In the State of Virginia, investors have rights and protections under numerous laws and regulations.
The Virginia Securities Act of 2002 (VSA) is the state law that protects investors and regulates the sale of securities in Virginia. It is administered by the Virginia Securities Commission (VSC), which is part of the Virginia Bureau of Financial Institutions.
The VSA requires that all securities offered for sale in Virginia be registered with the VSC, unless the securities or transactions are exempt. Exempt securities include:
Securities issued by the United States or the state of Virginia
Securities issued by certain banks and other financial institutions
Securities offered in certain private transactions
The VSA is designed to protect investors from fraud and to ensure that investors have access to accurate information about the securities they are considering purchasing.
The VSA also requires that all broker-dealers, agents, and investment advisers who offer or sell securities in Virginia be registered with the VSC.
Here are some of the key provisions of the VSA:
Anti-fraud provisions: The VSA prohibits fraud and other unfair practices in the sale of securities.
Enforcement: The VSC and private securities lawyers are responsible for enforcing the VSA.
Here are some tips for investors who are considering investing in securities in Virginia:
Make sure the broker-dealer and investment adviser are registered with the Virginia Securities Commission. You can check the VSC's website to see if a broker-dealer or investment adviser is registered.
Make sure the securities are registered with the Virginia Securities Commission. You can check the VSC's website to see if a security is registered.
Get a copy of the prospectus for the security before you invest. The prospectus is a document that contains important information about the security, such as the risks involved in the investment.
Virginia investors are also protected by the following federal securities laws and regulations:
If you have any questions about securities laws or about investing in securities in Virginia, contact our law firm to discuss.