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ACT NO. 11


Commerce and trade; securities

This act updates Vermont securities statutes and conform the statutes with federal law and the law of other states by means of a model uniform act passed by the National Conference of Commissioners on Uniform State Laws (NCCUSL) in 2002. The statute currently in effect was adopted in 1989 and is a codification of an earlier uniform act, the Revised Uniform Securities Act (RUSA) of 1985. RUSA updated the original Uniform Securities Act of 1956. The 1956 act was adopted in whole or in part by 37 states, but only 8 states adopted the 1985 act. Both earlier acts were preempted in part by the National Securities Market Improvement Act of 1996 and the Securities Litigation Uniform Standards Act of 1998. NCCUSL developed and approved the new model to conform to the federal legislation.

Effective Date: July 1, 2006, except for the section which took effect on January 1, 2005, relating to allowing an individual to transact business as an investment adviser representative for more than one investment adviser or federal covered investment adviser.

Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont