Qualified immunity

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 to a statement that is contained in a record required by the director, or designee of the director, the Securities and Exchange Commission, or a self - regulatory organization, unless the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement's truth or falsity. Source: SL 2004, ch 278 , § 35.