Regulatory Alerts2001-09-30
Added · Updated
Fall 2001 Securities Bulletin
Public Act 01-48 amended the Connecticut Uniform Securities Act to align broker-dealer and investment adviser definitions with federal standards, instituted a 90-day waiting period for withdrawal of pending applications, and expanded the Commissioner's enforcement powers. The Commissioner issued an order excluding banks from the broker-dealer definition until final SEC rules take effect, while allowing Connecticut-registered broker-dealers to satisfy financial reporting requirements through NASD filings if specific conditions are met. The Division warned that using temporary restraining orders to block customer account transfers constitutes a dishonest or unethical business practice and may result in enforcement action. Recent enforcement actions included fines of $20,000 to $30,000 against firms and individuals for unregistered securities sales and material misstatements.
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