Title 9 — Banking
20 chapters · 569 sections in this title.
9 V.I.C. § 601 Short title
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This chapter may be cited as the “Uniform Securities Act.”
9 V.I.C. § 602 Definitions
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(1) In this chapter, unless the context otherwise requires:(1) “Administrator” means the Lieutenant Governor or his designee.(2) “Agent” means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of secu…
9 V.I.C. § 603 References to federal statutes
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“Securities Act of 1933” (15 U.S.C. Section 77a et seq.), “Securities Exchange Act of 1934” (15 U.S.C. Section 78a et seq.), “Public Utility Holding Company Act of 1935” (15 U.S.C. Section 79 et seq.), “Investment Company Act of 1940” (15 U.S.C. Section 80a-1 et seq.), “Investmen…
9 V.I.C. § 604 References to federal agencies
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Any reference in this chapter to an agency or department of the United States shall also be deemed to be a reference to its successor agency, department, or entity.
9 V.I.C. § 605 Electronic records and signatures
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This chapter modifies, limits, and supersedes the federal Electronic Signatures in Global and National Commerce Act, but does not modify, limit, or supersede Section 101(c) of that act (15 U.S.C. Section 7001(c)) or authorize electronic delivery of any of the notices described in…
9 V.I.C. § 611 Exempt securities
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(1) The following securities are exempt from the requirements of sections 621 through 626 and [654]:(1) A security, including a revenue obligation or a separate security as defined in Rule 131 (17 C.F.R 230) adopted under the Securities Act of 1933, issued, insured, or guaranteed…
9 V.I.C. § 612 Exempt transactions
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(1) The following transactions are exempt from the requirements of sections 621 through 626 and 654:(1) An isolated nonissuer transaction, whether effected by or through a broker-dealer or not;(2) A nonissuer transaction by or through a broker-dealer registered, or exempt from re…
9 V.I.C. § 613 Additional exemptions and waivers
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A rule adopted or issued order under this chapter may exempt a security, transaction, or offer; a rule under this chapter may exempt a class of securities, transactions, or offers from any or all of the requirements of sections 621 through 626 and 654, and an order under this cha…
9 V.I.C. § 614 Denial, suspension, condition, or limitation of exemptions
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(a) Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this chapter may deny, suspend application of, condition, limit or revoke an exemption created under section 611(3)(C), (7), (8), or 612 or an exemption or …
9 V.I.C. § 621 Securities registration requirement
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(1) It is unlawful for a person to offer or sell a security in this State unless:(1) the security is a federal covered security;(2) the security, transaction, or offer is exempted from registration under sections 611 through 613; or(3) the security is registered under this chapte…
9 V.I.C. § 622 Notice of filings
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(a) A rule adopted or order issued under this Chapter may require the filing of any or all of the following records with respect to a security issued by an investment company that is a federal covered security, as defined in Section 18(b)(2) of the Securities Act of 1933 (15 U.S.…
9 V.I.C. § 623 Securities registration by coordination
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(a) A security for which a registration statement has been filed under the Securities Act of 1933 in connection with the same offering may be registered by coordination under this section. (b) A registration statement and accompanying records under this Section must contain or be…
9 V.I.C. § 624 Securities registration by qualification
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(a) A security may be registered by qualification under this section. (b) A registration statement under this section must contain the information specified in section 625, a consent to service of process complying with section 671, and, if required by rule adopted under this cha…
9 V.I.C. § 625 Securities registration filings
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(a) A registration statement may be filed by the issuer, a person on whose behalf the offering is to be made, or a broker-dealer registered under this chapter. (b) A person filing a registration statement shall pay a filing fee established by rule issued or order adopted by the A…
9 V.I.C. § 626 Denial, suspension, and revocation of securities registration
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(a) The Administrator may issue a stop order denying effectiveness to, or suspending or revoking the effectiveness of, a registration statement if the Administrator finds that the order is in the public interest and that:(1) the registration statement as of its effective date or …
9 V.I.C. § 627 Waivers and modifications
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The Administrator may waive or modify any or all of the requirements of sections 622, 623, and 624(b) or the requirement of any information or record in a registration statement or in a periodic report pursuant to section 625(i).
9 V.I.C. § 631 Broker-dealer registration requirement and exemptions
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(a) It is unlawful for a person to transact business in this State as a broker-dealer, unless the person is registered under this chapter as a broker-dealer or is exempt from registration as a broker-dealer under subsection (b) or (d). (b) The following persons are exempt from th…
9 V.I.C. § 632 Agent registration requirement and exemptions
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(a) It is unlawful for an individual to transact business in this State as an agent unless the individual is registered under this chapter as an agent or is exempt from registration as an agent under subsection (b). (b) The following individuals are exempt from the registration r…
9 V.I.C. § 633 Investment adviser registration requirement and exemptions
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(a) It is unlawful for a person to transact business in this State as an investment adviser unless the person is registered under this chapter as an investment adviser or is exempt from registration as an investment adviser under subsection (b). (b) The following persons are exem…
9 V.I.C. § 634 Investment adviser representative registration requirement and exemptions
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(a) It is unlawful for an individual to transact business in this State as an investment adviser representative unless the individual is registered under this chapter as an investment adviser representative or is exempt from registration as an investment adviser under subsection …
9 V.I.C. § 635 Federal covered investment adviser notice filing requirement
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(a) Except with respect to a federal covered investment adviser described in subsection (b), it is unlawful for a federal covered investment adviser to transact business in this State unless the federal covered investment adviser complies with subsection (c). (b) The following fe…
9 V.I.C. § 636 Registration by broker-dealers, agents, investment advisers, and investment adviser representatives
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(a) A person shall register as broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with section 671, and paying the fee specified in section 640 and any reasonable fees charged by th…
9 V.I.C. § 637 Succession and change in registration of broker-dealer or investment adviser
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(a) A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice filing of a federal covered investment adviser, and a federal covered investment adviser may succeed to the current registration of an inve…
9 V.I.C. § 638 Termination of employment or association of agents and investment adviser representative and transfer of employment or association
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(a) If an agent registered under this chapter terminates employment by or association with a broker-dealer or issuer, or if an investment adviser representative registered under this chapter terminates employment by or association with an investment adviser or federal covered inv…
9 V.I.C. § 639 Withdrawal of registration of broker-dealers, agents, investment advisers, and investment adviser representatives
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Withdrawal of registration by a broker-dealer, agent, investment adviser, or investment adviser representative becomes effective 60 days after filing of the application to withdraw or within such shorter period as required by rule or order under this chapter unless a revocation o…
9 V.I.C. § 640 Filing fees
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(a) A person shall pay a fee of $200 when initially filing an application as a broker-dealer for registration, and a fee of $50 when filing a renewal of registration as a broker-dealer. If the filing results in a denial or withdrawal, the Administrator shall retain the entire fee…
9 V.I.C. § 641 Postregistration requirements
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(a) Subject to Section 15(h) of the Securities Exchange Act of 1934 (15 U.S.C. Section 78o(h)) or Section 222 of the Investment Advisers Act of 1940 (15 U.S.C. Section 806–22), a rule or order under this chapter may establish minimum financial requirements for broker-dealers regi…
9 V.I.C. § 642 Denial, revocation, suspension, cancellation, withdrawal, restriction, condition, or limitation of registration
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(a) If the administrator finds that the order is in the public interest and subsection (d) 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 adviser, o…
9 V.I.C. § 651 General fraud
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(1) It is unlawful for a person, in connection with the offer, sale, or purchase of security, directly or indirectly:(1) to employ a device, scheme, or artifice to defraud;(2) to make an untrue statement of a material fact or to omit to state a material fact necessary in order to…
9 V.I.C. § 652 Prohibited conduct in providing investment advice
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(a) It is unlawful for 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…
9 V.I.C. § 653 Evidentiary burden
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(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 exemption, exception, preemption, or exclusion. (b) In a criminal proceeding under this chap…
9 V.I.C. § 654 Filing of sales and advertising literature
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(a) Except as otherwise provided in subsection (b), a rule or order under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature, or other advertising communication relating to a security or investment advice, address…
9 V.I.C. § 655 Misleading filings
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It is unlawful for a person to make or cause to be made, in a record that is used in an action or proceeding or filed under this chapter, a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a material respect, or, …
9 V.I.C. § 656 Misrepresentations concerning registration or exception
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The filing of an application for registration, a registration statement, a notice filing under this chapter, or 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 tha…
9 V.I.C. § 657 Qualified immunity
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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…
9 V.I.C. § 658 Criminal penalties
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(a) A person that willfully violates this chapter, or a rule adopted or order issued under this chapter, except section 654 or the notice filing requirements of section 622 or 635, or that willfully violates section 655 knowing the statement made to be false or misleading in a ma…
9 V.I.C. § 659 Civil liability
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(a) Enforcement of civil liability under this section is subject to the Securities Litigation Uniform Standards Act of 1998. (b) A person is liable to the purchaser if the person sells a security in violation of section 621, or by means of an untrue statement of a material fact o…
9 V.I.C. § 660 Rescission offers
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(1) A purchaser, seller, or recipient of investment advice may not maintain an action under section 659 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 under …
9 V.I.C. § 661 Administration of chapter
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(a) The Administrator shall administer this chapter. (b) It is unlawful for the Administrator or officer, employee or designee of the Administrator to use for personal benefit or the benefit of others records or other information obtained by or filed with the Administrator that a…
9 V.I.C. § 662 Investigations and subpoenas
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(a) The Administrator may:(1) conduct public or private investigations within or outside of this State that the Administrator considers necessary or appropriate to determine whether any person has violated, is violating, or is about to violate this chapter or a rule adopted or or…
9 V.I.C. § 663 Civil enforcement
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(a) If it appears to the Administrator 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 rule adopted or order issued under this chapter, or that a person has, is, or is about to …
9 V.I.C. § 664 Administrative enforcement
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(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 rule adopted or order issued under this chapter, or that a person has, is, or is about to ma…
9 V.I.C. § 665 Rules, forms, orders, interpretative opinions, and hearings
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(a) The Administrator may:(1) issue forms and orders, and after notice and comment, may adopt and amend rules pursuant to Title 3, Chapter 35, Virgin Islands Code, necessary or appropriate to carry out this chapter, and may repeal rules, including rules and forms governing regist…
9 V.I.C. § 666 Administrative files and opinions
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(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 advisers, and investment adviser repres…
9 V.I.C. § 667 Public records, confidentiality
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(a) Except as otherwise provided in subsection (b), records obtained by the Administrator or filed under this chapter, including a record contained in or filed with any registration statement, application, notice filing, or report, are public records and are available for public …
9 V.I.C. § 668 Uniformity and cooperation with other agencies
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(a) The Administrator shall, in its discretion, cooperate, coordinate, consult, and, subject to section 667, share records and information with the securities regulators of another State, Canada, a Canadian provinces or territory, a foreign jurisdiction; the Securities and Exchan…
9 V.I.C. § 669 Judicial review
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Final orders issued by the Administrator and rules adopted under this chapter are subject to judicial review by the Superior Court of the Virgin Islands.
9 V.I.C. § 670 Jurisdiction
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(a) Sections 621, 622, 631(a), 632(a), 633(a), 634(a), 651, 656, 659 and 660 do not apply to a person that sells or offers to sell a security unless the offer to sell or the sale is made in this State, or the offer to purchase or the purchase is made and accepted in this State. (…
9 V.I.C. § 671 Service of process
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(a) A consent to service of process required by this chapter must be signed and filed in the form required by rule or order under this chapter. A consent appointing the Administrator the person's agent for service of process in a noncriminal action or proceeding against the perso…
9 V.I.C. § 672 Severability
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If any provision of this chapter or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provision…