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Can you summarize 75 MSCO Chapter 71, Article 5?
Mississippi Securities Act of 2010 > Fraud and liabilities.
Short Summary
The Mississippi Securities Act of 2010 governs fraud and liabilities in connection with the offer, sale, or purchase of securities. It prohibits fraudulent conduct, including making untrue statements of material facts and engaging in acts that operate as fraud or deceit upon another person. The act provides historical context, judicial decisions, and the authority of the Secretary of State to enforce its provisions. It also addresses the filing requirement of sales and advertising literature related to securities or investment advice. The act outlines civil and criminal liability provisions, including the burden of proof for claiming exemptions or exclusions. It clarifies that false or misleading statements in records filed under the act are unlawful. The act establishes the registration requirements, exemptions, and misrepresentations related to securities. It specifies that the filing of an application for registration or a registration statement does not imply verification by the administrator. The act also addresses defamation liability for statements contained in records required by regulatory authorities. Additionally, the act provides for rescission offers and outlines the conditions under which an action cannot be maintained. It further outlines the civil liability provisions for securities fraud and violations of the act, including remedies available to purchasers or sellers. The act also addresses joint and several liability, right of contribution, survival of cause of action, and statute of limitations. Overall, the Mississippi Securities Act of 2010 aims to ensure fair and transparent practices in the securities market in Mississippi.
Whom does it apply to?
Any person involved in the offer, sale, or purchase of securities
What does it govern?
Fraud and liabilities in connection with the offer, sale, or purchase of securities
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
The criminal penalties for violations of the Mississippi Securities Act of 2010 include fines and imprisonment. The fine shall not exceed the amount set forth in Section 75-71-613, and the imprisonment shall not exceed five (5) years, or both.
Jurisdiction
Mississippi