| | National Securities Markets Improvement Act © 1997 Ronald J. Coffey. (Site not responding. Last check: 2007-10-23) |
 | | In the broker-dealer arena, new Exchange Act section 15(h)(2) prevents states with defined de minimis contacts from prohibiting an associated person of a broker dealer from effecting transactions, where, among other conditions, the associated person and his or her broker or dealer are already registered in a single state. |
 | | The Securities Act curtailments of state jurisdiction are premised upon a so-called "covered security" (1) being involved in a transaction, (2) being the subject of a disclosure document, or (3) being issued by a person to whom a disclosure document relates. |
 | | In the analogous situation of preemption of state regulation as to investment advisers, except for state governmental antideception enforcement, the SEC has taken the position that deception is to be limited to its traditional notions and is not to be expanded to embrace nondeceptive conduct. |
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