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Every brokerage firm and every individual broker or representative must also be registered in said state, or be otherwise exempt from the registration requirements. The penalties imposed by the Uniform Securities Act of help keep most dealers honest since those provisions may require them to purchase back the investment.
The anti-fraud provisions help create the liability when a broker doesn't disclose information as required. Understanding and Avoiding It. Please note that our editors may make some formatting changes or correct spelling or grammatical errors, and may also contact you if any clarifications are needed.
Content Approved by UpCounsel. You can make it easier for us to review and, hopefully, publish your contribution by keeping a few points in mind. Congress of the United States , the legislature of the United States of America, established under the Constitution of and separated structurally from the executive and judicial branches of government.