Remedies and Administrative Procedures - Other Provisions

The Uniform Securities Act states that an Administrator may require a firm to "require the filing of any prospectus, pamphlet, circular, form letter, advertisement, or other sales literature or advertising communication addressed or intended for distribution to prospective investors, including clients or prospective clients of an investment adviser, unless the security or transaction is exempted."

Exempted securities include the following:

  • Federal covered securities
  • Any security issued or guaranteed by Canada
  • Any security issued or guaranteed by a bank, savings institution or trust company
  • Any security issued or guaranteed by any federal credit union or any credit union
  • Any security issued or guaranteed by any railroad or other common carrier, public utility, or holding company
  • Securities issued or guaranteed by non-profits
  • Any investment contract issued in connection with an employees' stock purchase, savings, pension, profit-sharing or similar benefit plan

Exam Tips and Tricks
You can expect a question on the test regarding the Telephone Consumer Protection Act of 1991, which states that organizations must do the following:
  • Maintain do-not-call lists. When a prospective recipient of a call asks to be put on the list, the firm must keep his or her name on record for 10 years.
  • Make sure that reps understand how to use the list and immediately record any names and phone numbers of people who wish to be on the do-not-call list.
  • Only call homes of prospective clients between the hours of 8:00 AM and 9:00 PM in the customer\'s time zone.

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