Kentucky Statutes 292.450 – Unlawful representations concerning registration or exemption
Current as of: 2024 | Check for updates
|
Other versions
(1) Neither the fact that an application for registration under KRS § 292.330 or a registration statement under KRS § 292.350, 292.360, or 292.370 has been filed, nor the fact that a person or security is effectively registered, constitutes a finding by the commissioner that any document filed under this chapter is true, complete, and not misleading.
(2) Neither any such fact nor the fact that an exemption or exception is available for a security or a transaction means that the commissioner has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, security, or transaction. It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with this section.
(3) Neither the fact that a notice filing for a covered security or for a covered adviser has been filed, nor the fact that the person, security, or transaction is registered or exempt from registration, constitutes a finding by the commissioner that any document filed under this chapter is true, complete, and not misleading or that the person, security, or transaction is entitled to claim an exemption.
(4) It is unlawful to make or cause to be made to any prospective purchaser, customer, or client any representation inconsistent with this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 874, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 20, sec. 17, effective July 15, 1998. — Amended 1994 Ky. Acts ch.
165, sec. 17, effective July 15, 1994. — Created 1960 Ky. Acts ch. 110, sec. 14, effective January 1, 1961.
(2) Neither any such fact nor the fact that an exemption or exception is available for a security or a transaction means that the commissioner has passed in any way upon the merits or qualifications of, or recommended or given approval to, any person, security, or transaction. It is unlawful to make, or cause to be made, to any prospective purchaser, customer, or client any representation inconsistent with this section.
Terms Used In Kentucky Statutes 292.450
- Covered adviser: means any person who is registered under Section 203 of the
Investment Advisers Act of 1940, 15 U. See Kentucky Statutes 292.310 - Covered security: means any security that is or upon completion of a transaction will be a covered security under Section 18(b) of the Securities Act of 1933, 15
U. See Kentucky Statutes 292.310 - Person: means an individual, a limited liability company, a corporation, a partnership, a limited partnership, an association, a joint-stock company, a trust where the interests of the beneficiaries are evidenced by a security, an unincorporated organization, a government, or a political subdivision of a government. See Kentucky Statutes 292.310
- Security: means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, life settlement investment, voting-trust certificate, certificate of deposit for a security. See Kentucky Statutes 292.310
(3) Neither the fact that a notice filing for a covered security or for a covered adviser has been filed, nor the fact that the person, security, or transaction is registered or exempt from registration, constitutes a finding by the commissioner that any document filed under this chapter is true, complete, and not misleading or that the person, security, or transaction is entitled to claim an exemption.
(4) It is unlawful to make or cause to be made to any prospective purchaser, customer, or client any representation inconsistent with this section.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 874, effective July 15, 2010. — Amended
1998 Ky. Acts ch. 20, sec. 17, effective July 15, 1998. — Amended 1994 Ky. Acts ch.
165, sec. 17, effective July 15, 1994. — Created 1960 Ky. Acts ch. 110, sec. 14, effective January 1, 1961.