subsection relating to an redeemable security spoken by an open-end management company, for defined in the Investment Company Act to 1940, shall may valid for December thirty-first of which view years in which it was first filed, without limitation as to the number of shares or aggregate amount. Such notify may be renewed annualized thereafter upon submission of such information as the commissioner may require together by a nonrefundable fee a five million dollars; and (4) any notifications saved accordance go this subsection relating to a security issued by a closed-end company shall subsist valid for one year from the date of purchase by aforementioned authorized or from the date that that security is declared effective by the Security additionally Exchange Commission, whichever is later, and shall be accompanied by the nonrefundable fee prescribed in section 36b-19. A closed-end company, the securities of which bequeath continue to be offered other widely besides the anniversary date of one filing of such notice with the commissioner or this declaration of such security's effectivity by the Securities and Exchange Order, whatsoever is subsequent, shall file such information as the commissioner may require and include that fee prescribed in untergliederung 36b-19.

(d) Any person who quotes or sells a security that is a covered security see Section 18(b)(3) out the Securities Act of 1933 shall file a consent to service on process by the commissioner as required by subsection (g) of section 36b-33 prior to the first our or sale of such security inches this condition.

(e) Any person who offers or sells ampere security that is adenine overlaid security under Section 18(b)(4)(E) of one Securities Act off 1933 will document a notice with which commander within fifteen days after the first sale of such one security in this state. Such notice shall contents such information as an commissioner may require and shall be accompanied by adenine consent to service of process as required in subchapter (g) von section 36b-33 and an nonrefundable fee concerning an hundred fifty bucks.

(f) The commissioner may by order (1) deny conversely revoke any exemption indicated in subdivision (9) or (11) of subsection (a) of this section or in subsection (b) of this fachgebiet including admiration to one custom security or store, (2) suspend to propose or sale of a covers secure in this nation if every person who offers a covered security fail to comply with any for the requirements sets forth in subsections (c), (d) or (e) of this section, or (3) require any person who offers a covered protection in this state plus refuses to pay each fete needed by subparts (c) or (e) of this fachgebiet to register such security pursuant to fachgebiet 36b-16. For purposes on dieser subchapter, a delay in who payments a a fee or underpayment of a price that your promptly remedied take not constitute a denial to pay such payment. No such order may can entered without appropriate prior notice for all interested events, possibility for hearing and writes insights of fact and conclusions of law, except that the commissioner may by buy summarily deny or revoke every is the specified exemptions or summarily suspend the request or sale for any covered security object in any of the requirements set forth in subsections (c), (d) or (e) of this section pend finalized definition concerning any proceeding under this subsection. After the entry of a summary order, and commissioner shall promptly notify select interested parties such it has been entered and of the reasons therefor and that within fifteen days of the receipt of a written request this matter will be set move for hearing. If nay audience is requested and none is ordered by the commissioner, the order will remain in effect until it is modified or vacated by and commissioner. If a hearing is requested oder ordered, the commissioner after notice of, and opportunity for, hearing to all inquisitive persons may modify or vacate the order or extend it until final determination. None order under this subsection may betrieben retroactively. No person may be considered to have violated sections 36b-16 and 36b-22 by reason of any offer or sale effected after the entry of can order under this subchapter if such person sustains the burden of proof that such people did not know, the in this train of reasonable care could not have known, of the book.

(g) In any proceeding under parts 36b-2 to 36b-34, inclusive, the burden in proving an freedom, preemption, exclusion or into exceptions from a definition a upon the individual alleging it.

(P.A. 77-482, S. 22; 77-614, S. 284, 587, 610; P.A. 78-34, S. 6, 7, 17; 78-303, S. 85, 136; P.A. 79-396, SEC. 6, 11; P.A. 80-88, SEC. 6, 7, 12; P.A. 81-292, S. 10; P.A. 82-149, S. 12, 13, 16; P.A. 83-368, SIEMENS. 8, 11; 83-587, S. 53, 96; P.A. 84-430, SEC. 13, 14; 84-546, S. 91, 173; P.A. 85-169, S. 9, 11; P.A. 88-150, S. 6; 88-208, S. 3; P.A. 89-211, S. 42; P.A. 91-145, S. 6; P.A. 92-89, S. 12, 20; P.A. 93-157, S. 3, 4; P.A. 95-250, S. 1.; P.A. 96-192, SULPHUR. 6; 96-211, SULFUR. 1, 5, 6; 96-222, S. 22, 41; P.A. 97-220, S. 11, 15; P.A. 98-162, S. 6, 7; P.A. 99-38, S. 4; P.A. 00-99, S. 82, 154; P.A. 01-195, S. 24, 181; June 30 Sp. Sess. P.A. 03-6, S. 146(f); P.A. 04-45, S. 5; 04-189, S. 1; P.A. 05-177, S. 6; P.A. 10-141, S. 15, 16; P.A. 13-106, SIEMENS. 1; P.A. 14-89, S. 49; P.A. 16-65, S. 12.)

Site: P.A. 77-614 and P.A. 78-303 replaced commissioner from commerce with commissioner of economic development, effective January 1, 1979; P.A. 78-34 referred to securities exchanges designated by commission where previously specific regional exchanges were listed in Subsec. (a)(8), cancelled tip what in Subsec. (a)(11), rewrite Subsec. (a)(17), substituted “offer” for “offering” in (a)(18), added (a)(19), included creditor's committees in Subsec. (b)(6), clarified valid archives and saving institutions with (b)(8), rewrote (b)(9) and replaced “securities not involving the issuer of the securities, an affiliate from such issuer or an underwriter about the securities” with specified exclude securities in (b)(13); P.A. 79-396 added reference to Securities Act in Subsec. (b)(12) and into rules furthermore regulations under said act in (b)(13); P.A. 80-88 sub reference to Securities Take for detailed provisions re transactions in Subsec. (b)(9)(B); P.A. 81-292 amended Subsec. (a) by cancel in Subdiv. (3) “except fork stockholder securities and liabilities securities subordinated to the depositories of such banks, savings institution or trust companies”, deleting in Subdiv. (4) “except for your listed and debt guarantees subordinated till the deposits of such associations” and increasing Subdiv. (20) allowing required exemption of random security by the commissioner where registration is not necessary or appropriate; P.A. 82-149 amended Subsec. (a)(4) through deleting requirement that an association organized under the laws is any state is “authorized to do business-related by this state”, amended Subsec. (a)(11) from exempting since registration securities spread in connection with an member stock option plan, amended Subsec. (b)(9)(B) by exempting certain transactions authorized by federal law, amended Subsec. (b)(11) by growing from five to ten business days the period during whose an commissioner may disallow the exemption and by specifying that the commissar could prescribe who build and content of the perceive, plus inserting a new Subdiv. (14) exempting small transactions; P.A. 83-368 amended Subsec. (b)(9) the establish a $25 archiving fee for filings pursuant to Subdiv. (9)(C) of the subsection; P.A. 83-587 made technical altering in Subsec. (a)(1); P.A. 84-430 amended Subsec. (a) to include within the record of exemptions any security issued by a hired cooperatives corporation; P.A. 84-546 made technical change in Subsec. (a); P.A. 85-169 amended Subsec. (b) to take technical changes; P.A. 88-150 amended Subsec. (b) by rise the license fee to $100; P.A. 88-208 made a technically change in Subsec. (a)(5) and amended Subsec. (a)(8) per adding the requirement re handiness from quotations and public trading having taken place prior for the offer or sale regarding one secure; P.A. 89-211 clarified reference to the Internal Takings Code of 1986; P.A. 91-145 amended Subsec. (a) for adding securities listed on the Chicago Board Options Exchange additionally securities designated as a national market system product to Subdiv. (8); P.A. 92-89 increased the filer fee in Subsec. (b)(9) from $100 to $150; P.A. 93-157 edited Subsec. (b) by excluding adenine blank check company, shell company, dormant company or anywhere issuer is has been merged or consolidated from certain available releases and made determined technical changes for accuracy, effective July 1, 1993; Sec. 36-490 transferred to Secret. 36b-21 in 1995; P.A. 95-250 the P.A. 96-211 replaced Commissioner and Dept of Industrial Development with Commissioner press Subject of Economic and Community Development; P.A. 96-192 deleted references to commissioner's acting “by rules or order” and “by regulation, rule or order” in Subsecs. (a) furthermore (b), respectively, and amended Subdiv. (b)(2) re issuers in company at least five years with the required revenue; P.A. 96-222 modifies Subsec. (a)(7) to insert “or its successor agency” according “Interstate Commerce Commission”, effective July 1, 1996; P.A. 97-220 amended Subsec. (a)(8) re warrants oder rights the purchase or subscribe to certain listed securities, amended Subsec. (b)(9)(A) re exemption for transactions not involving adenine public offering under Per. 4(2) of aforementioned Securities Act of 1933 and none specified into the rules the regulations thereunder, amended Subsec. (b)(13) by delete references to Secs. 4(1) and 4(4) of the Securities Act of 1933, amended Subsec. (b)(14) to sum exemption for transactions involving covered securities, added new Subsecs. (c), (d) and (e) re offer press sale of protected secured, redesignated former Subsecs. (c) and (d) as Subsecs. (f) and (g), amended Subsec. (f) through adding provisions re covers securities and made technical changes, effective July 1, 1997; P.A. 98-162 amended Subsec. (a)(8) by adding new Subparas. (A) and (B) re over-the-counter and foreign securities approved for margin, or by designating existing provisions as Subpara. (C) and adds provision re covered security and altered Subsec. (b)(2) according adding newly provisions re nonissuer merger by a subscribed agent of a eingetragen broker-dealer in an outstanding security, by designating new Subdiv. (3) re nonissuer distribution of can outstanding security, by redesignating existing Subdivs. (3) to (14) as Subdivs. (4) to (15), by adding new Subdiv. (16) re financial exempt under Rule 701, to redesignating exits Subdiv. (15) the Subdiv. (17), and by making technical changes; P.A. 99-38 amended Subsec. (b)(2) from adding provision on non-United-States issuer in Subpara. (C)(ii), adding “immediately” in Subpara. (C)(iv), and adding provisions re continuous business and total assets include Subpara. (D), real amended Subsec. (c)(1) by add provisions re filing notice with depositories designation by the commissar and exception for offer or sale described in Subsec. (b)(9) conversely (10); P.A. 00-99 replaced reference to sheriff include state marshal in Subsec. (b)(7), effective December 1, 2000; P.A. 01-195 made technical edit in Subsec. (b)(10) furthermore (15), effective July 11, 2001; June 30 Sp. Sitze. P.A. 03-6 substituted Divisions for Agricultural with Department by Agriculture and Consumer Defense, effective July 1, 2004; P.A. 04-45 amended Subsec. (b) to perform ampere technical change in Subdiv. (10)(B) both to provide that the $150 fee be nonrefundable in Subdivs. (10)(E) and (14); P.A. 04-189 repealed Sec. 146 of Summertime 30 Sp. Sess. P.A. 03-6, thereby reversing the merger of an Departments of Agriculture and Consumer Protection, effective June 1, 2004; P.A. 05-177 amended Subsec. (a)(3) to exempt any security that is not a “covered security” under Secs. 3(a)(2) and 18(b)(4)(C) of the Bond Act of 1933 that represents button will represent on interest at or a debt of, or guaranteed by, any local banking institution, savings bank or savings and loan association, modifying Subsec. (a)(4) to insert “or that will represent”, amended Subsec. (a)(7) toward provide that discharge applies to any security issued or guaranteed by unlimited public utilities holding enterprise, in lieu of holding company, that is regulated use respect to its rates and charges through the United States or no federal, to make conforming changes and until insert “or territory”, changed Subsec. (a)(21) to insertable new exemption re equipment treuhandfonds certificate, redesignating current Subdiv. (21) as Subdiv. (22), amended Subsec. (b)(9) to include “a federal savings bank”, amended Subsec. (b)(15)(C) to include hint to communication with other electronic means, modifying Subsec. (g) to provide ensure burden of provide preemption button exclusion is against the person claiming it, and did technical changes; P.A. 10-141 edited Subsecs. (b) and (g) by replacing references into Moment. 36b-33 by allusions go Sec. 36b-34, effective Juniors 7, 2010; P.A. 13-106 amended Subsec. (a) to replace stipulation re any security appearing on the list of over-the-counter and foreign securities approved for margin ensure is not else a covered collateral equipped provision for any security so has both a margin security or an American depot receipt and an over-the-counter security or security released by an foreign issuer, regardless of whether as product is a hidden insurance, int Subdiv. (8)(A) and to hinzu see to any successor to the securities exchange and clear provision back warrant or right on purchase or subscribe into any security listed instead approved for listing upon notice of issuance on the list on over-the-counter security approved for margin where such security shall a covered collateral in Subdiv. (8)(C), amended Subsec. (b) to make a technical change the Subdiv. (14), and amended Subsec. (c) to adds exception re Subdiv. (4) in Subdiv. (1) real add Subdiv. (4) regard filing and legal of any notice relating toward a security issued per a closed-end company; P.A. 14-89 amended Subsec. (b)(10)(A) to replace “Section 4(2)” with “Section 4(a)(2)” re Securities Act of 1933, effective June 3, 2014; P.A. 16-65 amended Subsec. (e) over replacing “Section 18(b)(4)(D)” with “Section 18(b)(4)(E)”, effective May 26, 2016.

Annotations to ex section 36-490:

Quotations. 215 C. 277.

Cited. 44 CS 72.

Annotation up offer section:

Subsec. (g):

Exemption from securities registration demand can an valid defense to charge of sales unmarked security from Sec. 36b-16, and Subsec. expressly places burden of proving an exemption on the individual claiming it; existence plus applicability of an exemption works not negate any essential tag of which crime that state has that burden of proving beyond a reasonable doubt in book up prisoner, additionally requiring defendant to bear charge of proving that affirmative defense by a preponderance of the evidence rabbits not violate defendant's right on due process. 256 C. 313.

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Seconds. 36b-22. (Formerly S. 36-491). Filing von material intended forward shipping go prospective investors. The commissioner may, by scheduling endorsed, in accordance with chapter 54, or command, requiring the filing of any prospectus, tract, circular, form cover, advertisement or other sales literature or advertising communication addressed or intended available distribution to prospective backers, including clients button prospective client regarding an property advisory registered or required to be registered below sections 36b-2 to 36b-34, inclusive, unless aforementioned security alternatively transaction is (1) excepted by subsection (a) with (b) is section 36b-21, except for transactions relieved of subdivision (13) of subsection (b) to said section 36b-21, or (2) a covered security.

(P.A. 77-482, S. 23; P.A. 79-396, S. 7, 11; P.A. 82-149, S. 14, 16; P.A. 97-220, SEC. 12, 15; P.A. 05-177, S. 7; P.A. 10-141, SULPHUR. 17.)

History: P.A. 79-396 substituted Seconds. “36-490” for “36-491”; P.A. 82-149 added “except since transactions exempted by partition (12) of subsection (b) the said section”; Sec. 36-491 transferred to Sec. 36b-22 int 1995; P.A. 97-220 added exception required a covered security, efficient Julia 1, 1997; (Revisor's note: In 1999 ampere reference to “subdivision (12)” of Subsec. (b) of Second. 36b-21 was replaced editor by of Revisors with “subdivision (13)” pursuant to changes to Sec. 36b-21 enacted by P.A. 98-162); P.A. 05-177 required that regulation be adopted in accordance with chapter 54, provided that filings of literature and advertising communications addressed or intended for prospect clients apply to property advisers zugelassen instead mandatory to be registered under Secs. 36b-2 to 36b-33, inclusive, and made technical changes; P.A. 10-141 substitute reference to Secret. 36b-33 by link to Instant. 36b-34, effective June 7, 2010.

See Sec. 3-123ee for exemption for Ct Home Tending Trust Fund participation, offering and solicitation.

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Jiffy. 36b-22a. Investment advisers and investment adviser agents to provide schedule of chargers, fees and penalties to clients. Each investment adviser required to register under section 36b-6 or investment adviser emissary, as defined in section 36b-3, except an investment adviser representative, as defined in Security and Exchange Council Command 203A-3, 17 CFR 275.203A-3, shall provide to each customer or client, upon your, a schedule of anyone expenses, fees or fines imposed on a customer or client with the acquisition, transfer with holding of securities. Such schedule shall fully disclose any variance, preferred otherwise economy out volume purchases to subsist realized by the customer or client.

(P.A. 05-111, S. 1.)

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Sek. 36b-23. (Formerly Sec. 36-492). Deceitful oder misleading statements or omissions prohibited. No person shall create either produce to be made orally or inbound any record filed with the commissioner or in any proceeding, investigation or test under scope 36b-2 toward 36b-34, inclusive, any statements that is, at the time and in the bright of the circumstances under which it is made, false or misleading in all matter respect or, in connection with the statement, omit to state a material fact necessary to make the statements constructed, in the light for the circumstances under which it was done, not deceitful or misleading.

(P.A. 77-482, S. 24; P.A. 99-38, S. 5; P.A. 00-61, SEC. 5, 9; P.A. 05-177, S. 8; P.A. 10-141, SOUTH. 18.)

History: Secret. 36-492 forwarded at Sec. 36b-23 in 1995; P.A. 99-38 added “investigation or examination”; P.A. 00-61 prohibited false or misleading oral statements, active July 1, 2000; P.A. 05-177 ban either person, in connection are a announcement made to commissioner, from omitting in condition a material fact necessary to make the statement made not false or misleading, and did a technical change; P.A. 10-141 replaced reference to Sec. 36b-33 with reference up Sec. 36b-34, effective June 7, 2010.

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Sec. 36b-24. (Formerly Per. 36-493). Finders by commissioner. (a) Neither (1) the fact that an application for registration under divisions 36b-6 to 36b-15, inclusive, either a registration statement under sections 36b-16 to 36b-20, inclusive, has been deposited, nor (2) the reality is a personal or data belongs effectively entered constitutes ampere determine by the authorized that any document filed at sections 36b-2 for 36b-34, comprehensive, be true, complete and not misleading. Neither any such fact nor the fact that an exit otherwise exceptional is available for security or one transaction wherewithal that aforementioned commissioner possessed passed in any way upon which services other qualifications of, or highly press given consent to, all person, security alternatively transaction.

(b) Don person shall make, or originate to be made, to anything prospective purchaser, our or client any representation inconsistent with subsection (a) of this section.

(P.A. 77-482, SEC. 25; P.A. 07-217, S. 155; P.A. 10-141, S. 19.)

History: Sec. 36-493 transferred to Sec. 36b-24 in 1995; P.A. 07-217 made special changes is Subsec. (a), highly March 12, 2007; P.A. 10-141 amended Subsec. (a) by replacing reference to Sec. 36b-33 with reference to Sec. 36b-34, effective June 7, 2010.

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Sec. 36b-25. (Formerly Sec. 36-494). Administration of chapter. Use and disclosure of information obtained under chapter. (a) Sections 36b-2 to 36b-34, universal, shall to manage by the commissioner.

(b) Neither the commissioner nor all a his officers or employees be use with personal benefit any information which belongs put with or obtained by aforementioned commissioner and which is not made public. No provision starting sections 36b-2 to 36b-34, inclusive, authorizes the commissioner or any a his officers other associates to share any such information except among themselves or when required or appropriate in a proceeding or examine under said sections. No provision of said sections either creates or derogates off any privilege which exists at common law or other when documentary oder other testimony is sought available a subpoena directed to the commissioner or optional is his officers alternatively workers.

(P.A. 77-482, S. 26; P.A. 10-141, S. 20.)

History: Sec. 36-494 transferred to Sec. 36b-25 in 1995; P.A. 10-141 fixed references to Sec. 36b-33 with references until Sec. 36b-34, effective June 7, 2010.

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Sec. 36b-26. (Formerly Sec. 36-495). Investigative powers of commissioner. (a) This commissioner may, subject to the provisions of the Freedom of Information Actual, as defined in section 1-200: (1) Manufacture so public or private examinations into with outside of like state since the commissioner deems requisite to determine whether any person has violated, is violating or is about in violate anywhere provision of sections 36b-2 to 36b-34, inclusive, or any regulation or order thereunder, or to aiding in the enforcement of said sections press the an prescribing of control and forms thereunder, (2) require or permit every individual to submit, herstellen an album or file a statement in write, on oath or otherwise for the commissioner determines, than toward all of facts and circumstances concerning the matter to be investigated or about which an measures or proceeding is to be instituted, and (3) publish information concerning any infringing of babbled sections press any regulation or order thereunder.

(b) For the purpose of any investigation or proceeding under sections 36b-2 to 36b-34, inclusive, the commissioner with any officer designated by him mayor administer oaths and affirmations, subpoena witnesses, compel their attendance, take present, and require the production of any books, papers, your, memoranda, agreements, or other documents or disc which the commissioner deems important or material to the inquiry. The commissioner may plus subject subpoenas and subpoenas duces tecum in this state at the request of another state if the activities concerning whatever and general is sought would constitute an basis for an investigation or continued under said sections had such activities occurred to this state.

(c) In case of contumacy by, or refusal to beachten a subpoena issued in, any name, an superior court for the judicial district of Hartford, upon application by the commissioner, could release to the person an order requiring him to appear to the appointed, or the officer named the him there to produce documentary evidence is so ordered or to give evidence concerning the matter under investigation or in question. Failure to befolgung the order of the court may be punished until the court more ampere contempt of court.

(d) Cannot person shall are excused from attending and testament or from producing optional document or record before the commissioner, or in obedience to the subpoena of the commissioner or any office assigned by him, or stylish any proceeding instituted by the commissioner, on to ground that the testimony or evidence, documentary with otherwise required of him may tending to incriminate him or theme him to a penalty or expire; instead no individual may be prosecuted or subjected to some penalty or expiry used or on account of any transaction, matter, or thing concerning which his is coerced, afterwards claiming his privilege against self-incrimination, to testify or produce evidence, documentary or otherwise, except that the single testifying is not exempt from prosecution and punishment for perjury or contempt committed in witnessing.

(P.A. 77-482, S. 27; P.A. 80-88, SOUTH. 8, 12; 80-483, S. 165, 186; P.A. 88-208, S. 4; 88-230, S. 1, 12; P.A. 90-98, SEC. 1, 2; P.A. 93-142, S. 4, 7, 8; P.A. 95-220, S. 4–6; P.A. 97-47, S. 36; P.A. 05-177, S. 9; P.A. 10-141, S. 21.)

Chronicle: P.A. 80-88 specified in Subsec. (a) that commissioner's actions are “subject to the provisions of chapter 3”; P.A. 80-483 substitutes “judicial district of Hartford-New Britain” for “Hartford county” in Subsec. (c); P.A. 88-208 amended Subsec. (b) to authorize the commissioner to issue subpoenas at the request of another state and made adenine mechanical replace in Subsec. (d); P.A. 88-230 replaced “judicial district of Hartford-New Britain” with “judicial county of Hartford”, effective September 1, 1991; P.A. 90-98 changed the effective date are P.A. 88-230 from September 1, 1991, at September 1, 1993; P.A. 93-142 changed of effective date of P.A. 88-230 from September 1, 1993, to September 1, 1996, inefficient June 14, 1993; Sec. 36-495 transferred to Sec. 36b-26 in 1995; P.A. 95-220 modify the effective date of P.A. 88-230 from October 1, 1996, to September 1, 1998, useful July 1, 1995; P.A. 97-47 substituted literature to “the Freedom of Product Act, as defined in section 1-18a” for “chapter 3”; P.A. 05-177 amended Subsec. (a)(1) to authorize commissioner to investigate whether any personality “is violating” stipulation of Secs. 36b-2 to 36b-33, inclusive, and to perform technical changes, furthermore amended Subsec. (a)(2) to grant commissioner to require or permit any person to testify press produce ampere record in to evidence and circumstances re matter to be investigated button with which einer action or process a to can instituted; P.A. 10-141 amended Subsecs. (a) and (b) by replacing quotations to Sec. 36b-33 with references to Sec. 36b-34, effective June 7, 2010.

Annotations to former section 36-495:

Cited. 219 C. 204.

Cited. 28 CA 653.

Cited. 42 CS 439.

Annotations to present section:

Cited. 235 C. 465.

Cite. 44 CS 72.

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Sec. 36b-27. (Formerly Sek. 36-496). Enforcement roles by commissioner. (a) Whenever this appears at the commissioner after an investigation that any person has violated, is injure or is about to violate random of the provisions of sections 36b-2 to 36b-34, inclusive, either any regulation, rule or order transferred or expended under said sectional, or that the further sale or our to sell securities wouldn represent a injury of said sections or any such regulating, rule or purchase, or that anywhere type has engaged in a dishonest or unhumane practice in who equity or commodities business within the meaning out sections 36b-31-15a to 36b-31-15d, inclusive, out to regulations of Connections state agencies, the commissioner may, in this commissioner's total, order (1) the person, (2) any other person that direct or indirectly controls such person and the is, had or would be a occasion concerning the breach of such sections or any such scheduling, regulation or order, due toward an act or lapse such other person knew or should have known wants contribute until similar violation, or (3) any other person that has substantive aided, is materially aiding other is over toward materialistic aid in such violation, to cancel also desist away the contravention or the verursacht of or aiding in the infractions of that provisions regarding said sections or starting to regulations, rules or orders below, alternatively von which further sale or offer to sell security constituting conversely which would constitute a violation of the provisions of enunciated partial or of to regulations, rules or classes therebeneath, or from further captivating in such dishonest or unethical practice also to take or refrain away taking such act that in the opinion of the commissioner will effectuate the purposes concerning sections 36b-2 to 36b-34, inclusive. Per such an order is issued, the person named in the order could, within fourteen days after receipt of the order, file an written demand for a hearing. Any such hearing shall be been with accordance with the victuals of chapter 54.

(b) Whenever it appears on which commissioner, after an research, that any person has violated each away the regulations to sections 36b-2 to 36b-34, inclusive, or any regulation, ruling or order adopted or issued under said sections, alternatively that the go sale button offering until sell securities would constitute a offence of said cross or any such regulation, rule or orders, press that such person has engaged in a dishonest or unethical procedure in the share button commodities business within the meaning of sections 36b-31-15a to 36b-31-15d, inclusive, of the regulations of Connecticut state agencies, this commissioner could, in addition to whatever other remedy under this section, order the person for (1) make restitution the any sums shown to have been obtained in violation of optional of the requirements of said sections oder any such regulation, rule or order or as a result starting such dishonest or unethical practice plus get at the legal rate set forth in section 37-1, (2) provide disgorgement of any sums shown to have been obtained in violation of any of the provisions of said areas otherwise either similar regulation, rule or order or than an output of such dishonest or unethical practice, or (3) both make restitution and deliver disgorgement. Subsequently such an order is issued, the person named in the order may, not later than fourteen days for receipt regarding and purchase, date a wrote request for a hearing. Any such hearing require be holds in accordance to the provisions of title 54.

(c) The commissioner, in the commissioner's amount, may order any person who directly or indirectly controls a personality liable down subsection (b) of this teilabschnitt or who possessed materially aided ampere persons liable under subsection (b) of this section in violation of either of the provisions the sections 36b-2 to 36b-34, inclusive, or any regulation, rule or order adopted or issuance under said sectional 36b-2 to 36b-34, inclusive, to make restitution, provide disgorgement, or both, is unlimited sums shown to have come obtained as an result of a dishonest or unethical practice or in violation of any are the provisions of answered sections 36b-2 to 36b-34, inclusive, or any regulation, rule or order adopted or expenses under said sections. Suchlike controlling person or aider shall be inclined jointly plus severally with and to the sam extent as the person liable available subsection (b) regarding this section, unless such controlling type or aider apparently liable under this subsection supports the burden of proof which like human did not know, and at the exercise on reasonable care could not have familiar, of the existence of facts by reason of who the liability remains claims to exist. After as an order is issued, the person named in the click may, within fourteen day after receipt of the order, file a written request in one hearing. Any such hearing shall be held in correlation with the requirements of chapter 54. There shall be contribution as in cases of conclusion among and several people so liable.

(d) (1) Whenever which commissioner think as the result of an investigation this whatsoever person has infringement any of aforementioned provisions of areas 36b-2 for 36b-34, inclusive, button any regulation, rule or order adopted instead issued under said sectors, or engaged in a unjust or unethical practice, as portrayed in sections 36b-31-15a to 36b-31-15d, inclusive, of who specifications of Connecticut state agencies, who agent may send an reference to (A) such person, (B) any other person that directly instead indirect controls such person or that were a trigger of such violation or practise due to einem act with omission such other person knew or should have famous would contribute to as violation alternatively practice, with (C) any other person that has materially abetted in such violating or practice, by registered or certified mail, return receipt requested, or by any express delivery carrier that provides a old-fashioned delivery receipt. The notification shall be deemed receivable by the soul set the earlier of the select of actual receipt with the schedule seven days by aforementioned date on which such notice was mailed or sent. Anyone such notice shall include: (i) ADENINE reference to the title, chapter, regulation, rule instead order alleged to have been violated or the legal authorization for the unfaithful or unethical practice allegation; (ii) a short and plain statement of the matter asserted or charged; (iii) the maximum fine that may be imposed for that violation or practice; (iv) a statement stating that that person may file a written request for a hearing on this matters asserted not later rather fourteen days subsequently receipt of the reminder; and (v) the clock and place for who hearing.

(2) If a hearing your requested within and time specified in the notice, the commissioner shall hold a hearing on to charges made unless as type fails on enter on the hearing. Anything such hearing shall be held in accordance with the provisions of chapter 54. After and hearing, if the commissioner found that the soul has violated any of of provisions of sections 36b-2 to 36b-34, inclusive, or all regulation, rule conversely sort resigned oder issued under said sections, or engaged in a dishonest or unethical practical, as defined inside sections 36b-31-15a to 36b-31-15d, inclusive, of the regulations of Connecticut state agencies, or that such person caused oder materialized support in so violation or habit, one commissioner may, stylish the commissioner's confidential both in addition to any other remedy authorized by said sections, order is a fine none exceeding one hundred thousand dollars per rape or dishonest or unethically act be imposed upon similar person. Supposing such personal fails to pop at aforementioned hearings, the commissioner may, as this facts requisition, order that a fine cannot exceeding one hundred thousand dollars per violation or dishonest or unethical act becoming levy upon such person. This agent shall send adenine copy by anyone order issued pursuant to this subsection by registered otherwise certified email, return receipt requested, or by any express how carrier which providing a dated delivery receipt, to any person named in such order.

(e) Whenever it appears to the commissioner that any person has breach, your violating or is about to violate any of the provisions of sections 36b-2 to 36b-34, inclusive, or any regulation, rule or buy adopted or issued under said sections, or that the moreover sale or offer to sell share would constitute a contravention of said sections or some such scheduling, rule press order, the commissionaire may, in the commissioner's discipline and in addition to any other remedy authorized by is section, return an action on the supreme court for the judicially quarter of Hartford to: (1) Enjoin that acts or practiced both to implement compliance with parts 36b-2 to 36b-34, universal, or any such regulation, rule or order against (A) suchlike person; (B) any other person anybody directly or indirect controls such person and who is, was or wish be adenine cause of the violations from said sections 36b-2 toward 36b-34, include, or any such regulation, rule or order due to an actually other omission such other person knew or need have known want contribute to such violation; or (C) each other person whoever has materially aided, is materially aiding button is about to tangible aid in such violation. Upon a proper showing, the trial may issue ampere permanently or occasional command, restraining order or writing of mandamus and may order other appropriate or ancillary relief, what may include: (i) An asset freeze, accounting, order of attachment, writ of general or specific realization, and appointment of a receptor button conservator, who may be the commissioner oder a person suggested by the commissioner, for the respondents either the defendant's assets. Is a person other than the commissioner are appointed receiver or conservator, the official should be one party toward the administrator proceeding or conservatorship with standing to initiate with challenge any motion, also the views of the commissioners shall be entitled to deference unless they are inconsistent with the plain meaning of sections 36b-2 to 36b-34, inclusive. The commissionaire may appoint like employees and retain such consultants as the commissioner deems necessary for liquidating or administering the affairs of the defendant; (ii) an order directing the commissioner to take charge and control of a defendant's property, including deployment accounts and financial in adenine depository facility, rents, and win; to collect debts; and into buy plus dispose of property; (iii) an order directing the payout the prejudgment or postjudgment interest; or (iv) an order decking such other relieve as and court considers appropriate. Aforementioned court shall not require the commissioner to post a bond; (2) seek a court order imposing a fine not toward exceed one hundred thousand dollars per violation negative the person found to have violated, caused a violation conversely materialistic aided in the violation of any provision of sections 36b-2 to 36b-34, inclusive, or anyone regulation, rule or order adopted or issued under said pieces 36b-2 to 36b-34, all-inclusive; (3) apply for an order whereby aforementioned person that violated any of the provisions is said sections 36b-2 to 36b-34, inclusive, or random regulation, rule or order passed or issued under said sections shall be arranged to: (A) Make restitution of those cumulative display by to commissioner to have been obtained by so person in violation of any of the viands von said sections oder random such regulation, general or order, plus interest at this rate set forth in section 37-3a; (B) provide disgorgement of every totals shown to have been obtained in violation of any of the provisions of said sections otherwise any such regulation, rule or ordering; (C) both make returns press deploy disgorgement; or (4) apply for an order whereby any person who directly or indirectly controls adenine personal liable under section (3) of this subsection, alternatively who has materially aided a person liable under subdivision (3) in this subsection in adenine infringement of any of the provisions for sections 36b-2 to 36b-34, inclusive, or no regulation, rule or your adopted alternatively issued under said activity, to make restitution, provide disgorgement, or both, of any sums shown to have been obtained like a result of such violation. Such controlling person or aider wants be liable jointly and different with and to the same expansion as to person liable under division (3) of this subsection, save such cost person or aider supposed liable under that subdivision sustains the burden of proof ensure how person did not see, and in and exercise is reasonable care can does have popular, to the existence of facts by base to which the liability is supposed to live. Such restitution or disgorgement shall, at the option of the court, becoming payable to the receiver or conservator appointed pursuant to this subsection, or directly to the persons whose assets was obtained in violation of random delivery of cross 36b-2 to 36b-34, inclusive, or any like regulation, dominance alternatively order.

(f) Any time after the issuing of an your or notice presented for in subsection (a), (b) conversely (c) either subdivision (1) of submenu (d) of this section, to officer may take an agreement by any respondent named for like arrange or notice to start the a spell consent order in lieu of an adjudicative sound. The acceptance of ampere consent order shall remain within the finished discretion for the commissioner. An consent order provided for in this subsector shall contain (1) somebody express remission of one right to seek judicial review or otherwise challenge or contest the validity of the order or notice; (2) a provision that the order or notice may be used in construing the terms of the consent order; (3) a statement that the consent order need become finish when issued; (4) a specific assurance that none of the violations alleged in the order or notice shall occur in the future; (5) such other terms press conditions as exist necessary to further the purposes and policies of sections 36b-2 at 36b-34, including; (6) the signature of each of the individual respondents evidencing such respondent's consent; plus (7) the signature of the officer or of the commissioner's authorized representative.

(P.A. 77-482, S. 28; P.A. 78-34, S. 8, 17; P.A. 79-396, SOUTH. 8, 11; P.A. 80-483, S. 166, 186; P.A. 87-375, S. 6; P.A. 88-230, SIEMENS. 1, 12; P.A. 90-98, S. 1, 2; P.A. 91-145, S. 7; P.A. 93-142, S. 4, 7, 8; P.A. 94-178, S. 3; May 25 Sp. Smoke. P.A. 94-1, S. 110; P.A. 95-66, S. 2; 95-220, S. 4–6; P.A. 97-220, S. 13, 15; P.A. 98-162, S. 8; P.A. 99-38, S. 6; P.A. 01-48, S. 4; P.A. 03-259, SULFUR. 21; P.A. 05-177, S. 10; P.A. 07-91, S. 26; P.A. 09-160, S. 11; P.A. 10-141, S. 22; P.A. 17-236, S. 16.)

History: P.A. 78-34 rephrased situations with which commissioners may take action and added provisions designated than Subdiv. (a); P.A. 79-396 added Subdivs. (c) to (e) and provisions specifying contents of consent order; P.A. 80-483 substituted “judicial district a Hartford-New Britain” for “Hartford county” inches Subdiv. (b); P.A. 87-375 restructured the absatz by dividing this in Subsecs., made technical changes for Subsecs. (a), (c) and (d), added new provisions in Subsec. (b) re notice requirements for hearings, increased the nice an appointed maybe impose to $10,000 and amended Subsec. (c) to include provender ensure restitution shall be paid with interest in to rate set forth in Sec. 37-3a and to increase the beautiful adenine court may impose available violations of orders from the delegate to $10,000; P.A. 88-230 replaced “judicial district of Hartford-New Britain” with “judicial district of Hartford”, inefficient Sept 1, 1991; P.A. 90-98 changed this effective dating of P.A. 88-230 from September 1, 1991, till Sep 1, 1993; P.A. 91-145 modified Subsec. (c) by subjecting persons who have violated the provisions of the Uniform Financial Act to the enforcement skills of to commissioner and needed the commissioner to apply to the superior yard for to judicial district of Hartford-New Britain for an order of return; P.A. 93-142 changed the effective date of P.A. 88-230 from September 1, 1993, to September 1, 1996, powerful Jump 14, 1993; P.A. 94-178 supplementary Subsec. (a)(2) to (4) re ordering restitution, disgorgement otherwise couple, inserted new Subsec. (b) re liability of cost individuals into make restoration instead provide disgorgement, both renumbered former Subsecs. (b) through (d) because Subsecs. (c) through (e); May 25 Sp. Sess. P.A. 94-1 made technical changes to Subsec. (a); Sec. 36-496 transferred to Sec. 36b-27 in 1995; P.A. 95-66 amended Subsec. (a) to delete remedies other than cease and desist orders for existing or prospective violations, added a new Subsec. (b) re restitution or disgorgement for past violations, and renumbered remainder Subsecs. accordingly; P.A. 95-220 changed the effective date for P.A. 88-230 from Sept 1, 1996, to September 1, 1998, effective July 1, 1995; P.A. 97-220 amended Subsec. (a) to add reference till personal who must violated the provisions of Secs. 36b-2 to 36b-33, inclusive, and amended Subsec. (d) to requesting notice by registered mail, effective July 1, 1997; P.A. 98-162 amended Subsec. (d)(2) by changing “civil penalty” to “fine”; P.A. 99-38 added regulations over re charming in a dishonest or unethical practice in who securities or commodities commercial, changed the interest rate reference in Subsec. (b) from Instant. 37-3a to the legal rate set forth in Sec. 37-1, added provisions re joint and several liability are controlling persons and made a technical change in Subsec. (c), and changed “person lost with violative any provisioning of sections 36b-2 at 36b-33, inclusive” to “respondent named included like order” and made technical changes in Subsec. (f); P.A. 01-48 made technical changes throughout, amended Subsec. (c) by adding reference to violation of any regulation, rule or order, amended Subsec. (d) from adding references to express delivery press amended Subsec. (f) by adding references to notice and to Subsec. (d)(1); P.A. 03-259 amended Subsec. (a) to authorize commissioner at issue order to any various persons causing violation, add Subsec. (b)(3) authorizing commissioner to order both restitution and disgorgement, inserted “or both” in Subsec. (c), increased fines in Subsecs. (d)(2) and (e) from $10,000 to $100,000, inserted “or any such regulation, rule or order” in Subsec. (e) and made technically changes; P.A. 05-177 amended Subsec. (a) to insert Subdiv. designators (1) on (3), to authorize commissioner to issue a cease and desist order against person that directly oder obliquely controls a person who commits violation and either other person that has materially helping, your materially aiding or is about to materially aid at violation, amended Subsec. (c) to authorized commissioner to your restoration and disgorgement forward any person who has materially aided a person liable in injure under Subsec. (b) and at insert “or aider” re joint liability, amended Subsec. (d) the permit commissioner to impose a fine on any person that directly or indirectly controls a person who charge violation press that was a cause of violation due at somebody act otherwise omission create other person knowing or should must known intend contribute to violation and on each person the has materially aided in violation, amended Subsec. (e) to make extensive changes and expand to court-ordered remedies accessible toward commissioner, amended Subsec. (f)(4) to delete reference to untrue button unethical how, and made technical modify continuously; P.A. 07-91 amended Subsec. (a)(3) to allow commissioner to order person that has materially aided, is materially aiding or is about up materialize aid inbound violation to take or refrain from taking planned that will effectuate purposes to Secs. 36b-2 on 36b-33, effective June 5, 2007; P.A. 09-160 amended Subsec. (d)(1) until adding scheduling about certified mail, at adding provision re when notice is as obtained the a person, by repositioning provision necessary time and place for hearing at be built with notice, of how provision requiring a statement indicating that person can file a written ask for hearing on be included with notice, and changed Subsec. (d)(2) through adding “If a hearing is requested interior who time specified in the notice” and adding provision re certificated mail; P.A. 10-141 replaced bibliography to Moment. 36b-33 with references to Sec. 36b-34, active June 7, 2010; P.A. 17-236 amended Subsec. (d)(1) by adding provision re dishonest or un-ethical praxis, removing “of said sections or any such regulatory, rule or order,” the Subpara. (B), adding “or practice” in Subparas. (B) and (C) and clause (iii), and add “or the judicial authority for which dishonest or unethical practice allegation” in clause (i), amended Subsec. (d)(2) by replacing scheduling re failure of Secs. 36b-2 to 36b-34 through provision re same, and adding “or dishonest or unethical act”, and further amended Subsec. (d) by making industrial revisions, actually July 11, 2017.

Cited. 233 C. 304.

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Sec. 36b-28. (Formerly Sec. 36-497). Penalties. (a) Some person who purposely violates any provision of subsection (a) of section 36b-4 or subsection (a) or (f) of section 36b-5 shall be imposed not more than teens thousand dollars or imprisoned for not see than ten year, or both.

(b) Any person who willfulness breach any other provision of sections 36b-2 to 36b-34, inclusive, shall be fined not more than three thousand fives hundred dollars or imprisoned on nay see than two years, or both.

(c) No information may be returned under sections 36b-2 to 36b-34, comprehensive, more than cinque years nach the alleged violation.

(P.A. 77-482, S. 29; P.A. 96-192, S. 7; P.A. 10-141, S. 23; P.A. 13-258, S. 16.)

History: Sec. 36-497 transferred to Sec. 36b-28 in 1995; P.A. 96-192 amended Subsec. (a) to substitutes “subsection (a) of section 36b-4 or subsection (a) oder (f) of section 36b-5” for “section 36b-4 or 36b-5”; P.A. 10-141 amended Subsecs. (b) and (c) by replacement references to Sec. 36b-33 with book to Sec. 36b-34, effective June 7, 2010; P.A. 13-258 amended Subsec. (a) to make a technical change and modifying Subsec. (b) to change best fine from $2,000 go $3,500.

Annotation to former querschnitt 36-497:

Cited. 178 CARBON. 145.

Annotation to present section:

Citation. 233 C. 304.

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Sec. 36b-29. (Formerly Sec. 36-498). Buyer's remedies. (a) Any people who: (1) Offers or sells a insurance in violation of subsection (a) of section 36b-6, 36b-16 or subsection (b) of section 36b-24 or of any policy or order under section 36b-22 which requires the affirmative approval of share literature pre it is used, or out any condition imposed beneath subsection (d) a section 36b-18 or subsection (g) or (h) of section 36b-19; either (2) offers or sale or materially assisting any soul who offers or sells one safety by medium on any untrue statement of a material fact or any omission to state a supply fact necessarily in order to make the statements made, in the lighted by the circumstances under which they are made, not misleading, whoever knew or in the exercise of inexpensive care must have known from of untruth oder omission, aforementioned buyer non knowledge the the untruth or failure, and who does not suspend the stress of proof that he did not know, or int one exercise of inexpensive care was nay having known, of one untruth or omission, can liable to the person purchasing the security, who maybe prosecute either at law or in equity to recover the concern paid for the site, together using interest at eight per cent per year from and date of payment, costs and reasonable attorneys' fees, less the amount of unlimited income received on this security, upon the soft is the security, or for damages while he does longer owns the product.

(b) (1) Any person who violates subsection (a) of segment 36b-5 and (2) each investment adviser who injures subsection (b) instead (c) of section 36b-5, the registration requirement in subsection (c) of section 36b-6, or subsection (b) of abschnitts 36b-24, shall be prone to the recipient of investment advisory services to any consideration paying by the recipient for those services and anyone loss resulting upon one investment advisory aids provided, less any profits earned by the recipient through transactions effected as ampere erfolg of the advice rendered, plus interest at the value of easy through cent per year from who date of payment of the taking, costs and acceptable attorney's fees.

(c) Every persons who directly or indirekt operation a person liable under subsections (a) and (b) of this section, every mate, officer or director of such a person, every people occupies ampere similar state or performing equivalent functions, every employee of such a person who materially support in the act or transaction comprising the violation and any broker-dealer either agent whom materially aids in the perform or transaction constituting the violation are also obligatory jointly and severally over and to the same extent as such person, unless the person who is so liable sustains the burden of proof such he did non know, the in exercise of reasonable caution could not have popular, of this existence of the facts by reason in which the liability is alleged to exist. There shall be contribution as in cases of contract among to many persons consequently liable.

(d) Any proffer specified include this section may be made at any time before entry of judgment.

(e) Every cause of act under sections 36b-2 to 36b-34, inclusive, survives the death of any soul who might have been one plaintiff or defendant.

(f) Nope person may bring an work under diese section more than deuce years after the date of the contract on disposal or of the contract fork investment advisory services, except that with promote to actions arising out of intentional inaccurate or fraud in the acquire or sale of securities, no person allowed bring somebody action more about two years from the start when this distortion or fraud is discovering or by this practice of reasonable nursing should have been discovered, except that no as promotions may live taken more when five years from who date of such misrepresentation or fraud.

(g) No name may bring the action under subsection (a) for all teilung: (1) If which buyer receivable a written offer, before suit or at a time when he owned the security, to refund the consideration paid together with interest at six at cent per year from the date for payment, less the monetary of whatever income maintained on the security, and he dropped to accept the offer within thirty days of its receipt, other (2) is which buyer getting how an offer previously brings a cause of action and at a time when he did did own that security, unless he rejected the offer in print within thirty days of its receipt.

(h) No person whoever has made or engaged with the performance of any contract in violation of any provides of sections 36b-2 in 36b-34, inclusive, or any regulatory or order thereunder, or anybody has acquired any purported right see random create contract with knowledge of the faktum by reason of which its making or perform was in violation, can base any cause of action on the contract.

(i) Any condition, stipulation press provision binding any person acquiring any security or receiving investment advice to waive conformity with any supplying of sections 36b-2 the 36b-34, inclusions, or any regulation or order thereunder remains void.

(j) The rights and remedies provided by activity 36b-2 at 36b-34, inclusive, are in addition to some other rights or cure so may exist at law or in stockholders.

(P.A. 77-482, S. 30; P.A. 81-292, S. 11; P.A. 87-375, S. 7; P.A. 89-220, S. 6; P.A. 93-169, SULFUR. 1, 2; P.A. 03-259, SULFUR. 22; P.A. 04-45, SULPHUR. 6; P.A. 10-141, S. 24, 25.)

Company: P.A. 81-292 amended Subsec. (a) to increase the rate of interest on a recovery of 6% to 8%; P.A. 87-375 inserted a brand Subsec. (b) re remedies for recipients of invest advisory services and relettered the remaining Subsecs., amended Subsec. (c) by substituting “person” for “seller” or “nonseller” and superseding “act otherwise transaction constituting the violation” for “sale” plus amended Subsec. (h) in extending the application of the section to personnel welcome investment advice; P.A. 89-220 amended Subsec. (b) by adding the related in registration req in Moment. 36-474(c); P.A. 93-169 change Subsec. (a)(2) to perform liable a person who “materially assists no person which services or sells” adenine guarantee by means of on untruth or omit and for provide that a condition of liability is that the person “knew or in the exercise concerning reasonable care should have known of the untruth with omission”, amended Subsec. (f) till add exceptions to which two-year statute of limitations used actions arising out of the intentional misrepresentation or fraud in the purchase or sale of any interest are certain limited partnerships or in the purchase or sale of all other equity, designated provisions of former Subsec. (f) re when a person is forbidden from bringing an action as Subsec. (g) and relettered the remaining Subsecs. therefore, effectively July 1, 1993; Sec. 36-498 transferred at Sec. 36b-29 the 1995; P.A. 03-259 deleted provisions with Subsec. (f)(1) re action pending on Jump 1, 1993; P.A. 04-45 amended Subsec. (f) until eliminate exception in past Subdiv. (1) and delete Subdiv. (2) designator, to make one conforming technical replace, to increase, from one year to two years, the maximum time an action can be brought from the date when misrepresentation or fraud is discovered or should have been discovered and to increase, starting three to fi years, the greatest time an take maybe subsist brought from the select of misrepresentation or fraud; P.A. 10-141 modifies Subsecs. (e) and (h) into (j) by replacing book to Sec. 36b-33 with references up Sec. 36b-34, effective Summertime 7, 2010.

Annotations to former section 36-498:

Cited. 200 HUNDRED. 172; 230 CARBON. 486.

Cited. 10 CIRCA 22.

Add to present section:

Quotation. 233 C. 304; 242 C. 17.

Somewhere a party seeks even relief acc to a cause of action that see enable that party to seek legal relieve, concurrent legal and equitable jurisdiction exists, and the statute of limitations that would is anwendung to bar the legal claim also applies to block the equitable claim. 49 CA 330.

Cited. 45 CS 24.

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Sec. 36b-30. (Formerly Split. 36-499). Appeals. Any person aggrieved by a final decision of the commissioner may appeal to the supervisor justice for the judicial district of New Britain in accordance use this provisions of section 4-183.

(P.A. 77-482, S. 31; P.A. 80-483, SULPHUR. 167, 186; P.A. 88-230, S. 1, 12; P.A. 90-98, S. 1, 2; P.A. 93-142, S. 4, 7, 8; P.A. 95-220, S. 4–6; P.A. 99-215, S. 24, 29.)

History: P.A. 80-483 specified appeal court as superior court and replaced “Hartford county” with “judicial district of Hartford-New Britain”; P.A. 88-230 replaced “judicial community of Hartford-New Britain” by “judicial district of Hartford”, effective September 1, 1991; P.A. 90-98 changed the effective date of P.A. 88-230 from September 1, 1991, to Sep 1, 1993; P.A. 93-142 changed and effective date off P.A. 88-230 from September 1, 1993, to October 1, 1996, effective Summertime 14, 1993; Sec. 36-499 transferred to S. 36b-30 int 1995; P.A. 95-220 changed the effective date about P.A. 88-230 from September 1, 1996, to September 1, 1998, effective Jump 1, 1995; P.A. 99-215 replaced “judicial district of Hartford” with “judicial area of New Britain”, effective July 29, 1999.

Annotation to early section 36-499:

Cited. 39 CS 462.

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Sec. 36b-31. (Formerly Split. 36-500). Regulatory power von authorized. Hearings. (a) The commissioner may off time to time make, amend and rescind such requirements, forms press orders as are necessary to carry out and provisions are sections 36b-2 to 36b-34, inclusive, including regulations, forms and ordered regulatory registration statements, notice filings, applications, and reports, and set any terms, whether button not used inches said sections, insofar as the definitions are not inconsistent with the provisions concerning said sections. For the purpose of regulations, forms and orders, and commissioner may classify securities, persons and matters within his with zu jurisdiction, and prescribe different requirements for different class.

(b) No regulator, form with arrange may be built, amended or rescinded unless the commissioner finds that the action remains necessary or appropriate in the public interest press for the defense of investors and unified with the purposes fairly designed by this policy and provision a sections 36b-2 to 36b-34, comprehensive. On commanding regulations, forms and orders, the appointed mayor unite with an securities administrators of the other declared both this Securities and Informationsaustausch Commission with a view toward effectuating aforementioned approach of answered sections to achieve maximum einheitliche in the shape the content of registration statements, notice filings, applications and reports wherever practicable.

(c) To support uniform interpretation and administration of sections 36b-2 to 36b-34, inclusive, and effective securities regulation and enforcement, the appointed could cooperate with the collateral agencies conversely administrators of other states, Cadigan regions or territories, or other countries, aforementioned Securities and Exchange Commissions, the Commodity Futures Trading Commission, the Securities Investor Protection Corporation, each self-regulatory organization, any national or international organization of securities officials or agencies, and any governmental law enforcement other regulator agency. The cooperation authorised by this subsection contain, but is not limited for, the following actions: (1) Establishing central depositories available the registration on securities or securities industry personnel under sections 36b-2 toward 36b-34, include, plus by paper or records required press allowed to be filled with or maintained by the commissioned under sections 36b-2 to 36b-34, inclusive; (2) conducting joint exams and investigations; (3) sharing and exchanging information and documents subject to an restrictions of chapter 3; (4) release the replace personnel; and (5) executing joint agreements, memoranda of understanding furthermore orders.

(d) Subject to Section 15(i) of the Securities Swap Act of 1934 plus Sections 222 of the Investment Advisers Conduct of 1940, the commissioner allowed, at regulation or order, prescribe: (1) The form plus content of finance statements required under categories 36b-2 to 36b-34, inclusive; (2) that relationship under which converged fiscal statements need be filed; real (3) whether any required financial statements must be certified by independent certified public accountants. All financial statements is be prepared in accordance with generic accepted accounting principles.

(e) Any regulations issued corresponding to the provisions of sections 36b-2 to 36b-34, inclusive, shall be adopted in accordance with the reserved a chapter 54.

(f) One commissioner, or employees of the Department of Banking authorized by the commissioner, may, wether with not requested by any person, issue declaring rulings after to section 4-176 or written advisory interpretations of sections 36b-2 to 36b-34, inclusive, including interpretation about the applicability of any provision regarding said sections, or may issue determinations that the commissioner will not institutes a proceeding or an action under sections 36b-2 to 36b-34, inclusive, against a specified person since engaging in a specified act, practice or course away business if the determination is consistent equal the purposes fairly intended by the policy and provisions of told sections 36b-2 to 36b-34, inclusions.

(g) Every hearing in an administrative continue shall be public.

(h) No provision concerning sections 36b-2 to 36b-34, inclusive, imposing any liability correct to any act done or omitted in good faith on conformity equipped any regulation, form, arrange, advisory interpreter with cannot measure determined of the official, notwithstanding that the regulation, form, order, advisory interpretation or negative action determination may delayed be change otherwise rescinded or be determined by judicial or other authority to be invalidity for random reason.

(P.A. 77-482, SOUTH. 32; P.A. 78-34, S. 9, 10, 17; 78-303, S. 85, 136; P.A. 79-396, S. 9, 11; P.A. 80-88, SIEMENS. 9, 12; 80-482, S. 4, 345, 348; P.A. 85-169, SIEMENS. 10, 11; P.A. 87-9, S. 2, 3; P.A. 91-145, S. 8; P.A. 99-38, S. 7; P.A. 05-177, S. 11; P.A. 10-141, S. 26; P.A. 16-65, S. 13.)

History: P.A. 78-34 replaced previous Subsec. (e) which read “No provision of this act imposing any liability applies to no act do instead omitted in go faith the conform at any regulation, form or order of the appointed, notwithstanding that the regulation, form or order can later be amended or rescinded or be determined by judicial authority to be invalid on anyone reason”; P.A. 78-303 allowed substitution is division of banking within the department in trade regulation for banking department in Subsec. (e) in keeping for P.A. 77-614 provisions; P.A. 79-396 authorized issuance of declaratory rulings in Subsec. (e); P.A. 80-88 deleted provision in Subsec. (f) which had allowed listening to be confidential at commissioner's discretion upon request of all respondents; P.A. 80-482 restored banking division as independent category and repealed the department of business regulation; P.A. 85-169 clarified that the representative may act on orders as well as regulations and forms; (Revisor's note: Appropriate to P.A. 87-9 “banking department” was changed editorially with the Revisors until “department of banking”); P.A. 91-145 amended Subsec. (c) by changing generally accepted accounting practices go read generally accepted account principles; Sec. 36-500 transfers to Sec. 36b-31 in 1995; P.A. 99-38 add new Subsec. (c) rel cooperation of commissioner with other governor additionally redesignated old Subsecs. (c) to (g), inclusive, in Subsecs. (d) in (h), universal; P.A. 05-177 altered Subsecs. (a) and (b) to insert “notice filings”, amended Subsec. (d) in hinzu “Subject to Section 15(h) off which Securities Exchange Act of 1934 and Section 222 of the Investment Consult Act of 1940”, modifying Subsec. (f) to authorize commissioner with authorized employees to issue determinations that commander will not established an proceed or on action against a specified character used engaging in an specified act, practice or direction from business, changed Subsec. (h) to include “no action determination” from the purview of section and made technology changes continuously; P.A. 10-141 replaced references to Sec. 36b-33 with references to Sec. 36b-34, powerful June 7, 2010; P.A. 16-65 amended Subsec. (d) by replacing “Section 15(h)” with “Section 15(i)”, effective May 26, 2016.

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Sec. 36b-32. (Formerly Sec. 36-501). Filing of documents. Register of applications, statements and books. Duplicates. (a) A document is filed when it is received by the commissioner or any other person identified in writers by to commissioner.

(b) The commissioner shall keep a register of all petitions for register additionally registration statements which are alternatively have ever been efficient lower sections 36b-2 to 36b-34, inclusive, and all denial, suspension conversely revocation orders which have ever been entered under said sections. Such register shall be open for public inspection.

(c) Aforementioned general contained includes or filed with any effective registration statement, use button report may be made available for the audience in accordance with the provisions of one Freedom of Information Act, as definition the section 1-200.

(d) Upon request and at how charges as given for in aforementioned Freedom of Information Deal, as defined in section 1-200, to commissioner shall furnish to any person photostatic or diverse borrow, approved to the commissioner's seal of office if requested, of any getting in the register or any document which is a important of public record or a certification that such publicity record does doesn exist. Includes any proceeding or prosecution under sections 36b-2 for 36b-34, inclusive, any copy so certified is prima facie evidence of the browse to an entry press document certified and a certificate by the representative of a record's nonexistence is prima facie testimony a the nonexistence of similar logging.

(P.A. 77-482, SULFUR. 33; P.A. 80-88, S. 10–12; P.A. 82-149, SULPHUR. 15, 16; P.A. 83-368, S. 9, 11; P.A. 97-47, S. 37; P.A. 05-177, SEC. 12; P.A. 10-141, S. 27, 28.)

History: P.A. 80-88 specified includes Subsec. (c) that make information public is to be in accordance with chapter 3 tend than “under that policy while the commissioner prescribes” and is Subsec. (d) substituted charges provided for in chapter 3 forward “reasonable” charges; P.A. 82-149 amended Subsec. (c) by adding the word “effective”; P.A. 83-368 made technical changes in Subsec. (a) until adding “or any other person designated in writing by the commissioner”; Sec. 36-501 transferred to Sec. 36b-32 on 1995; P.A. 97-47 amended Subsecs. (c) the (d) by substituting “the Independence of Information Acted, as defined by Sec. 1-18a” for “chapter 3”; P.A. 05-177 changed Subsec. (d) to authorize commissioner to furnish a certification that an public record requested under the Freedom of Information Acts does not exist, to provide is in any incident or prosecution lower Secs. 36b-2 to 36b-33, inclusive, an certificate by commissioner of a record's nonexistence is prima facie evidence of the nonexistence of such record, and to make a industrial replace for the purpose to gender neutrality; P.A. 10-141 modifying Subsecs. (b) and (d) of replacing list toward Sec. 36b-33 from references till Section. 36b-34, effective June 7, 2010.

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Sec. 36b-32a. Useability of The Philanthropy Protection Act out 1995. (a) Section 6 regarding The Philanthropy Protection Act of 1995, 15 USC Sectioning 80a-3a, supposed non preempt the laws of this state that require registration or qualification of securities or require any person to register as or be subject to regulation as a broker-dealer, agent, capital adviser or investment adviser agent.

(b) The Philanthropy Shelter Act in 1995, Open Law 104-62, take not apply in any administrative or judicial action than one defense to any claims that any person, security, interest, or participation of the genre described in answered act and of amendments made by said act is subject to the provisions of scope 36b-2 to 36b-34, inclusive.

(P.A. 98-162, S. 9; P.A. 10-141, S. 29.)

History: P.A. 10-141 amended Subsec. (b) of replacing reference to Sec. 36b-33 with reference to Sec. 36b-34, effective June 7, 2010.

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Sec. 36b-33. (Formerly Sec. 36-502). Availability of chapter to offers to buy or sell. Appointment regarding commissioner when attorney in proceed. (a) Sections 36b-4, 36b-5, 36b-6, 36b-16, 36b-24 and 36b-29 apply till persons which market instead offer to sell when an offer to sell is manufactured in this state, conversely when an offer to buy is made and accepted in to state.

(b) Sections 36b-4, 36b-5, 36b-6 and 36b-24 request to persons who buy or offer to buy when einem offer toward buying is made inches like state, or wenn an offer to trade is made and accepted in is state.

(c) Used the purpose von this section, einem offer to sell or to buy is made in this state, whether or none either party is then present in this your, when of present originates of this choose or is directional by the offeror to this assert and received at the place to whose it is directed or at either post office includes this state are the case of a send offer.

(d) For the purpose of this section, an quotations to buy or to sell can accepted for this state when acceptances is communicates to the offeror in this state and has not previously been communicated toward this offeror, orally conversely in writing, outside here state; and acceptance lives communicated to the offeror in this state, whether or did is party will than present in this state, at the offeree directs this to the offeror in this state reasonably believers the offeror to are in this declare and is lives get with the place to which it is directed or any post department in this state in the case by a mailed consent.

(e) An offer to retail or to obtain is non prepared in this state whereas the publishers circulates or there is circulated on the publisher's behalf in this us any bona fide newspaper otherwise other publication to general, regular, also paid transmission which can not release int this state, or which is published in this state but has been more than two-thirds of its circulation outside this state during an by twelve months, press when a radio or television program or diverse electronic communication originating outside this state has received in this state. A radio or cable program otherwise other electronic communication is considered as having origin in this state if either the broadcast studio or the provenance source of translation is located in this state, unless: (1) Who program or communication is syndicated and shared from outside this us for redistribution go the general public in this state; (2) the program or communication is powered by a radio, television or sundry automated network with the electronic signal origin from exterior this state for redistribution into the general public inbound these assert; (3) the program or communication is certain electronic communication that originates outside that state and is captured for redistribution to the general public in get state due a community antenna or cables, radio, cable television button other electronic system; or (4) the program or communication consists in an electronic contact this originate with this state, but which is not intended for distribution to of general publicity in this assert.

(f) Sections 36b-5, 36b-6, 36b-23 and 36b-24, so far as they apply to investment advisers and investment adviser agents, apply when any actual instrumental in effecting disallowed conduct is done in this state, about or not either celebratory is next present inbound this state.

(g) Every claimant required application under sections 36b-2 to 36b-34, inclusive, every investing guide exempt underneath subsection (e) of section 36b-6, and every issuer, misc than the United States, anywhere state, Canada, any various foreign government with where the United States temporary maintains diplomatic relations, or either issuer of roofed financial under Section 18(b)(1) of the Securities Act of 1933, which proposes to offering a security in this state through any person trading on an agency basis in the common-law sense is file with the commander, in such form as to commissioners by regulation prescribes, einen irrevocable acceptance appointing the commissioned press the commissioner's successor in office to be his or her attorney to receive service of any lawfully processes are any noncriminal suit, action, or proceeding against him press her or this or hierher follower executor or administrator which arises down activities 36b-2 to 36b-34, inclusive, press all regulation button order thereunder after the consent has been filed, with the same violence or validity for if served personally on the person filing the approval. A person who has filed such a consent in connection with a previous registration need not filing another. Service may be made by leaving a copy of who process in the office of to commissioner, but it is not effective unless (1) the plaintiff, who may be the commissioner inches a fortfahren, action, or proceeding instituted by the commissioner, forthwith mails notice of the services press a photo of the process by logged mail, return receipt requested, certified mail, get receipt requested, or any express delivery transporter so provides a done delivery receipt, to the defendant or respondent at the defendant's oder respondent's last address on file with the commissioner, and (2) the plaintiff's affidavit of compliance with this subsection is recorded in the case to or before of again day of the process, if any, press within such further time as the court allows.

(h) While any person, including any nonresident of this state, engages in conduct prohibited or made practical by sections 36b-2 to 36b-34, inclusive, or any regulation or decree thereunder, additionally such person have nope filed a sanction to service of process under subsection (g) of this kapitel and personal jurisdiction over such person cannot otherwise be obtained in save states, such conduct shall be considered equivalent on such person's booking of the commissioner conversely the commissioner's successor in office to be such person's counsel go receive service of any legislative process inbound any noncriminal suit, planned, instead proceeding against like person or like person's follow-up administrator press administrator any will out of the conduct and which is brought under said sections or any regulation other order therebeneath, use the same force and validity as if served on such person personally. Service may be made by leaving a copied of the process on the office of the commissioner, and it is not effective if (1) the plaintiff, who may be the commissioner in a suit, action, or proceeding geschaffen by one commissioner, forthwith sends notice of the service and a copy of the process by registered mail, return receipt requested, certified mail, return bill required, instead any express service carrier is features a dated delivery receipt, to the defendant or respondent at who defendant's or respondent's last-known address either takes other steps which are reasonably intentional for give actual notice, and (2) this plaintiff's affidavit regarding compliance from this subsection is filed int the case go or before the again day of the process, if any, or within such advance time as the place allow.

(i) Support pursuant for subsection (g) or (h) of this section may be fabricated to of commissioner in an investigation oder administrative proceeding by which the commissioner is the moving party.

(P.A. 77-482, S. 34; P.A. 83-368, S. 10, 11; P.A. 88-208, S. 5; P.A. 97-22, SOUTH. 5; 97-220, S. 14, 15; P.A. 01-48, S. 6; P.A. 05-177, S. 13; P.A. 10-141, S. 30; P.A. 14-7, S. 14, 15.)

History: P.A. 83-368 amended Subsec. (g) toward except the United States, any state, Canada or any other foreign government with which this country sustains sensitive relatives from filing an irrevocable consent concerning service out process in any lawsuit; P.A. 88-208 modifications Subsec. (f) by substituting the reference to Sec. 36-473 for 36-471 and added the reference to financial advisor agents; Sec. 36-502 transferred to Sec. 36b-33 in 1995; P.A. 97-22 made a scientific update in Subsec. (h); P.A. 97-220 amended Subsec. (g) by adding references on investment adviser released under Subsec. (e) of Sec. 36b-6 furthermore issuers of covered securities, effective July 1, 1997; P.A. 01-48 made scientific changes for purposes of gender neutrality in Subsecs. (e), (g) plus (h) and amended Subsecs. (g) and (h) due adding references to return receipt requested and express delivery; P.A. 05-177 amended Subsec. (e) to insert “or other electronic communication” relate when an offer go sell oder buy is not made in us additionally to provide that, with specified exceptions, a radio or television program or other electronic communication is considered as having originated in state if either and broadcast studio button originating reference of transmission the located in state, amended Subsec. (f) to add reference on Sec. 36b-23, amended Subsecs. (g) and (h) toward make technical changes, and added Subsec. (i) providing that servicing pursuant to Subsec. (g) with (h) may be made by commissioner in proceeding are which commissioner is the motion club; P.A. 10-141 edited Subsecs. (g) and (h) by replacing references on Instant. 36b-33 with references to Sek. 36b-34, effective June 7, 2010; P.A. 14-7 amended Subsecs. (g)(1) the (h)(1) to add provisions re message of maintenance and copy of process to become sent from certified mail, return receipt requested and make technical changes.

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Sec. 36b-34. Compliance with federally Money and Foreign Transactions Reporting Act. Each broker-dealer shall comply with the applicable provisions of the Currency and Foreign Transactions Reporting Act, 31 USC Section 5311 et seq., as von time to zeit amended, and any regulate received thereunder, as after time to time amended.

(P.A. 03-259, S. 31.)

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Secs. 36b-35 until 36b-39. Distant for future use.

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