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Can you summarize OKST Title 71, Chapter 1, Article 5?
Oklahoma Uniform Securities Act of 2004 > Fraud and Liabilities
Short Summary
The Oklahoma Uniform Securities Act of 2004 governs the regulation of securities in Oklahoma. It prohibits fraudulent activities in connection with the offer, sale, or purchase of securities. The act establishes liability for making untrue statements or omitting material facts, and provides remedies for purchasers and sellers. It also addresses the liability of broker-dealers, agents, investment advisers, and investment adviser representatives. The act requires the filing of sales and advertising literature related to securities, and imposes burdens of proof for claiming exemptions or exclusions. Violations of the act can result in fines, imprisonment, or both. Overall, the act aims to protect investors and maintain the integrity of the securities market in Oklahoma.
Whom does it apply to?
The Oklahoma Uniform Securities Act of 2004 applies to any person who willfully violates the act or a rule adopted or order issued under the act.
What does it govern?
The provided legal document content pertains to the Oklahoma Uniform Securities Act of 2004.
What are exemptions?
The act provides exemptions for specific sections, such as Section 1-504 or the notice filing requirements of Section 1-302 or 1-405.
What are the Penalties?
The penalties for willful violations of the act include a fine of up to $100,000, imprisonment for up to 10 years, or both. However, an individual convicted of violating a rule or order may be fined but not imprisoned if they did not have knowledge of the rule or order.
Jurisdiction
Oklahoma