Title 45, Trade and Commerce

Withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 60 days after the filing of the application to withdraw or within any shorter period as provided by a regulation adopted or order issued under this cha…

(a) The administrator shall establish fees by regulation 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) …

(a) Subject to 15 U.S.C. 78o(i) or 80b-18a, a regulation adopted or order issued under this chapter may establish minimum financial requirements for broker-dealers registered or required to be registered under this chapter and investment advisers registered or required to be regi…

(a) If a broker-dealer, investment adviser, or qualified individual reasonably believes that the financial exploitation of a covered adult may have occurred, may have been attempted, or is being attempted, the broker-dealer, investment adviser, or qualified individual shall notif…

(a) If the administrator finds that the order is in the public interest and (d) of this section authorizes the action, an order issued under this chapter may deny an application, or may condition or limit registration of an applicant to be a broker-dealer, agent, investment advis…

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 to make the statements made, in…

(a) 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, …

A person may not, in a document filed with the administrator or in a proceeding under this chapter, make or cause to be made 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 u…

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…

(a) 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) In a criminal proceeding under this chapter, an exemption, exception, preemption,…

(a) Except as otherwise provided in (b) of this section, a regulation 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 investm…

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…

(a) The department shall administer this chapter. (b) The administrator or an officer, employee, or designee of the administrator may not use for personal benefit or the benefit of others records or other information obtained by or filed with the administrator that is not public …

(a) 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 advisors, and investment adviser repres…

(a) Except as otherwise provided in (b) of this section, 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 publi…

(a) The administrator may cooperate, coordinate, consult, and, subject to AS 45.56.620, share records and information with the securities regulator of another state, Canada, a Canadian province or territory, a foreign jurisdiction, the Securities and Exchange Commission, the Unit…

The securities investor education and training fund is created as a special fund in the general fund to provide funds for the purposes specified in AS 45.56.600(d). The legislature may appropriate 33 percent of the money received by this state from civil penalties under this chap…

(a) A consent to service of process complying with this section required by this chapter shall be signed and filed in the form required by a regulation adopted or order issued under this chapter. A consent appointing the administrator the person's agent for service of process in …

(a) Unless the persons are exempt elsewhere in this chapter, this chapter applies to persons who buy or offer to buy when an offer to (1) buy is made in this state; or (2) sell is made and accepted in this state. (b) Unless the person is exempt elsewhere in this chapter, this cha…

(a) The administrator may (1) issue forms and orders; after notice and comment, adopt and amend regulations necessary or appropriate to carry out this chapter; and repeal regulations, including regulations and forms governing registration statements, applications, notice filings,…

(a) The administrator may (1) conduct public or private investigations in or outside of this state that the administrator considers necessary or appropriate to determine whether a person has violated, is violating, or is about to violate this chapter or a regulation adopted or or…

(a) If the administrator determines 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 regulation adopted or order issued under this chapter or that a person has materially aided, …

(a) 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 regulation adopted or order issued under this chapter, or that a person has engaged, is engagin…

(a) Enforcement of civil liability under this section is subject to P.L. 105-353 (Securities Litigation Uniform Standards Act of 1998). (b) A person is liable to the purchaser if the person sells a security in violation of AS 45.56.100, or by means of an untrue statement of a mat…

(a) A purchaser, seller, or recipient of investment advice may not maintain an action under AS 45.56.710 if (1) the purchaser, seller, or recipient of investment advice receives, in a record, before the action is instituted, (A) an offer stating the respect in which liability und…

(a) A person who intentionally violates this chapter, except AS 45.56.550 or the notice filing requirements of AS 45.56.200 or 45.56.360, is guilty of a class C felony punishable by imprisonment under AS 12.55.125 or by a fine of not more than $100,000, or by both. (b) A person w…

(a) A person may obtain judicial review by the superior court of a final order issued by the administrator under this chapter by filing a notice of appeal in accordance with the applicable rules of court governing appeals in civil matters. The notice of appeal shall be filed with…

(a) The administrator may require an issuer, broker-dealer, agent, investment adviser representative, federal covered adviser, or investment adviser to reimburse the administrator for actual travel expenses and per diem incurred in connection with an examination or investigation …

This chapter modifies, limits, and supersedes 15 U.S.C. 7001 — 7031 (Electronic Signatures in Global and National Commerce Act), but does not modify, limit, or supersede 15 U.S.C. 7001(c) or authorize electronic delivery of any of the notices described in 15 U.S.C. 7003(b). This …

In this chapter, a reference to the following federal statutes, including a statute within a spanned reference, means those statutes and the rules and regulations adopted under those statutes, as in effect on the date of enactment of this chapter: (1) 7 U.S.C. 1 — 27 (Commodity E…

A reference in this chapter to an agency or department of the United States is also a reference to a successor agency or department.

In this chapter, unless the context otherwise requires, (1) “administrator” means the commissioner of commerce, community, and economic development or a designee of the commissioner; (2) “agent” means an individual, other than a broker-dealer, who represents a broker-dealer in ef…

This chapter may be cited as the Alaska Securities Act.

The following provisions apply to every takeover bid: (1) the period of time within which securities may be tendered by an offeree under a takeover bid shall not be less than 21 days nor more than 35 days from the date copies of the takeover bid are first published or sent or giv…

(a) An offeror may not make a takeover bid unless at least 20 days before the bid the offeror files with the department and with the registered agent of the offeree company a statement containing all the information required by (c) of this section and either (1) within 10 days fo…

A written solicitation or recommendation to offerees, other than by the offeror, to accept or reject a takeover bid shall be filed with the department not later than the time copies of the solicitation or recommendation are first published or sent or given to offerees.

It is unlawful for a person to make or omit or cause to be made or omitted, in a document filed or in a proceeding under this chapter, a statement which is, at the time and in the light of the circumstances under which it is made, false or misleading in a material respect. It is …

(a) The department in its discretion may (1) make public or private investigations inside or outside this state as it considers necessary to determine whether a person has violated or is about to violate a provision of this chapter or an order under this chapter; (2) require or p…

When it appears to the department that a person has engaged or is about to engage in an act or practice in violation of a provision of this chapter or an order under this chapter, it may bring an action in the superior court to enjoin the acts or practices and to enforce complian…

A person who wilfully violates a provision of this chapter, upon conviction, is punishable by a fine of not more than $5,000, or by imprisonment for not more than three years, or by both. However, a person may not be imprisoned for the violation of an order if the person proves t…

(a) An offeror who (1) makes a takeover bid which does not comply with the provisions of this chapter or (2) makes a takeover bid by means of a statement which is, at the time and in the light of the circumstances under which it is made, false or misleading in a material respect,…

A nonresident offeror, except a foreign corporation which has complied with AS 10.06.705 — 10.06.788, who makes a takeover bid affecting an offeree company is considered to have appointed the commissioner of commerce, community, and economic development as the offeror's agent upo…

The department may adopt regulations and forms that are necessary or desirable to carry out the provisions of this chapter.

In this chapter, unless the context requires otherwise, (1) “associate of the offeror” means (A) a corporation or other organization of which the offeror is an officer, director or partner, or is, directly or indirectly, the beneficial owner of 10 percent or more of any class of …

This chapter may be cited as the Takeover Bid Disclosure Act.

(a) A person may not sell or attempt to sell property or services by telephonic means if the person makes substantially the same offer on substantially the same terms to two or more persons, unless the telephone seller is registered with the Department of Law at least 30 days bef…