Section 45.55.010. Sales and purchases.

   (a) A person may not, in connection with the offer, sale, or purchase of a security, directly or indirectly
        (1) employ a device, scheme, or artifice to defraud;
        (2) make an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or
        (3) engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon a person.
   (b) A person may not rely on an exemption from registration under AS 45.55.900 or on a security being a federal covered security to avoid the application of (a) of this section.

Authorities

45.55.023;45.55.028;45.55.035;45.55.175;45.55.930;45.55.980

Notes

Recent Bills that will modify this

HB 194 AK SECURITIES ACT; PENALTIES; CRT. RULES
SB 108 AK SECURITIES ACT; PENALTIES; CRT. RULES

Implemented As

3 AAC 08.062

References

3 AAC 08.062
3 AAC 08.087
3 AAC 08.705
AS 45.55.023 Unethical business practices of state investment advisers, investment adviser representatives, and federal covered advisers.
AS 45.55.028 Practices of broker-dealers and agents considered fraudulent or deceitful.
AS 45.55.035 Limited registration of Canadian broker-dealers and agents.
AS 45.55.175 Exemption for certain security sales and offerings.
AS 45.55.930 Civil liability to buyers.
AS 45.55.980 Applicability of the chapter; service of process.

History

(Sec. 101 ch 198 SLA 1959; am Sec. 1 ch 86 SLA 1972; am Sec. 5 ch 76 SLA 1999)