reglab/housing_qa huggingface dataset:
RI Gen L § 7-11-201 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-201 - Broker-dealer and sales representative licensing.

§ 7-11-201. Broker-dealer and sales representative licensing.(a) No person may transact business in this state as a broker-dealer or sales representative unless licensed or exempt from licensing under this chapter.(b) No broker-dealer licensed under this chapter and no issuer may employ a person as a sales representative in this state unless the sales representative is licensed or exempt from licensing under this chapter.(c) No broker-dealer or issuer engaged in offering securities in this state may employ, directly or indirectly, a person to engage in any activity in this state contrary to a suspension or bar from association with a broker-dealer or investment adviser imposed against that person by the director. No broker-dealer or issuer violates this subsection unless the broker-dealer or issuer knows or in the exercise of reasonable care should know of the suspension or bar. Upon request from a broker-dealer or issuer and for good cause shown, the director, by order, may waive the prohibition of this subsection regarding a person suspended or barred.History of Section.P.L. 1990, ch. 460, § 2.
RI Gen L § 7-11-202 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-202 - Exempt broker-dealers and sales representatives.

§ 7-11-202. Exempt broker-dealers and sales representatives.(a) The following broker-dealers are exempt from the licensing requirements of § 7-11-201:(1) A broker-dealer who either is registered or, except as provided in subsection (b) of this section, is not required to be registered under the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., and who has no place of business in this state if:(i) The transactions effected by the broker-dealer in this state are exclusively with the issuer of the securities involved in the transactions, other broker-dealers licensed or exempt under this chapter, and financial or institutional investors;(ii) The broker-dealer is licensed under the securities act of a state in which the broker-dealer maintains a place of business and the broker-dealer offers and sells in this state to a person who is an existing customer of the broker-dealer and whose principal place of residence is not in this state; and(2) Other broker-dealers the director, by rule or order, exempts.(b) The exemption provided in subsection (a)(1)(i) of this section is not available to a broker-dealer who deals solely in governmental securities and is not registered under the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., unless the broker-dealer is subject to supervision as a dealer in government securities by the federal reserve board.(c) The following sales representatives are exempt from the licensing requirements of § 7-11-201:(1) A sales representative acting for a broker-dealer exempt under subsection (a) of this section;(2) A sales representative acting exclusively for an issuer in effecting transactions in a security exempted by § 7-11-401(1) — (4) and (10) — (12);(3) A sales representative acting for an issuer effecting offers or sales of securities in transactions exempted by § 7-11-402;(4) A sales representative acting for an issuer effecting transactions with employees, partners, officers, or directors of the issuer, a parent or a wholly owned subsidiary of the issuer, if no commission or other similar compensation is paid or given directly or indirectly to the sales representative for soliciting an employee, partner, officer, or director in this state;(5) A sales representative acting for an issuer effecting offers or sales of securities that are covered securities under § 18(b)(3) or § 18(b)(4)(D) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(3) or 77r(b)(4)(D), provided that no commission or other remuneration is paid or given directly or indirectly for soliciting any person in this state;(6) A sales representative whose transactions in this state are limited to only those transactions set forth in § 15(h)(2) of the Securities Exchange Act of 1934, 15 U.S.C. § 78o(h)(2); and(7) Other sales representatives that the director exempts by rule or order.History of Section.P.L. 1990, ch. 460, § 2; P.L. 1997, ch. 69, § 1; P.L. 2002, ch. 422, § 1.
RI Gen L § 7-11-203 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-203 - Investment adviser and investment adviser representative licensing.

§ 7-11-203. Investment adviser and investment adviser representative licensing.(a) No person may transact business in this state as an investment adviser or an investment adviser representative unless licensed or exempt from licensing under this chapter.(b) No investment adviser licensed under this chapter may employ a person as an investment adviser representative in this state unless the investment adviser representative is licensed or exempt from licensing under this chapter.(c) No investment adviser may directly or indirectly employ a person to engage in any activity in this state contrary to a suspension or bar from association with a broker-dealer or investment adviser imposed against that person by the director. A federal covered adviser may not directly or indirectly employ a person having a place of business in this state to engage in any activity in this state if that person is currently subject to a suspension or bar from association with a broker-dealer or investment adviser against that person by the director. No investment adviser or federal covered adviser violates this subsection unless the investment adviser or federal covered adviser knows or in the exercise of reasonable care should know of the suspension or bar. Upon request from an investment adviser or a federal covered adviser and for good cause shown, the director may by order waive the prohibition of this subsection regarding a suspended or barred person.History of Section.P.L. 1990, ch. 460, § 2; P.L. 1997, ch. 69, § 1.
RI Gen L § 7-11-204 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-204 - Exempt investment advisers and investment adviser representatives.

§ 7-11-204. Exempt investment advisers and investment adviser representatives.The following investment advisers and investment adviser representatives are exempt from the licensing requirements of § 7-11-203:(1) An investment adviser who is not required to be registered as an investment adviser under the Investment Advisers Act of 1940, 15 U.S.C. § 80b-1 et seq., if:(i) Its only clients in this state are other investment advisers, federal covered advisers, broker-dealers, financial or institutional investors; and the investment adviser has no place of business in this state and the investment adviser directs business communications in this state to a person who is an existing client of the investment adviser and whose principal place of residence is not in this state; or(ii) The investment adviser has no place of business in this state and the investment adviser, during the preceding twelve (12) month period, has had not more than five (5) clients, other than those specified in subsection (1)(i), who are residents of this state;(2) An investment adviser representative if the investment adviser with whom it is associated is exempt under subsection (1) of this section; and(3) Other investment advisers or investment adviser representatives the director exempts by rule or order.History of Section.P.L. 1990, ch. 460, § 2; P.L. 1997, ch. 69, § 1; P.L. 2001, ch. 118, § 1.
RI Gen L § 7-11-205 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-205 - Application.

§ 7-11-205. Application.(a) An applicant for licensing as a broker-dealer, sales representative, investment adviser, or investment adviser representative shall file with the director an application for licensing and a consent to service of process under § 7-11-708. The application for licensing must contain the information that the director, by rule, determines is necessary.(b) The requirements of subsection (a) are satisfied by an applicant who has filed and maintains a completed and current registration with the Securities and Exchange Commission or a self-regulatory organization by filing with the director notice of the registration in the form and content determined by rule by the director and a consent to service of process under § 7-11-708. The registration information filed with the Securities and Exchange Commission or self-regulatory organization must be available to the director through a central registration depository system approved by the director. The director may require by order the submission of additional information by an applicant.History of Section.P.L. 1990, ch. 460, § 2.
RI Gen L § 7-11-207 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-207 - Examinations.

§ 7-11-207. Examinations.(a) The director may by rule or order impose an examination requirement upon an applicant or class of applicants for licensing under this chapter.(b) An examination may be administered by the director or a designee of the director. An examination may be oral or written or both and may differ for each class of applicants.(c) The director may by rule or order waive an examination requirement imposed under subsection (a) as to a person or class of persons if the director determines that the examination is not necessary for the protection of investors.History of Section.P.L. 1990, ch. 460, § 2.
RI Gen L § 7-11-210 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-210 - Licensing of successor firms.

§ 7-11-210. Licensing of successor firms.(a) A licensed broker-dealer or investment adviser may file an application for licensing of a successor, whether or not the successor is in existence, if the fee the director prescribes for the application is submitted with the application.(b) When a broker-dealer or investment adviser succeeds to and continues the business of a licensed broker-dealer or investment adviser, the license of the predecessor remains effective as the license of the successor for sixty (60) days after the succession, if an application for licensing is filed by the successor within thirty (30) days after the succession.(c) Licensing of each then licensed sales representative of the broker-dealer or of each then licensed investment adviser representative of the investment adviser filing an application under subsection (a) or (b) continues automatically without a separate filing or fee upon the licensing of the successor.History of Section.P.L. 1990, ch. 460, § 2.
RI Gen L § 7-11-211 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-211 - Inspection power.

§ 7-11-211. Inspection power.(a) Without previous notice, the director may examine or investigate in a manner reasonable under the circumstances the records, within or without this state, of a broker-dealer, sales representative, investment adviser, or investment adviser representative licensed by the state or entitled to an exemption from licensing as well as any person who may be acting as a broker, dealer, sales representative, investment adviser, or investment adviser representative without a license or exemption to engage in such activity(ies) in order to determine compliance with this chapter. Broker-dealers, sales representatives, investment advisers, and investment adviser representatives must make their records available to the director in legible form.(b) The director may copy records or require a licensed person to copy records and provide the copies to the director to the extent and in a manner reasonable under these circumstances.(c) The director may impose a reasonable fee for the expense of conducting an examination or an investigation under this section.(d) Upon receipt of a report or complaint, the director may conduct an inspection to determine whether any violation or unlicensed activity has occurred.History of Section.P.L. 1990, ch. 460, § 2; P.L. 2001, ch. 190, § 1.
RI Gen L § 7-11-213 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-213 - Denial, suspension, or revocation on grounds of lack of qualification.

§ 7-11-213. Denial, suspension, or revocation on grounds of lack of qualification.The director's determination that an applicant or licensed person lacks qualification under § 7-11-212 is limited by the following provisions. The director:(1) May not enter an order against a broker-dealer on the basis of the lack of qualification of:(i) A person other than the broker-dealer if the broker-dealer is an individual; or(ii) A sales representative of the broker-dealer.(2) May not enter an order against an investment adviser on the basis of the lack of qualification of:(i) A person other than the investment adviser if the investment adviser is an individual;(ii) Any other person who represents the investment adviser in doing an act that makes the person an investment adviser; or(iii) An investment adviser representative of the investment adviser.(3) May not enter an order solely on the basis of lack of experience of the applicant or licensed person if the applicant or licensed person is qualified by training or knowledge, or both.(4) Shall consider that a sales representative who will work under the supervision of a licensed broker-dealer need not have the same qualifications as a broker-dealer.(5) Shall consider that an investment adviser is not necessarily qualified solely on the basis of experience as a broker-dealer or sales representative.(6) Shall consider that an investment adviser representative who will work under the supervision of a licensed investment adviser need not have the same qualifications as an investment adviser.History of Section.P.L. 1990, ch. 460, § 2; P.L. 1991, ch. 69, 1.
RI Gen L § 7-11-214 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-214 - Withdrawal.

§ 7-11-214. Withdrawal.(a) An application for a license may be withdrawn by the applicant without prejudice before the license becomes effective.(b) Withdrawal from licensing as a broker-dealer, sales representative, investment adviser, or investment adviser representative becomes effective thirty (30) days after receipt by the director of an application to withdraw or within any shorter period the director determines by order, unless:(1) A revocation or suspension proceeding is pending when the application is filed;(2) A proceeding to revoke or suspend or to impose conditions upon the withdrawal is instituted within thirty (30) days after the application is filed; or(3) Additional information is requested by the director regarding the withdrawal application.(c) If a proceeding is pending or instituted under subsection (b), withdrawal becomes effective at the time and upon the conditions the director determines by order. If additional information is requested, withdrawal is effective thirty (30) days after the additional information is filed. Although no proceeding is pending or instituted and withdrawal becomes effective, the director may institute a proceeding under § 7-11-212 within one year after withdrawal became effective and enter an order as of the last date on which licensing was effective.History of Section.P.L. 1990, ch. 460, § 2.
RI Gen L § 7-11-215 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-215 - Custody of clients' securities and funds.

§ 7-11-215. Custody of clients' securities and funds.Unless prohibited by rule or order of the director, an investment adviser registered under this chapter may take or retain custody of securities or funds of a client.History of Section.P.L. 1990, ch. 460, § 2; P.L. 1997, ch. 69, § 1.
RI Gen L § 7-11-301 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-301 - Registration requirement.

§ 7-11-301. Registration requirement.A person may not offer to sell or sell a security in this state unless the security:(1) Is registered under this chapter;(2) The security or transaction is exempt under this chapter; or(3) It is a federal covered security.History of Section.P.L. 1990, ch. 460, § 2; P.L. 1997, ch. 69, § 1.
RI Gen L § 7-11-403 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-403 - Provisions applicable to exemptions generally.

§ 7-11-403. Provisions applicable to exemptions generally.(a) The director may by order deny or revoke an exemption specified in § 7-11-401 or 7-11-402 regarding a specific security or transaction if the director reasonably believes, after inquiry, that there is about to be or has been a violation of this chapter and that the action is necessary or appropriate for the protection of investors. Following entry of any order, the procedures set forth in § 7-11-710 shall be followed. No order under this subsection may operate retroactively.(b) In any civil, criminal, or administrative proceeding under this chapter, the burden of proving an exemption or an exception from a definition is upon the person claiming it.(c) The director may by rule exempt any other class of securities or transactions from §§ 7-11-301 and 7-11-404. Exemptions are subject to restrictions and conditions imposed by rule that the director determines are necessary for the protection of investors.History of Section.P.L. 1990, ch. 460, § 2.
RI Gen L § 7-11-404 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-404 - Filing of sales and advertising literature.

§ 7-11-404. Filing of sales and advertising literature.The director may require by rule or order the filing of a 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 or federal covered adviser, unless the security or transaction is exempt under § 7-11-401 or 7-11-402 or is a federal covered security.History of Section.P.L. 1990, ch. 460, § 2; P.L. 1997, ch. 69, § 1.
RI Gen L § 7-11-501 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-501 - Offers, sales, and purchases.

§ 7-11-501. Offers, sales, and purchases.In connection with the offer to sell, sale, offer to purchase, or purchase of a security, a person may not, directly or indirectly:(1) Employ a device, scheme, or artifice to defraud;(2) Make an untrue statement of a material fact or omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which they are made, not misleading; or(3) Engage in an act, practice, or course of business that operates or would operate as a fraud or deceit on a person.History of Section.P.L. 1990, ch. 460, § 2.
RI Gen L § 7-11-502 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-502 - Market manipulation.

§ 7-11-502. Market manipulation.(a) Without limiting the general applicability of § 7-11-501, a person may not directly or indirectly:(1) Quote a fictitious price with respect to a security;(2) Effect a transaction in a security which involved no change in the beneficial ownership of the security for the purpose of creating a false or misleading appearance of active trading in a security or with respect to the market for the security;(3) Enter an order for the purpose of a security with the knowledge that an order of substantially the same size and at substantially the same time and price for the sale of the security has been, or will be, entered by or for the same, or affiliated, person for the purpose of creating a false or misleading appearance of active trading in a security or with respect to the market for the security;(4) Enter an order for the sale of a security with knowledge that an order of substantially the same size and at substantially the same time and price for the purchase of the security has been, or will be, entered by or for the same, or affiliated, person for the purpose of creating a false or misleading appearance of active trading in a security or with respect to the market for the security; or(5) Employ any other deceptive or fraudulent device, scheme, or artifice to manipulate the market in a security.(b) Transactions effected in compliance with the applicable provisions of the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., and the rules and regulations of the Securities and Exchange Commission under that Act do not constitute market manipulation under subsection (a).History of Section.P.L. 1990, ch. 460, § 2.
RI Gen L § 7-11-503 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-503 - Prohibited transactions by investment advisers, federal covered advisers.

§ 7-11-503. Prohibited transactions by investment advisers, federal covered advisers.An investment adviser, a federal covered adviser, or a person who represents an investment adviser or a federal covered adviser may not, directly or indirectly:(1) Employ a device, scheme, or artifice to defraud a client;(2) Engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon a client; or(3) Act as principal for his or her own account, knowingly sell any security to or purchase any security from a client, or acting as broker for a person other than the client, knowingly effect any sale or purchase of any security for the account of the client, without disclosing to the client, in writing, before the completion of the transaction the capacity in which he or she is acting and obtaining the consent of the client to the transaction. The prohibitions of this subsection do not apply to a federal covered adviser or to any transaction with a customer of a broker-dealer if the broker-dealer is not acting as an investment adviser in relation to the transaction.History of Section.P.L. 1990, ch. 460, § 2; P.L. 1997, ch. 69, § 1.
RI Gen L § 7-11-504 (2021)
2021 Rhode Island General Laws|Title 7 - Corporations, Associations and Partnerships|Chapter 7-11 - Rhode Island Uniform Securities Act|Section 7-11-504 - Misleading filings.

§ 7-11-504. Misleading filings.In a document filed with the director or in a proceeding under this chapter, no person may make or cause to be made any untrue statement of material fact or omit or cause to be omitted a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.History of Section.P.L. 1990, ch. 460, § 2.