reglab/housing_qa huggingface dataset:
V.I. Code tit. 9, § 635 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter IV - Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Investment Advisers|§ 635. Federal covered investment adviser notice filing requirement

 (a) Except with respect to a federal covered investment adviser described in subsection (b), it is unlawful for a federal covered investment adviser to transact business in this State unless the federal covered investment adviser complies with subsection (c). (b) The following federal covered investment advisers are not required to comply with subsection (c): (1) a federal covered investment adviser without a place of business in this State if its only clients in this State are: (A) federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter; (B) institutional investors; (C) bona fide preexisting clients whose principal places of residence are not in this State; or (D) other clients specified by rule or order under this chapter; (2) a federal covered investment adviser without a place of business in this State if the person has had, during the preceding 12 months, not more than five clients that are residents of this State in addition to those specified under paragraph (1); and (3) any other person excluded by rule or order under this chapter. (c) A person acting as a federal covered investment adviser, not excluded under subsection (b), shall file a notice, a consent to service of process complying with section 671, and such records that have been filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940 required by rule or order under this chapter and pay the fees specified in section 640(e). (d) The notice under subsection (c) becomes effective upon its filing.
V.I. Code tit. 9, § 636 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter IV - Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Investment Advisers|§ 636. Registration by broker-dealers, agents, investment advisers, and investment adviser representatives

 (a) A person shall register as broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with section 671, and paying the fee specified in section 640 and any reasonable fees charged by the designee of the Administrator for processing the filing. Each application must contain: (1) the information required for the filing of a uniform application; and (2) upon request by the Administrator, any other financial or other information that the Administrator determines is appropriate. (b) If the information contained in an application that is filed under subsection (a) is or becomes inaccurate or incomplete in any material respect, the registrant shall promptly file a correcting amendment. (c) If an order is not in effect and no proceeding is pending under section 642, registration becomes effective at noon on the 45th day after a completed application is filed unless the registration is denied. A rule or order under this chapter may set an earlier effective date or may defer the effective date until noon on the 45th day after the filing of any amendment completing the application. (d) A registration is effective until midnight on December 31 of the year for which the application for registration is filed. Unless an order is in effect under section 642, a registration may be automatically renewed each year by filing such records as are required by rule or order under this chapter, by paying the fee specified in section 640, and by paying costs charged by the designee of the Administrator for processing the filings. (e) A rule or order under this chapter may impose such other conditions, not inconsistent with the National Securities Markets Improvement Act of 1996. An order under this chapter may waive in whole or in part specific requirements in connection with registration as are appropriate in the public interest and for the protection of investors.
V.I. Code tit. 9, § 637 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter IV - Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Investment Advisers|§ 637. Succession and change in registration of broker-dealer or investment adviser

 (a) A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice filing of a federal covered investment adviser, and a federal covered investment adviser may succeed to the current registration of an investment adviser or notice filing of another federal covered investment adviser, by filing as a successor an application for registration pursuant to section 631 or 633, or a notice pursuant to section 635, for the unexpired portion of the current registration or notice filing. (b) A broker-dealer or investment adviser that changes its form of organization or state of incorporation or organization may continue its registration by filing an amendment to its registration if the change does not involve a material change in its financial condition or management. The amendment becomes effective when filed or upon a date designated by the registrant in its filing. The new organization is a successor to the original registrant for the purposes of this chapter. If there is a material change in financial condition or management, the broker-dealer or investment adviser shall file a new application for registration. Any predecessor registered under this chapter shall stop conducting its securities business other than winding down transactions and shall file for withdrawal of broker-dealer or investment adviser registration within 45 days after filing its amendment to effect succession. (c) A broker-dealer or investment adviser that changes its name may continue its registration by filing an amendment to its registration. The amendment becomes effective when filed or upon a date designated by the registrant. (d) A change of control of a broker-dealer or investment adviser may be made in accordance with a rule or order under this chapter.
V.I. Code tit. 9, § 639 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter IV - Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Investment Advisers|§ 639. Withdrawal of registration of broker-dealers, agents, investment advisers, and investment adviser representatives

 Withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 60 days after filing of the application to withdraw or within such shorter period as required by rule or order under this chapter unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, withdrawal becomes effective when and upon such conditions as required by rule or order under this chapter. The Administrator may institute a revocation or suspension proceeding under section 642 within one year after the withdrawal became effective automatically and issue a revocation or suspension order as of the last date on which registration was effective if a proceeding is not pending.
V.I. Code tit. 9, § 640 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter IV - Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Investment Advisers|§ 640. Filing fees

 (a) A person shall pay a fee of $200 when initially filing an application as a broker-dealer for registration, and a fee of $50 when filing a renewal of registration as a broker-dealer. If the filing results in a denial or withdrawal, the Administrator shall retain the entire fee. (b) The fee for an individual is $50 when filing an application for registration as an agent, a fee of $50 when filing a renewal of registration as an agent, and a fee of $50 when filing for a change of registration as an agent. If the filing results in a denial or withdrawal, the Administrator shall retain the entire fee. (c) A person shall pay a fee of $200 when filing an application for registration as an investment adviser, and a fee of $100 when filing a renewal of registration as an investment adviser. If the filing results in a denial or withdrawal, the Administrator shall retain the entire fee. (d) The fee for an individual is $50 when filing an application for registration as an investment adviser representative, a fee of $50 when filing a renewal of registration as an investment adviser representative, and a fee of $50 when filing a change of registration as an investment adviser representative. If the filing results in a denial or withdrawal, the Administrator shall retain the entire fee. (e) A federal covered investment adviser required to file a notice under section 635, shall pay an initial notice fee of $100 and an annual notice fee of $50. (f) A person required to pay a filing or notice fee under this section may transmit the fee through or to a designee as a rule or order requires under this chapter. (g) An investment adviser representative who is registered as an agent under section 632 and who represents a person that is both registered as a broker-dealer under section 631 and registered as an investment adviser under section 633 or required as a federal covered investment adviser to make a notice filing under section 635 is not required to pay an initial or annual registration fee for registration as an investment adviser representative.
V.I. Code tit. 9, § 651 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter V - Fraud and Liabilities|§ 651. General fraud

 It is unlawful for a person, in connection with the offer, sale, or purchase of security, directly or indirectly: (1) to employ a device, scheme, or artifice to defraud; (2) to make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it is made, not misleading; or (3) to engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person.
V.I. Code tit. 9, § 652 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter V - Fraud and Liabilities|§ 652. Prohibited conduct in providing investment advice

 (a) It is unlawful for a person that advises others, for compensation, either directly or indirectly, or through publications or writings, as to the value of securities or the advisability of investing in, purchasing or selling securities, or that, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities: (1) to employ a device, scheme, or artifice to defraud another person; or (2) to engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person. (b)  (1) A rule under this chapter may define an act, practice, or course of business of an investment adviser or an investment adviser representative, other than a supervised person of a federal covered investment adviser, as fraudulent, deceptive, or manipulative, and prescribe means reasonably designed to prevent investment advisers and investment adviser representatives, other than supervised persons of a federal covered investment adviser, from engaging in acts, practices, and courses of business defined as fraudulent, deceptive, or manipulative. (2) A rule under this chapter may specify the contents of an investment advisory contract entered into, extended, or renewed by an investment adviser.
V.I. Code tit. 9, § 653 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter V - Fraud and Liabilities|§ 653. Evidentiary burden

 (a) In a civil action or administrative proceeding under this chapter, a person claiming an exemption, exception, preemption, or exclusion has the burden to prove the applicability of the exemption, exception, preemption, or exclusion. (b) In a criminal proceeding under this chapter, a person claiming an exemption, exception, preemption, or exclusion has the burden of going forward with evidence of the claim.
V.I. Code tit. 9, § 654 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter V - Fraud and Liabilities|§ 654. Filing of sales and advertising literature

 (a) Except as otherwise provided in subsection (b), a rule or order under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising communication relating to a security or investment advice, addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this chapter. (b) This section does not apply to sales and advertising literature specified in subsection (a) relating to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by section 611, 612, or 613 except as required pursuant to section 611(7).
V.I. Code tit. 9, § 655 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter V - Fraud and Liabilities|§ 655. Misleading filings

 It is unlawful for a person to make or cause to be made, in a record that is used in an action or proceeding or filed under this chapter, a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a material respect, or, in connection with the statement, to omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it was made, not false or misleading.
V.I. Code tit. 9, § 656 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter V - Fraud and Liabilities|§ 656. Misrepresentations concerning registration or exception

 The filing of an application for registration, a registration statement, a notice filing under this chapter, or the registration of a person, the notice filing by a person, or the registration of a security under this chapter does not constitute a finding by the Administrator that a record filed under this chapter is true, complete, and not misleading. The filing or registration or the availability of an exemption, exception, preemption, or exclusion for a security or a transaction does not mean that the Administrator has passed upon the merits or qualifications of, or recommended or given approval to, a person, security, or transaction. It is unlawful to make, or cause to be made, to a purchaser, customer, client, or prospective customer or client, a representation inconsistent with this section.
V.I. Code tit. 9, § 657 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter V - Fraud and Liabilities|§ 657. Qualified immunity

 A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative for defamation relating to an alleged untrue statement that is contained in a record required by the Administrator, or designee of the Administrator, the Securities and Exchange Commission, or self-regulatory organization, unless it is proven that the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement's truth or falsity.
V.I. Code tit. 9, § 658 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter V - Fraud and Liabilities|§ 658. Criminal penalties

 (a) A person that willfully violates this chapter, or a rule adopted or order issued under this chapter, except section 654 or the notice filing requirements of section 622 or 635, or that willfully violates section 655 knowing the statement made to be false or misleading in a material respect, upon conviction, shall be fined not more than $1,000,000 or imprisoned not more than 10 years, or both. An individual convicted of violating a rule or order under this chapter may be fined, but may not be imprisoned, if the individual did not have knowledge of the rule or order. (b) The Attorney General with or without a reference from the Administrator, may institute appropriate criminal proceedings under this chapter. (c) This chapter does not limit the power of this State to punish a person for conduct that constitutes a crime under other laws of this State.
V.I. Code tit. 9, § 661 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter VI - Administration and Judicial Review|§ 661. Administration of chapter

 (a) The Administrator shall administer this chapter. (b) It is unlawful for the Administrator or officer, employee or designee of the Administrator to use for personal benefit or the benefit of others records or other information obtained by or filed with the Administrator that are not public under section 667(b). This chapter does not authorize the Administrator or an officer, employee or designee of the Administrator to disclose the record or information, except in accordance with section 662, 667(c), or 668. (c) This chapter does not create or diminish any privilege or exemption that exists at common law, by statute, rule or otherwise. (d) The Administrator may develop and implement investor education initiatives to inform the public about investing in securities, with particular emphasis on the prevention and detection of securities fraud. In developing and implementing these initiatives, the Administrator may collaborate with public and nonprofit organizations with an interest in investor education. The Administrator may accept grants or donations from a person that is not affiliated with the securities industry or from a nonprofit organization, regardless of whether or not the organization is affiliated with the securities industry, to develop and implement investor education initiatives. This subsection does not authorize the Administrator to require participation or monetary contributions of a registrant in an investor education program. (e) There is created a Fund within the Treasury of the Virgin Islands known as the Securities Investor Education and Training Fund to provide funds for the purposes specified in paragraph (d). All monies received by the State by reason of civil penalties pursuant to this chapter shall be deposited in the Securities Investor Education and Training Fund. The Fund shall also consist of monies appropriated thereto by the Legislature.
V.I. Code tit. 9, § 663 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter VI - Administration and Judicial Review|§ 663. Civil enforcement

 (a) If it appears to the Administrator that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this chapter or a rule adopted or order issued under this chapter, or that a person has, is, or is about to engage in an act, practice, or course of business that materially aids a violation of this chapter or a rule adopted or order issued under this chapter, the Administrator may maintain an action in the Superior Court of the Virgin Islands to enjoin the act, practice, or course of business and to enforce compliance with this chapter or a rule adopted or order issued under this chapter. (b) In an action under this section and upon a proper showing, the court may: (1) issue a permanent or temporary injunction, restraining order or a declaratory judgment; (2) issue an order for other appropriate or ancillary relief, which may include: (A) an asset freeze, accounting, writ of attachment, writ of general or specific execution, and an appointment of a receiver or conservator, that may be the Administrator, for the defendant or the defendant's assets; (B) ordering the Administrator to take charge and control of a defendant's property, including investment accounts and accounts in a depository institution, rents, and profits; to collect debts; and to acquire and dispose of property; (C) the imposition of a civil penalty up to a maximum of $10,000 for each violation; an order of rescission, restitution, or disgorgement directed to a person that has engaged in an act, practice, or course of business constituting a violation of this chapter or an rule adopted or order issued under this chapter; and (D) an order for the payment of prejudgment and post judgment interest; or (3) granting other relief that the court considers appropriate. (c) The Administrator may not be required to post a bond in an action or proceeding under this chapter.
V.I. Code tit. 9, § 666 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 23 - Uniform Securities Act|Subchapter VI - Administration and Judicial Review|§ 666. Administrative files and opinions

 (a) The Administrator shall maintain, or designate a person to maintain, a register of applications for registration of securities; registration statements; notice filings, applications for registration of broker-dealers, agents, investment advisers, and investment adviser representatives; notice filings by federal covered investment advisers that are or have been effective under this chapter; notices of claims of exemption from registration or notice filing requirements contained in a record; orders issued under this chapter; and interpretative opinions or no-action determinations issued under this chapter. (b) The Administrator shall make all rules, forms, interpretative opinions, and orders available to the public. (c) The Administrator shall furnish a copy of a record that is a public record or a certification that the public record does not exist to a person that so requests. A rule under this chapter may establish a reasonable charge for furnishing the record or certification. A copy of the record certified or a certificate of its nonexistence by the Administrator is prima facie evidence of a record or its nonexistence.