reglab/statecodes huggingface dataset:
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 69 - FARM LOAN BONDS (§§ 75-69-1 — 75-69-9) › Section 75-69-7 - Insurance companies investing in farm credit securities

Any insurance company, hospital service association or burial association organized under the laws of the State of Mississippi, or properly domesticated within this state, and permitted to do business herein, may purchase farm credit securities with its capital, provided that there shall not be invested at any one time, in said securities, more than twenty-five percent (25%) of the total assets of any such association or company; but any such company may invest its accumulated funds and its reserves in said securities at its pleasure and without limitation hereby; and a deposit of said securities by any such foreign company, under the provisions of any law of this state, shall be accepted by the State of Mississippi as a compliance with such provision.
Codes, Hemingway's 1921 Supp. § 4533d; 1930, § 4676; 1942, § 4761; Laws, 1920, ch. 182; Laws, 1958, ch. 139, § 4.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 69 - FARM LOAN BONDS (§§ 75-69-1 — 75-69-9) › Section 75-69-9 - State banks and trust companies investing in farm credit securities

All banking corporations (including savings banks and trust companies), building and loan associations, credit unions, and finance companies, organized under the laws of the State of Mississippi, shall have power, each at its discretion, to invest its capital in farm credit securities to an amount not exceeding twenty-five percent (25%) thereof and to invest its surplus and undivided profits in said securities at its pleasure without limitation hereby.
Codes, Hemingway's 1921 Supp. § 4533e; 1930, § 4677; 1942, § 4762; Laws, 1920, ch. 182; Laws, 1958, ch. 139, § 5.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Section 75-71-1 - through 75-71-57 - [Repealed]

Codes, 1942, §§ 5360-5370, 5371, 5385, 5386, 5389; Laws, 1958, ch. 202, §§ 1-26, 30; Laws, 1962, ch. 232, §§ 1-3; 1964, ch. 272, §§ 1-3; Laws, 1964, ch. 273; Laws, 1970, ch. 311, §§ 1, 2.
Repealed by Laws, 1981, ch. 521, § 418, eff from and after 7/1/1981.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 1 - GENERAL PROVISIONS (§§ 75-71-101 — 75-71-107) › Section 75-71-101 - Short title

This chapter may be cited as the Mississippi Securities Act of 2010.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 1 - GENERAL PROVISIONS (§§ 75-71-101 — 75-71-107) › Section 75-71-103 - References to federal statutes

"Securities Act of 1933" (
15 USC Section 77a
et seq.), "Securities Exchange Act of 1934" (
15 USC Section 78a
et seq.), "Public Utility Holding Company Act of 1935" (
15 USC Section 79
et seq.), "Investment Company Act of 1940" (
15 USC Section 80a-1
et seq.), "Investment Advisers Act of 1940" (
15 USC Section 80b-1
et seq.), "Employee Retirement Income Security Act of 1974" (
29 USC Section 1001
et seq.), "National Housing Act" (
12 USC Section 1701
et seq.), "Commodity Exchange Act" (
7 USC Section 1
et seq.), "Internal Revenue Code" (
26 USC Section 1
et seq.), "Securities Investor Protection Act of 1970" (
15 USC Section 78aaa
et seq.), "Securities Litigation Uniform Standards Act of 1998" (112 Stat. 3227), "Small Business Investment Act of 1958" (
15 USC Section 661
et seq.), and "Electronic Signatures in Global and National Commerce Act" (
15 USC Section 7001
et seq.) mean those statutes and the rules and regulations adopted under those statutes, as in effect on January 1, 2000, or as later amended.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 1 - GENERAL PROVISIONS (§§ 75-71-101 — 75-71-107) › Section 75-71-104 - References to federal agencies

A reference in this chapter to an agency or department of the United States is also a reference to a successor agency or department.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 1 - GENERAL PROVISIONS (§§ 75-71-101 — 75-71-107) › Section 75-71-105 - Electronic records and signatures

This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, but does not modify, limit, or supersede Section 101(c) of that act (
15 USC Section 7001(c)
) or authorize electronic delivery of any of the notices described in Section 103(b) of that act (
15 USC Section 7003(b)
). This chapter authorizes the filing of records and signatures, when specified by provisions of this chapter or by a rule adopted or order issued under this chapter, in a manner consistent with Section 104(a) of that act (
15 USC Section 7004(a)
).
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 1 - GENERAL PROVISIONS (§§ 75-71-101 — 75-71-107) › Section 75-71-107 - through 75-71-127 - [Repealed]

§ 75-71-107. [Laws, 1981, ch. 521, § 406; Laws, 1995, ch. 309, § 1, eff from and after passage (approved March 8, 1995).] § 75-71-109. [§ 75-71-109. [Laws, 1981, ch. 521, § 412; Laws, 1987, ch. 477, § 2; Laws, 1997, ch. 480, § 2, eff from and after passage (approved March 27, 1997).] § 75-71-111. [§ 75-71-111. [Laws, 1981, ch. 521, § 413; Laws, 1987, ch. 477, § 3; Laws, 1995, ch. 309, § 2, eff from and after passage (approved March 8, 1995).] § 75-71-113. [Laws, 1981, ch. 521, § 403; Laws, 1997, ch. 480, § 3; Laws, 2000, ch. 473, § 19, eff from and after July 1, 2000.] § 75-71-115. [Laws, 1981, ch. 521, § 404, eff from and after July 1, 1981.] § 75-71-117. [Laws, 1981, ch. 521, § 405, eff from and after July 1, 1981.] § 75-71-119. [Laws, 1981, ch. 521, § 414; Laws, 1990, ch. 352, § 2; Laws, 1997, ch. 480, § 4, eff from and after July 1, 1997.] § 75-71-121. [Laws, 1981, ch. 521, § 418, eff from and after July 1, 1981.] § 75-71-123. [Laws, 1981, ch. 521, § 418, eff from and after July 1, 1981.] § 75-71-125. [Laws, 1981, ch. 521, § 418, eff from and after July 1, 1981.] § 75-71-127. [Laws, 1981, ch. 521, § 418, eff from and after July 1, 1981.]
Repealed by Laws, 2009, ch. 528, § 2, effective from and after1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 2 - EXEMPTIONS FROM REGISTRATION OF SECURITIES (§§ 75-71-201 — 75-71-205) › Section 75-71-203 - Additional exemptions and waivers

A rule adopted or order issued under this chapter may exempt a security, transaction, or offer; a rule under this chapter may exempt a class of securities, transactions, or offers from any or all of the requirements of Sections
75-71-301
through
75-71-306
and
75-71-504
; and an order under this chapter may waive, in whole or in part, any or all of the conditions for an exemption or offer under Sections
75-71-201
and
75-71-202
.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 2 - EXEMPTIONS FROM REGISTRATION OF SECURITIES (§§ 75-71-201 — 75-71-205) › Section 75-71-204 - Denial, suspension, revocation, condition, or limitation of exemptions

(a)
Enforcement related powers.
Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this chapter may deny, suspend application of, condition, limit, or revoke an exemption created under Section
75-71-201(3)(C)
, Section
75-71-201(7)
or Section
75-71-201(8)
or Section
75-71-202
or an exemption or waiver created under Section
75-71-203
with respect to a specific security, transaction, or offer. An order under this section may be issued only pursuant to the procedures in Section
75-71-306
or Section
75-71-604
and only prospectively.
(b)
Knowledge of order required.
A person does not violate Section
75-71-301
, Sections
75-71-303
through
75-71-306
, Section
75-71-504
, or Section
75-71-510
by an offer to sell, offer to purchase, sale, or purchase effected after the entry of an order issued under this section if the person did not know, and in the exercise of reasonable care could not have known, of the order.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 2 - EXEMPTIONS FROM REGISTRATION OF SECURITIES (§§ 75-71-201 — 75-71-205) › Section 75-71-205 - 75-71-207 - [Repealed]

Repealed by Laws, 2009, ch. 528, § 2, effective from and after January 1, 2010. 75-71-205. [Laws, 1981, ch. 521, § 402, eff from and after July 1, 1981.] 75-71-207. [Laws, 1981, ch. 521, § 402, eff from and after July 1, 1981.]
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 3 - REGISTRATION OF SECURITIES AND NOTICE FILING OF FEDERAL COVERED SECURITIES (§§ 75-71-301 — 75-71-311) › Section 75-71-301 - Securities registration requirement

It is unlawful for a person to offer or sell a security in this state unless:
(1)
The security is a federal covered security;
(2)
The security, transaction, or offer is exempted from registration under Sections
75-71-201
through
75-71-203
; or
(3)
The security is registered under this chapter.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 3 - REGISTRATION OF SECURITIES AND NOTICE FILING OF FEDERAL COVERED SECURITIES (§§ 75-71-301 — 75-71-311) › Section 75-71-307 - Waiver and modification

The administrator may waive or modify, in whole or in part, any or all of the requirements of Sections
75-71-302
,
75-71-303
, and
75-71-304(b)
or the requirement of any information or record in a registration statement or in a periodic report filed pursuant to Section
75-71-305(i)
.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 3 - REGISTRATION OF SECURITIES AND NOTICE FILING OF FEDERAL COVERED SECURITIES (§§ 75-71-301 — 75-71-311) › Section 75-71-309 - [Repealed]

§ 75-71-309. [Laws, 1981, ch. 521, § 202, eff from and after July 1, 1981.]
Repealed by Laws, 2009, ch. 582, § 2, effective from and after1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 3 - REGISTRATION OF SECURITIES AND NOTICE FILING OF FEDERAL COVERED SECURITIES (§§ 75-71-301 — 75-71-311) › Section 75-71-310 - Filing fees

(a)
Required fees for notice filing for federal covered securities under Section 18(b)(2).
The initial filing fee for a notice filing with respect to a federal covered security described in subsection (a) of Section
75-71-302
is One Thousand Dollars ($1,000.00).
(b)
Required fees for notice filings for federal covered securities.
The filing fee for a notice filing with respect to a security that is a federal covered security described in Section
75-71-302(c) and (e)
is Three Hundred Dollars ($300.00). The fee for a late filing, which is an additional fee, is one percent (1%) of the dollar amount of the offering sold in the state up to a maximum of Five Thousand Dollars ($5,000.00).
(c)
Required fees for securities registration filings under Section
75-71-305
.
The filing fee for a registration statement under Section
75-71-305
is One Thousand Dollars ($1,000.00).
(d)
Renewals.
The fee for any renewal required under this chapter or rule of the administrator is Three Hundred Dollars ($300.00).
(e)
Termination or Withdrawal.
The fee for filing a notification of completion, termination, or withdrawal of an offering required under this chapter or rule of the administrator if Fifty Dollars ($50.00).
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Amended by Laws, 2020, ch. 360, HB 1440,§ 2, eff. 7/1/2020.
Amended by Laws, 2016, ch. 321, SB 2200, 2, eff. 7/1/2016.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 3 - REGISTRATION OF SECURITIES AND NOTICE FILING OF FEDERAL COVERED SECURITIES (§§ 75-71-301 — 75-71-311) › Section 75-71-311 - through 75-71-333 - [Repealed]

§ 75-71-311 [Laws, 1981, ch. 521, § 202; Laws, 1990, ch. 352, § 5, eff from and after passage (approved March 12, 1990)]. § 75-71-313 [Laws, 1981, ch. 521, § 202; Laws, 1985, ch. 381, § 11; Laws, 1987, ch. 477, § 9; Laws, 1990, ch. 352, § 6; Laws, 1997, ch. 480, § 8, eff from and after passage (approved March 27, 1997)]. § 75-71-315 [Laws, 1981, ch. 521, § 202, eff from and after July 1, 1981]. § 75-71-317 [Laws, 1981, ch. 521, § 202; Laws, 1997, ch. 480, § 9, eff from and after passage (approved March 27, 1997)]. § 75-71-319 [Laws, 1981, ch. 521, § 202; Laws, 1987, ch. 477, § 10; Laws, 1997, ch. 480, § 10, eff from and after passage (approved March 27, 1997)]. § 75-71-321 [Laws, 1981, ch. 521, § 204; Laws, 1990, ch. 352, § 7; Laws, 2001, ch. 437, § 2, eff from and after July 1, 2001]. § 75-71-323 [Laws, 1981, ch. 521, § 204; Laws, 1987, ch. 477, § 11; Laws, 1990, ch. 352, § 8, eff from and after passage (approved March 12, 1990)]. § 75-71-325 [Laws, 1981, ch. 521, § 204; Laws, 1990, ch. 352, § 9, eff from and after passage (approved March 12, 1990)]. § 75-71-327 [Laws, 1981, ch. 521, § 204; Laws, 1990, ch. 352, § 10, eff from and after passage (approved March 12, 1990)]. § 75-71-329 [Laws, 1981, ch. 521, § 204; Laws, 1990, ch. 352, § 11, eff from and after passage (approved March 12, 1990)]. § 75-71-331 [Laws, 1981, ch. 521, § 204; Laws, 1990, ch. 352, § 12, eff from and after passage (approved March 12, 1990)]. § 75-71-333 [Laws, 1981, ch. 521, § 203; Laws, 1997, ch. 480, § 11, eff from and after passage (approved March 27, 1997)].
Repealed by Laws, 2009, ch. 582, § 2, effective from and after1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS (§§ 75-71-401 — 75-71-415) › Section 75-71-403 - Investment adviser registration requirement and exemptions

(a)
Registration requirement.
It is unlawful for a person to transact business in this state as an investment adviser unless the person is registered under this chapter as an investment adviser or is exempt from registration as an investment adviser under subsection (b).
(b)
Exemptions from registration.
The following persons are exempt from the registration requirement of subsection (a):
(1)
A person without a place of business in this state that is registered under the securities act of the state in which the person has its principal place of business if its only clients in this state are:
(A)
Federal covered investment advisers, investment advisers registered under this chapter, or broker-dealers registered under this chapter;
(B)
Institutional investors;
(C)
Bona fide preexisting clients whose principal places of residence are not in this state if the investment adviser is registered under the securities act of the state in which the clients maintain principal places of residence; or
(D)
Any other client exempted by rule adopted or order issued under this chapter;
(2)
A person without a place of business in this state if the person has had, during the preceding twelve (12) months, not more than five (5) clients that are resident in this state in addition to those specified under paragraph (1); or
(3)
Any other person exempted by rule adopted or order issued under this chapter.
(c)
Limits on employment or association.
It is unlawful for an investment adviser, directly or indirectly, to employ or associate with an individual to engage in an activity related to investment advice in this state if the registration of the individual is suspended or revoked or the individual is barred from employment or association with an investment adviser, federal covered investment adviser, or broker-dealer by an order under this chapter, the Securities and Exchange Commission, or a self-regulatory organization, unless the investment adviser did not know, and in the exercise of reasonable care could not have known, of the suspension, revocation, or bar. Upon request from the investment adviser and for good cause, the administrator, by order, may waive, in whole or in part, the application of the prohibitions of this subsection to the investment adviser.
(d)
Investment adviser representative registration required.
It is unlawful for an investment adviser to employ or associate with an individual required to be registered under this chapter as an investment adviser representative who transacts business in this state on behalf of the investment adviser unless the individual is registered under Section
75-71-404(a)
or is exempt from registration under Section
75-71-404(b)
.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS (§§ 75-71-401 — 75-71-415) › Section 75-71-405 - Federal covered investment adviser notice filing requirement

(a)
Notice filing requirement.
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 as a federal covered investment adviser unless the federal covered investment adviser complies with subsection (c).
(b)
Notice filing requirement not required.
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 adopted or order issued 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 twelve (12) months, not more than five (5) clients that are resident in this state in addition to those specified under paragraph (1); and
(3)
Any other person excluded by rule adopted or order issued under this chapter.
(c)
Notice filing procedure.
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
75-71-611
, and such records as have been filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940 required by rule adopted or order issued under this chapter and pay the fees specified in Section
75-71-410
.
(d)
Effectiveness of filing.
The notice under subsection (c) becomes effective upon its filing.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS (§§ 75-71-401 — 75-71-415) › Section 75-71-406 - Registration by broker-dealer, agent, investment adviser, and investment adviser representative

(a)
Application for initial registration.
A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with Section
75-71-611
, and paying the fee specified in Section
75-71-410
and any reasonable fees charged by the designee of the administrator for processing the filing. The application must contain:
(1)
The information or record required for the filing of a uniform application; and
(2)
Upon request by the administrator, any other financial or other information or record that the administrator determines is appropriate.
(b)
Amendment.
If the information or record contained in an application filed under subsection (a) is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting amendment.
(c)
Effectiveness of registration.
If an order is not in effect and a proceeding is not pending under Section
75-71-412
, registration becomes effective at noon on the forty-fifth day after a completed application is filed, unless the registration is denied. A rule adopted or order issued under this chapter may set an earlier effective date or may defer the effective date until noon on the forty-fifth day after the filing of any amendment completing the application.
(d)
Registration renewal.
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
75-71-412
, a registration may be automatically renewed each year by filing such records as are required by rule adopted or order issued under this chapter, by paying the fee specified in Section
75-71-410
, and by paying costs charged by the designee of the administrator for processing the filings.
(e)
Additional conditions or waivers.
A rule adopted or order issued under this chapter may impose such other conditions, not inconsistent with the National Securities Markets Improvement Act of 1996. An order issued under this chapter may waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS (§§ 75-71-401 — 75-71-415) › Section 75-71-407 - Succession and change in registration of broker-dealer or investment adviser

(a)
Succession.
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
75-71-401
or
75-71-403
or a notice pursuant to Section
75-71-405
for the unexpired portion of the current registration or notice filing.
(b)
Organizational change.
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 on 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. A 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 forty-five (45) days after filing its amendment to effect succession.
(c)
Name change.
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 on a date designated by the registrant.
(d)
Change of control.
A change of control of a broker-dealer or investment adviser may be made in accordance with a rule adopted or order issued under this chapter.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS (§§ 75-71-401 — 75-71-415) › Section 75-71-409 - Withdrawal of registration of broker-dealer, agent, investment adviser, and investment adviser representative

Withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective sixty (60) days after the filing of the application to withdraw or within any shorter period as provided by rule adopted or order issued 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 adopted or order issued under this chapter. The administrator may institute a revocation or suspension proceeding under Section
75-71-412
within one (1) 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.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS (§§ 75-71-401 — 75-71-415) › Section 75-71-410 - Fees

(a)
Fee established by administrator.
The administrator shall establish fees by rule pursuant to the Mississippi Administrative Procedures Law for:
(1)
An initial filing of an application as a broker-dealer and renewal of an application by a broker-dealer for registration;
(2)
An application for registration as an agent and renewal of registration as an agent;
(3)
An application for registration as an investment adviser and renewal of registration as an investment adviser.
(4)
An application for registration as an investment adviser representative, a renewal of registration as an investment adviser representative, and a change of registration as an investment adviser representative; and
(5)
An initial fee and annual notice fee for a federal covered investment adviser required to file a notice under Section
75-71-405
.
(b)
Payment.
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 provides under this chapter.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS (§§ 75-71-401 — 75-71-415) › Section 75-71-415 - through 75-71-431 - [Repealed]

§ 75-71-413 [Laws, 1981, ch. 521, § 304, eff from and after July 1, 1981.] § 75-71-415 [Laws, 1981, ch. 521, § 304, eff from and after July 1, 1981.] § 75-71-417 [Laws, 1981, ch. 521, § 304, eff from and after July 1, 1981.] § 75-71-419 [Laws, 1981, ch. 521, § 304, eff from and after July 1, 1981.] § 75-71-421 [Laws, 1981, ch. 521, § 304; Laws, 1990, ch. 352, § 15; Laws, 1997, ch. 480, § 15, eff from and after passage (approved March 27, 1997).] § 75-71-423 [Laws, 1981, ch. 521, § 304, eff from and after July 1, 1981.] § 75-71-425 [Laws, 1981, ch. 521, § 305, eff from and after July 1, 1981.] § 75-71-427 [Laws, 1981, ch. 521, § 305, eff from and after July 1, 1981.] § 75-71-429 [Laws, 1981, ch. 521, § 305, eff from and after July 1, 1981.] § 75-71-431 [Laws, 1981, ch. 521, § 305, eff from and after July 1, 1981.]
Repealed by Laws, 2009, ch. 582, § 2, effective from and after1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 5 - FRAUD AND LIABILITIES (§§ 75-71-501 — 75-71-510) › Section 75-71-501 - General fraud

It is unlawful for a person, in connection with the offer, sale, or purchase of a 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 statements made, in the light of the circumstances under which they were 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.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 5 - FRAUD AND LIABILITIES (§§ 75-71-501 — 75-71-510) › Section 75-71-502 - Prohibited conduct in providing investment advice

(a)
Fraud in providing investment advice.
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 relating to 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)
Rules specifying contents of advisory contract.
A rule adopted under this chapter may specify the contents of an investment advisory contract entered into, extended, or renewed by an investment adviser.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 5 - FRAUD AND LIABILITIES (§§ 75-71-501 — 75-71-510) › Section 75-71-503 - Evidentiary burden

(a)
Civil.
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 claim.
(b)
Criminal.
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.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 5 - FRAUD AND LIABILITIES (§§ 75-71-501 — 75-71-510) › Section 75-71-504 - Filing of sales and advertising literature

(a)
Filing requirement.
Except as otherwise provided in subsection (b), a rule adopted or order issued under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising record 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)
Excluded communications.
This section does not apply to sales and advertising literature specified in subsection (a) which relates to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by Section
75-71-201
, Section
75-71-202
, or Section
75-71-203
except as required pursuant to Section
75-71-201(7)
.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 5 - FRAUD AND LIABILITIES (§§ 75-71-501 — 75-71-510) › Section 75-71-505 - 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 to make the statement made, in the light of the circumstances under which it was made, not false or misleading.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 5 - FRAUD AND LIABILITIES (§§ 75-71-501 — 75-71-510) › Section 75-71-506 - Misrepresentations concerning registration or exemption

The filing of an application for registration, a registration statement, a notice filing under this chapter, 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.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 5 - FRAUD AND LIABILITIES (§§ 75-71-501 — 75-71-510) › Section 75-71-507 - 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 a statement that is contained in a record required by the administrator, or designee of the administrator, the Securities and Exchange Commission, or a self-regulatory organization, unless 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.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 5 - FRAUD AND LIABILITIES (§§ 75-71-501 — 75-71-510) › Section 75-71-508 - Criminal penalties

(a)
Criminal penalties.
A person that willfully violates this chapter except Section
75-71-504
or the notice filing requirements of Section
75-71-302
or Section
75-71-405
, or that willfully violates Section
75-71-505
knowing the statement made to be false or misleading in a material respect, upon conviction, shall be fined not more than the amount set forth in Section
75-71-613
or imprisoned not more than five (5) 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. Each violation shall be considered as a separate offense in a single proceeding or a series of related proceedings.
(b)
Criminal referral not required.
The Attorney General with or without a referral from the administrator, may institute criminal proceedings under this chapter. The attorneys duly employed by the administrator may be appointed by the Attorney General or the proper prosecuting attorney or local district attorney to act as special prosecutors in criminal proceedings.
(c)
No limitation on other criminal enforcement.
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.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 6 - ADMINISTRATION AND JUDICIAL REVIEW (§§ 75-71-601 — 75-71-613) › Section 75-71-601 - Administration

(a)
Administration.
The administrator shall administer this chapter.
(b)
Unlawful use of records or information.
It is unlawful for the administrator or an 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
75-71-607(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
75-71-602
,
75-71-607(c)
, or
75-71-608
.
(c)
No privilege or exemption created or diminished.
This chapter does not create or diminish a privilege or exemption that exists at common law, by statute or rule, or otherwise.
(d)
Investor education.
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 a grant or donation from a person that is not affiliated with the securities industry or from a nonprofit organization, regardless of whether 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.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 6 - ADMINISTRATION AND JUDICIAL REVIEW (§§ 75-71-601 — 75-71-613) › Section 75-71-603 - Civil enforcement

(a)
Civil action instituted by administrator.
If the administrator believes 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 chancery court 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)
Relief available.
In an action under this section and on a proper showing, the court may:
(1)
Issue a permanent or temporary injunction, restraining order, or declaratory judgment;
(2)
Order other appropriate or ancillary relief, which may include:
(A)
An asset freeze, accounting, writ of attachment, writ of general or specific execution, and 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)
Imposing a civil penalty of the amount set forth in Section
75-71-613
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 the predecessor act or a rule adopted or order issued under this chapter or the predecessor act; and
(D)
Ordering the payment of prejudgment and postjudgment interest; or
(3)
Order such other relief as the court considers appropriate.
(c)
No bond required.
The administrator may not be required to post a bond in an action or proceeding under this chapter.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 6 - ADMINISTRATION AND JUDICIAL REVIEW (§§ 75-71-601 — 75-71-613) › Section 75-71-606 - Administrative files and opinions

(a)
Public register of filings.
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 or the predecessor act; notices of claims of exemption from registration or notice filing requirements contained in a record; orders issued under this chapter or the predecessor act; and interpretative opinions or no action determinations issued under this chapter.
(b)
Public availability.
The administrator shall make all rules, forms, interpretative opinions, and orders available to the public.
(c)
Copies of public records.
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 adopted under this chapter may establish a reasonable charge for furnishing the record or certification. A copy of the record certified or a certificate by the administrator of a record's nonexistence is prima facie evidence of a record or its nonexistence.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.
Mississippi Code 1972 (2023) › Title 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS (§§ 75-1-101 — 75-NEW-NEW-007) › Chapter 71 - MISSISSIPPI SECURITIES ACT OF 2010 (§§ 75-71-1 — 75-71-703) › Article 6 - ADMINISTRATION AND JUDICIAL REVIEW (§§ 75-71-601 — 75-71-613) › Section 75-71-607 - Public records; confidentiality

(a)
Presumption of public records.
Except as otherwise provided in subsection (b), records obtained by the administrator or filed under this chapter, including a record contained in or filed with a registration statement, application, notice filing, or report, are public records and are available for public examination under such rules as the administrator prescribes.
(b)
Nonpublic records.
The following records are not public records and are not available for public examination under subsection (a):
(1)
A record obtained by the administrator in connection with an audit or inspection under Section
75-71-411(d)
or an investigation under Section
75-71-602
;
(2)
A part of a record filed in connection with a registration statement under Section
75-71-301
and Sections
75-71-303
through
75-71-305
or a record under Section
75-71-411(d)
that contains trade secrets or confidential information if the person filing the registration statement or report has asserted a claim of confidentiality or privilege that is authorized by law;
(3)
A record that is not required to be provided to the administrator or filed under this chapter and is provided to the administrator only on the condition that the record will not be subject to public examination or disclosure;
(4)
A nonpublic record received from a person specified in Section
75-71-608(a)
;
(5)
Any social security number, residential address unless used as a business address, and residential telephone number unless used as a business telephone number, contained in a record that is filed; and
(6)
A record obtained by the administrator through a designee of the administrator that a rule or order under this chapter determines has been:
(A)
Expunged from the administrator's records by the designee; or
(B)
Determined to be nonpublic or nondisclosable by that designee if the administrator finds the determination to be in the public interest and for the protection of investors.
(c)
Administrator discretion to disclose.
If disclosure is for the purpose of a civil, administrative, or criminal investigation, action, or proceeding or to a person specified in Section
75-71-608(a)
, the administrator may disclose a record obtained in connection with an audit or inspection under Section
75-71-411(d)
or a record obtained in connection with an investigation under Section
75-71-602
.
Laws, 2009, ch. 528, § 1, eff. 1/1/2010.