reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.833 - Cooperation with other jurisdictions, agencies.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 1985
409.833. Cooperation with other jurisdictions, agencies. —
1. To encourage uniform application and interpretation of sections 409.800 to 409.863 and securities regulation and enforcement in general, the commissioner and the employees of the commissioner may cooperate, including bearing the expense of the cooperation, with the securities agencies or administrator of another jurisdiction, Canadian province or territory, or such other agencies administering this act
*
, the Commodity Futures Trading Commission, the Securities and Exchange Commission, any self-regulatory organization established under the Commodity Exchange Act or the Securities Exchange Act of 1934, any national or international organization of commodities or securities officials or agencies, and any governmental law enforcement agency.
2. The cooperation authorized by subsection 1 of this section shall include, but need not be limited to, the following:
(1) Making joint examinations or investigations;
(2) Holding joint administrative hearings;
(3) Filing and prosecuting joint litigation;
(4) Sharing and exchanging personnel;
(5) Sharing and exchanging information and documents;
(6) Formulating and adopting mutual regulations, statements of policy, guidelines, proposed statutory changes and releases; and
(7) Issuing and enforcing subpoenas at the request of the agency administering sections 409.800 to 409.863 in another jurisdiction, the securities agency of another jurisdiction, the Commodity Futures Trading Commission or the Securities and Exchange Commission if the information sought would also be subject to lawful subpoena for conduct occurring in this state.
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(L. 1985 H.B. 409 & 532 § 14)
*Words "this act" appear in original rolls; apparently §§ 409.800 to 409.863 intended.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.836 - General authority of commissioner.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 1985
409.836. General authority of commissioner. —
In addition to specific authority granted elsewhere in sections 409.800 to 409.863, the commissioner may make, amend, and rescind rules, forms, and orders as are necessary to carry out the provisions of
*
sections 409.800 to 409.863.
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(L. 1985 H.B. 409 & 532 § 15)
*Word "of" does not appear in original rolls; omitted by typographical error.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.838 - Service of process, appointment of commissioner as agent for service.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 1985
409.838. Service of process, appointment of commissioner as agent for service. —
1. Every applicant for registration under sections 409.800 to 409.863 shall file with the commissioner, in such form as he by rule prescribes, an irrevocable consent appointing the commissioner, or his successor in office, to be his attorney to receive service of any lawful process in any noncriminal suit, action, or proceeding against him, or his successor executor or administrator, which arises under sections 409.800 to 409.863, or any rule or order promulgated or issued under sections 409.800 to 409.863, after the consent has been filed, with the same force and validity as if served personally on the person filing the consent. Service may be made by leaving a copy of the process in the office of the commissioner, but it is not effective unless:
(1) The plaintiff, who may be the commissioner in a suit, action, or proceeding instituted by him, forthwith sends notice of the service and a copy of the process by registered mail to the defendant or respondent at his last address on file with the commissioner; and
(2) The plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.
2. When a person, including a nonresident of this state, engages in conduct prohibited or made actionable by sections 409.800 to 409.863, or any rule or order of the commissioner, the engaging in such conduct shall constitute the appointment of the commissioner as such person's attorney to receive service of any lawful process in a noncriminal proceeding against such person, his successor, or personal representative, which grows out of that conduct and which is brought under sections 409.800 to 409.863 or any rule or order of the commissioner with the same force and validity as if served personally.
3. Service under subsection 1 of this section may be made by leaving a copy of the process in the office of the commissioner, but it is not effective unless:
(1) The plaintiff, who may be the commissioner in a suit, action or proceeding instituted by him, forthwith sends notice of the service and a copy of the process by registered mail to the defendant or respondent at his last address known to the commissioner; and
(2) The plaintiff's affidavit of compliance with this subsection is filed in the case on or before the return day of the process, if any, or within such further time as the court allows.
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(L. 1985 H.B. 409 & 532 § 16)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.843 - Administrative procedure, notice of intent, summary order, notice, hearing.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 1985
409.843. Administrative procedure, notice of intent, summary order, notice, hearing. —
1. The commissioner shall commence an administrative proceeding under sections 409.800 to 409.863 by entering either a notice of intent to do a contemplated act or a summary order. The notice of intent or summary order may be entered without notice, without opportunity for hearing, and need not be supported by findings of fact or conclusions of law, but must be in writing. Upon entry of a notice of intent or summary order, the commissioner shall promptly notify all interested parties that the notice or summary order has been entered and the reasons therefor. If the proceeding is pursuant to a notice of intent, the commissioner shall inform all interested parties of the date, time, and place set for the hearing on the notice. If the proceeding is pursuant to a summary order, the commissioner shall inform all interested parties that they have thirty business days from the entry of the order to file a written request for a hearing on the matter with the commissioner and that the hearing will be scheduled to commence within thirty business days after the receipt of the written request.
2. If a proceeding is initiated under this section pursuant to a summary order, the commissioner, whether or not a written request for a hearing is received from any interested party, may set the matter down for hearing on the commissioner's own motion.
3. If no hearing is requested and none is ordered by the commissioner, a summary order issued under this section shall automatically become a final order after thirty business days.
4. If a hearing is requested or ordered under this section, the commissioner, after notice of, and opportunity for, hearing to all interested persons, may modify or vacate the order or extend it until final determination. No final order or order after hearing may be returned without:
(1) Appropriate notice to all interested persons;
(2) Opportunity for hearing by all interested persons; and
(3) Entry of written findings of fact and conclusions of law.
5. Every hearing in an administrative proceeding under sections 409.800 to 409.863 shall be public unless the commissioner grants a request joined in by all the respondents that the hearing be conducted privately.
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(L. 1985 H.B. 409 & 532 § 18)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.846 - Judicial review of commissioner's orders — procedure — standard of review.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 1985
409.846. Judicial review of commissioner's orders — procedure — standard of review. —
1. Any person aggrieved by a final order of the commissioner may obtain judicial review of such order in the manner provided in chapter 536 for the review of contested cases.
2. Upon the filing of a petition for review, except where the taking of additional evidence is ordered by the court pursuant to subsection 3 or 4 of this section, the court shall have exclusive jurisdiction of the matter, and the commissioner may not modify or set aside the order, in whole or in part.
3. The filing of a petition for review under subsection 1 of this section, does not, unless specifically ordered by the court, operate as a stay of the commissioner's order, and the commissioner may enforce or ask the court to enforce the order pending the outcome of the review proceedings.
4. If either the aggrieved party or the commissioner applies to the court for leave to adduce additional evidence and shows to the satisfaction of the court that there were reasonable grounds for failure to adduce the evidence in the hearing before the commissioner or other good cause, the court may order the additional evidence to be taken by the commissioner under such conditions as the court considers proper.
5. If new evidence is ordered taken by the court, the commissioner may modify the findings and order by reason of the additional evidence and shall file in the court the additional evidence together with any modified or new findings or order.
6. The court shall review the petition based upon the original record before the commissioner as amended under subsections 3 and 4 of this section. The findings of the commissioner as to the facts, if supported by competent, material, and substantive evidence, are conclusive. Based upon this review, the court may affirm, modify, enforce, or set aside the order, in whole or in part.
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(L. 1985 H.B. 409 & 532 § 19)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.848 - Exemptions — burden of proof.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 1985
409.848. Exemptions — burden of proof. —
It shall not be necessary to negative any of the exemptions of sections 409.800 to 409.863 in any complaint, information or indictment, or any writ or proceeding brought under sections 409.800 to 409.863; and the burden of proof of any such exemption shall be upon the party claiming the same.
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(L. 1985 H.B. 409 & 532 § 20)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.850 - Broker-dealers, sales representatives — applications for licenses — fees.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 1985
409.850. Broker-dealers, sales representatives — applications for licenses — fees. —
1. An applicant for licensing as a commodity broker-dealer or commodity sales representative shall file with the commissioner an application for licensing together with a consent to service of process pursuant to section 409.838. The application for licensing shall contain the information which the commissioner determines, by rule, is necessary or appropriate to facilitate the administration of sections 409.850 to 409.863.
2. Each applicant for licensing under sections 409.850 to 409.863 shall pay a fee as follows:
(1) For a license as a commodity broker-dealer, one hundred dollars, and for each branch office, fifty dollars; and
(2) For a license as a commodity sales representative, twenty-five dollars.
3. Except in any year in which a licensing fee is paid, an applicant shall pay an annual fee as follows:
(1) Each commodity broker-dealer, seventy-five dollars, and for each branch office in this state, thirty dollars; and
(2) Each commodity sales representative, fifteen dollars.
4. For purposes of this section, a
"branch office"
shall mean each office of a commodity broker-dealer in this state, other than the principal office in this state of the commodity broker-dealer, from which three or more commodity sales representatives transact business.
5. If an application is denied or withdrawn or the license is terminated by revocation, cancellation, or withdrawal, the commissioner shall retain the fee paid.
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(L. 1985 H.B. 409 & 532 § 21)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.853 - Examinations.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 1985
409.853. Examinations. —
1. The commissioner may, by rule or order, impose an examination requirement upon:
(1) Any applicant applying for licensing under sections 409.850 to 409.863; or
(2) Any class of applicants.
2. Any examination required may be administered by the commissioner, or his designee. Examinations may be oral, written or both, and may differ for each class of applicants.
3. The commissioner may, by order, waive any examination requirement imposed pursuant to this section as to any applicant, if the commissioner determines that such examination is not necessary for the protection of investors.
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(L. 1985 H.B. 409 & 532 § 22)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.856 - Licenses — effective date — expiration — classification, sales representatives — restrictions — exceptions.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 1985
409.856. Licenses — effective date — expiration — classification, sales representatives — restrictions — exceptions. —
1. Unless a proceeding under section 409.863 has been instituted, the license of any commodity broker-dealer or commodity sales representative becomes effective thirty days after an application for licensing and the last of any additional information requested by the commissioner, or his designee, has been filed, provided that all examination requirements imposed pursuant to section 409.853 have been satisfied. The commissioner may, by order, authorize an earlier effective date of licensing.
2. The license of a commodity broker-dealer or commodity sales representative shall expire on December thirty-first of the year for which issued, or at such other time as the commissioner may, by rule, prescribe.
3. The license of a commodity sales representative is only effective with respect to transactions effected as an employee or otherwise on behalf of the commodity broker-dealer or issuer for whom the commodity sales representative is licensed.
4. No person shall at any one time act as a commodity sales representative for more than one commodity broker-dealer or one issuer, except:
(1) Where the commodity broker-dealers for whom the commodity sales representative will act are affiliated by direct or indirect common control, a commodity sales representative may represent each of those organizations; or
(2) Where the commissioner, by rule or order, authorizes multiple licenses as consistent with the public interest and protection of investors.
5. When a commodity sales representative begins or terminates association with a commodity broker-dealer or issuer, or begins or terminates activities which make that person a commodity sales representative, the commodity sales representative and the former commodity broker-dealer on whose behalf the commodity sales representative was acting shall notify promptly the commissioner or his designee.
6. If the commissioner shall determine, by rule, that one or more classifications of licenses as a commodity broker-dealer or commodity sales representative which are subject to limitations and conditions on the nature of the activities which may be conducted by those persons are consistent with the public interest and the protection of investors, the commissioner may authorize the licensing of persons subject to specific limitations and conditions.
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(L. 1985 H.B. 409 & 532 § 23)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.858 - Annual report, records — amendment, broker — dealers — capital requirements — fidelity bonds — financial reports.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 1985
409.858. Annual report, records — amendment, broker — dealers — capital requirements — fidelity bonds — financial reports. —
1. For so long as a commodity broker-dealer or commodity sales representative is licensed under sections 409.850 to 409.863, he shall file an annual report, together with the fee specified by rule of the commissioner promulgated under section 409.836, at a time and including that information which the commissioner determines, by rule or order, is necessary or appropriate.
2. The commissioner may, by rule, require a licensed commodity broker-dealer to maintain:
(1) Minimum net capital; and
(2) A prescribed ratio between net capital and aggregate indebtedness. The minimum net capital and net capital-to-aggregate-indebtedness ratio may vary with type or class of commodity broker-dealer.
3. If a licensed commodity broker-dealer believes, or has reasonable cause to believe, that any requirement imposed on it under subsection 2 of this section is not being met, it shall promptly notify the commissioner of its current financial condition.
4. The commissioner may, by rule, require the furnishing of fidelity bonds from commodity broker-dealers.
5. A licensed commodity broker-dealer shall file financial and other reports which the commissioner determines, by rule, are necessary or appropriate.
6. A licensed commodity broker-dealer or commodity sales representative shall make and maintain records as the commissioner determines, by rule, are necessary or appropriate. Required records may be maintained in computer or microform format or any other form of data storage provided that the records are readily accessible to the commissioner. Required records must be preserved for five years unless the commissioner, by rule, specifies either a longer or shorter period for a particular type or class of records.
7. If the information contained in any document filed with the commissioner, or his designee pursuant to this section, except for those documents which the commissioner, by rule or order, may exclude from this requirement, is or becomes inaccurate or incomplete in any material respect, the licensed person shall promptly file a correcting amendment, unless notification of the correction has been given under subsection 5 of section 409.856.
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(L. 1985 H.B. 409 & 532 § 24)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.860 - Records — examination without notice — fees.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 1985
409.860. Records — examination without notice — fees. —
1. The commissioner, without prior notice, may examine the records and require copies of the records which a licensed commodity broker-dealer or commodity sales representative is required to make and maintain under section 409.858, within or without this state, in a manner which is reasonable under the circumstances. Commodity broker-dealers and commodity sales representatives shall make their records available to the commissioner in a readable form.
2. The commissioner may copy records or require a licensed person to copy records and provide the copies to the commissioner in a manner reasonable under the circumstances.
3. The commissioner may impose reasonable fees for conducting an examination pursuant to this section.
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(L. 1985 H.B. 409 & 532 § 25)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.950 - Fiduciaries and employee retirement systems, investment in certain multinational development banks authorized.

Title XXVI TRADE AND COMMERCE
Chapter 409
Effective - 28 Aug 2007
409.950. Fiduciaries and employee retirement systems, investment in certain multinational development banks authorized. —
Notwithstanding any other law to the contrary, securities or other obligations issued by multinational development banks in which the United States is a member nation, including the African Development Bank, shall be treated as eligible for investment by all employee retirement systems and by all fiduciaries created or regulated pursuant to the laws of this state. Nothing in this section or in section 379.080 shall be construed to require such investments.
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(L. 1985 H.B. 589 § 1, A.L. 2007 S.B. 66)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.1000 - Business opportunities — definitions.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 2000
409.1000. Business opportunities — definitions. —
1. For the purposes of sections 409.1000 to 409.1006,
"business opportunity"
means the sale or lease of any product, equipment, supplies or services which are sold or leased to a purchaser to enable the purchaser to start a business for which the purchaser is required to pay an initial fee or sum of money in excess of five hundred dollars to the seller, and in which the seller represents:
(1) That the seller or a person or entity affiliated with, or referred by, the seller will provide locations, or assist the purchaser in finding locations, for the use or operation of vending machines, racks, display cases or other similar devices or currency-operated amusement machines or devices on premises neither owned nor leased by the purchaser or the sellers;
(2) That the promoter or its affiliate or designee will refund all or a substantial part of the purchaser's initial payment if the purchaser is unsuccessful or dissatisfied with the business opportunity;
(3) That the seller guarantees in writing that the purchaser will derive income from the business opportunity which exceeds the price paid or rent charged for the business opportunity or that the seller will refund all or part of the price paid or rent charged for the business opportunity or will repurchase any of the products, equipment, supplies or chattels supplied by the seller, if the purchaser is not satisfied with the business opportunity; or
(4) That the business opportunity is free from risk or certain to produce profits, which representation may arise from all of the assurances taken as a whole.
2. For purposes of subsection 1 of this section the term
"assist the purchaser in finding locations"
includes, but is not limited to, supplying the purchaser with names of locator companies, contracting with the purchaser to provide assistance or supply names or collecting a fee on behalf of or for a locator company.
3. For purposes of sections 409.1000 to 409.1006,
"business opportunity"
does not include:
(1) The sale of ongoing businesses when the owner of those businesses sells and intends to sell only those business opportunities so long as those business opportunities to be sold are no more than five in number; or
(2) The not-for-profit sale of sales demonstration equipment, materials or samples for a price that does not exceed five hundred dollars or any sales training course offered by the seller, the cost of which does not exceed five hundred dollars.
4. For purposes of sections 409.1000 to 409.1006,
"purchaser"
shall include a lessee and
"seller"
shall include a lessor.
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(L. 2000 S.B. 896 § 407.2000)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.1003 - Practices prohibited — penalty.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 2000
409.1003. Practices prohibited — penalty. —
1. A business opportunity seller shall not:
(1) Misrepresent, by failure to disclose or otherwise, the known required total investment for such business opportunity;
(2) Misrepresent or fail to disclose efforts to sell or establish more franchises or distributorships than it is reasonable to expect the market or market area for the particular business opportunity to sustain;
(3) Misrepresent the quantity or the quality of the products to be sold or distributed through the business opportunity;
(4) Misrepresent the training and management assistance available to the business opportunity purchaser;
(5) Misrepresent the amount of profits, net or gross, which the franchisee can expect from the operation of the business opportunity;
(6) Misrepresent, by failure to disclose or otherwise, the termination, transfer or renewal provision of a business opportunity agreement;
(7) Falsely claim or imply that a primary marketer or trademark of products or services sponsors or participates directly or indirectly in the business opportunity;
(8) Assign a so-called exclusive territory encompassing the same area to more than one business opportunity purchaser;
(9) Provide machines or display of a brand or kind substantially different from and inferior to those promised by the business opportunity seller;
(10) Fail to provide the purchaser a written contract;
(11) Misrepresent the seller's ability or the ability of a person or entity providing services as defined in subdivision (1) of subsection 1 of section 409.1000 to provide locations or assist the purchaser in finding locations expected to have a positive impact on the success of the business opportunity;
(12) Misrepresent a material fact or create a false or misleading impression in the sale of a business opportunity.
2. Any person who violates the provisions of this section is guilty of a class A misdemeanor.
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(L. 2000 S.B. 896 § 407.2015)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.1006 - Civil remedies.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 28 Aug 2000
409.1006. Civil remedies. —
1. If a business opportunity seller uses untrue or misleading statements in the sale of a business opportunity, fails to give the proper disclosures, or fails to deliver the equipment, supplies or products necessary to begin substantial operation of the business within forty-five days of the delivery date stated in the business opportunity contract, the purchaser may, within one year of the date of the execution of the contract and upon written notice to the seller, rescind the contract and the purchaser shall be entitled to receive from the business opportunity seller all sums paid to the business seller. Upon receipt of such sums, the purchaser shall make available to the seller at the purchaser's address, or at the places at which the purchaser is located at the time notice is given, all products, equipment or supplies received by the purchaser. The purchaser shall not be entitled to unjust enrichment by exercising the remedies provided in this subsection.
2. Any purchaser injured by a violation of sections 409.1000 to 409.1006 or by the business opportunity seller's breach of a contract subject to sections 409.1000 to 409.1006 or any obligation arising therefrom, may bring an action for recovery of damages, including reasonable attorney's fees.
3. Upon complaint of any person that a business opportunity seller has violated the provisions of sections 409.1000 to 409.1006, the circuit court shall have jurisdiction to enjoin the defendant from any further violations.
4. The remedies provided in this section shall be in addition to any other remedies provided by law or in equity.
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(L. 2000 S.B. 896 § 407.2021)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.1-101 - Short title.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.1-101. Short title. —
Sections 409.1-101 to 409.7-703 may be cited as the "Missouri Securities Act of 2003" and in this chapter as this act.
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.1-103 - References to federal statutes.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.1-103. References to federal statutes. —
"Securities Act of 1933"
(15 U.S.C. Section 77a et seq.),
"Securities Exchange Act of 1934"
(15 U.S.C. Section 78a et seq.),
"Public Utility Holding Company Act of 1935"
(15 U.S.C. Section 79 et seq.),
"Investment Company Act of 1940"
(15 U.S.C. Section 80a-1 et seq.),
"Investment Advisers Act of 1940"
(15 U.S.C. Section 80b-1 et seq.),
"Employee Retirement Income Security Act of 1974"
(29 U.S.C. Section 1001 et seq.),
"National Housing Act"
(12 U.S.C. Section 1701 et seq.),
"Commodity Exchange Act"
(7 U.S.C. Section 1 et seq.),
"Internal Revenue Code"
(26 U.S.C. Section 1 et seq.),
"Securities Investor Protection Act of 1970"
(15 U.S.C. Section 78aaa et seq.),
"Securities Litigation Uniform Standards Act of 1998"
(112 Stat. 3227),
"Small Business Investment Act of 1958"
(15 U.S.C. Section 661 et seq.), and
"Electronic Signatures in Global and National Commerce Act"
(15 U.S.C. Section 7001 et seq.) mean those statutes and the rules and regulations adopted under those statutes, as in effect on the date of enactment of this act
*
.
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(L. 2003 H.B. 380)
Effective 9-01-03, see § 409.7-701
*"This act" (H.B. 380, 2003) was signed by the Governor on 5-08-03.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.1-104 - References to federal agencies.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.1-104. References to federal agencies. —
A reference in this act to an agency or department of the United States is also a reference to a successor agency or department.
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.1-105 - Electronic records and signatures.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.1-105. Electronic records and signatures. —
This act 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 U.S.C. Section 7001(c)) or authorize electronic delivery of any of the notices described in Section 103(b) of that act (15 U.S.C. Section 7003(b)). This act authorizes the filing of records and signatures, when specified by provisions of this act or by a rule adopted or order issued under this act, in a manner consistent with Section 104(a) of that act (15 U.S.C. Section 7004(a)).
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.2-203 - Additional exemptions and waivers.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.2-203. Additional exemptions and waivers. —
A rule adopted or order issued under this act may exempt a security, transaction, or offer; a rule under this act may exempt a class of securities, transactions, or offers from any or all of the requirements of sections 409.3-301 to 409.3-306 and 409.5-504; and an order under this act may waive, in whole or in part, any or all of the conditions for an exemption or offer under sections 409.2-201 and 409.2-202.
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.2-204 - Denial, suspension, revocation, condition, or limitation of exemptions.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.2-204. Denial, suspension, revocation, condition, or limitation of exemptions. —
(a) Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this act may deny, suspend application of, condition, limit, or revoke an exemption created under section 409.2-201(3)(C), (7) or (8) or 409.2-202 or an exemption or waiver created under section 409.2-203 with respect to a specific security, transaction, or offer. An order under this section may be issued only pursuant to the procedures in section 409.3-306(d) or 409.6-604 and only prospectively.
(b) A person does not violate section 409.3-301, 409.3-303 to 409.3-306, 409.5-504, or 409.5-510 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.
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.3-301 - Securities registration requirement.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.3-301. 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 409.2-201 to 409.2-203; or
(3) The security is registered under this act.
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.3-307 - Waiver and modification.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.3-307. Waiver and modification. —
The commissioner may waive or modify, in whole or in part, any or all of the requirements of sections 409.3-302, 409.3-303, and 409.3-304(b) or the requirement of any information or record in a registration statement or in a periodic report filed pursuant to section 409.3-305(i).
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.4-403 - Investment adviser registration requirement and exemptions.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.4-403. Investment adviser registration requirement and exemptions. —
(a) It is unlawful for a person to transact business in this state as an investment adviser unless the person is registered under this act as an investment adviser or is exempt from registration as an investment adviser under subsection (b).
(b) 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 act, or broker-dealers registered under this act;
(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 act;
(2) A person without a place of business in this state if the person has had, during the preceding twelve months, not more than five 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 act.
(c) 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 act, 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 commissioner, by order, may waive, in whole or in part, the application of the prohibitions of this subsection to the investment adviser.
(d) It is unlawful for an investment adviser to employ or associate with an individual required to be registered under this act as an investment adviser representative who transacts business in this state on behalf of the investment adviser unless the individual is registered under section 409.4-404(a) or is exempt from registration under section 409.4-404(b).
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.4-405 - Federal covered investment adviser notice filing requirement.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.4-405. 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 as a federal covered investment adviser 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 act, and broker-dealers registered under this act;
(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 act;
(2) A federal covered investment adviser without a place of business in this state if the person has had, during the preceding twelve months, not more than five 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 act.
(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 409.6-611, 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 act and pay the fees specified in section 409.4-410(e).
(d) The notice under subsection (c) becomes effective upon its filing, and shall expire on December thirty-first each year, unless renewed.
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.4-406 - Registration by broker-dealer, agent, investment adviser, and investment adviser representative.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.4-406. Registration by broker-dealer, agent, investment adviser, and investment adviser representative. —
(a) 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 409.6-611, and paying the fee specified in section 409.4-410 and any reasonable fees charged by the designee of the commissioner 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 commissioner, any other financial or other information or record that the commissioner determines is appropriate.
(b) 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) If an order is not in effect and a proceeding is not pending under section 409.4-412, 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 act 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) A registration is effective until midnight on December thirty-first of the year for which the application for registration is filed. Unless an order is in effect under section 409.4-412, a registration may be automatically renewed each year by filing such records as are required by rule adopted or order issued under this act, by paying the fee specified in section 409.4-410, and by paying costs charged by the designee of the commissioner for processing the filings.
(e) A rule adopted or order issued under this act may impose such other conditions, not inconsistent with the National Securities Markets Improvement Act of 1996. An order issued under this act 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.
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.4-407 - Succession and change in registration of broker-dealer or investment adviser.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.4-407. 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 409.4-401 or 409.4-403 or a notice pursuant to section 409.4-405 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 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 act. 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 act 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 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 on 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 adopted or order issued under this act.
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.4-409 - Withdrawal of registration of broker-dealer, agent, investment adviser, and investment adviser representative.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.4-409. 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 days after the filing of the application to withdraw or within any shorter period as provided by rule adopted or order issued under this act 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 act. The commissioner may institute a revocation or suspension proceeding under section 409.4-412 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.
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.4-410 - Filing fees.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.4-410. Filing fees. —
(a) A person shall pay a fee of two hundred dollars when initially filing an application for registration as a broker-dealer and a fee of one hundred dollars when filing a renewal of registration as a broker-dealer. If the filing results in a denial or withdrawal, the commissioner shall retain the entire fee.
(b) The fee for an individual is fifty dollars when filing an application for registration as an agent, a fee of fifty dollars when filing a renewal of registration as an agent, and a fee of fifty dollars when filing for a change of registration as an agent. If the filing results in a denial or withdrawal, the commissioner shall retain the entire fee.
(c) A person shall pay a fee of two hundred dollars when filing an application for registration as an investment adviser and a fee of one hundred dollars when filing a renewal of registration as an investment adviser. If the filing results in a denial or withdrawal, the commissioner shall retain the entire fee.
(d) The fee for an individual is fifty dollars when filing an application for registration as an investment adviser representative, a fee of fifty dollars when filing a renewal of registration as an investment adviser representative, and a fee of fifty dollars when filing a change of registration as an investment adviser representative. If the filing results in a denial or withdrawal, the commissioner shall retain the entire fee.
(e) A federal covered investment adviser required to file a notice under section 409.4-405 shall pay an initial fee of two hundred dollars and an annual notice fee of one hundred dollars.
(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 provides under this act.
(g) An investment adviser representative who is registered as an agent under section 409.4-402 and who represents a person that is both registered as a broker-dealer under section 409.4-401 and registered as an investment adviser under section 409.4-403 or required as a federal covered investment adviser to make a notice filing under section 409.4-405 is not required to pay an initial or annual registration fee for registration as an investment adviser representative.
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(L. 2003 H.B. 380)
Effective 9-01-03
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 409 - Regulation of Securities › Section 409.5-501 - General fraud.

Title XXVI TRADE AND COMMERCE
Chapter 409
• Effective - 01 Sep 2003, see footnote
409.5-501. 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 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.
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(L. 2003 H.B. 380)
Effective 9-01-03