In Michigan, investors have rights and protections under numerous securities laws and regulations including:
The Michigan Uniform Securities Act (MUSA) is a state law that protects investors and regulates the sale of securities in Michigan. The MUSA is based on the Uniform Securities Act, which is a model law that has been adopted by many other states.
The MUSA is designed to protect investors from fraud and to ensure that investors have access to accurate information about the securities they are considering purchasing.
Some of the key provisions of the MUSA include:
Registration of securities: All securities offered for sale in Michigan must be registered with the Michigan Bureau of Securities, unless the securities or transactions are exempt.
Registration of broker-dealers, agents, and investment advisers: All broker-dealers, agents, and investment advisers who offer or sell securities in Michigan must be registered with the Michigan Bureau of Securities.
Anti-fraud provisions: The MUSA prohibits fraud and other unfair practices in the sale of securities.
Enforcement: The Michigan Bureau of Securities is responsible for enforcing the MUSA. The Bureau can investigate alleged violations of the law and take enforcement actions, such as issuing cease-and-desist orders and imposing fines.
If you are considering investing in securities in Michigan, it is important to understand the MUSA. You can learn more about the law by visiting the Michigan Bureau of Securities website or by contacting the Bureau.
Additional information about the MUSA:
The MUSA exempts certain securities and transactions from registration. For example, securities issued by the United States or the state of Michigan are exempt from registration. Certain private securities are also exempt from registration.
The MUSA also allows the Michigan Bureau of Securities to grant exemptions from registration on a case-by-case basis.
If you are unsure whether a security is registered in Michigan, you can contact the Michigan Bureau of Securities or our law firm.
The following federal laws also provide protections to investors
To discuss your rights under the Michigan or federal securities law, schedule a consultation with our law firm.