Kansas Administrative Regulations Agency 81 - OFFICE OF THE SECURITIES COMMISSIONER
Here is a summary of the Kansas Administrative Regulations (KAR) – Agency 81: Office of the Securities Commissioner:
Agency 81 – Office of the Securities Commissioner
Purpose:
The Office of the Securities Commissioner of Kansas (KSC) administers and enforces laws to protect investors and maintain the integrity of the securities industry in Kansas.
Key Functions & Regulatory Areas:
Securities Registration & Exemptions
Regulates the offering and sale of securities within Kansas.
Oversees registration of securities or notices of exemption under the Kansas Uniform Securities Act (KUSA).
Broker-Dealer and Investment Adviser Regulation
Licenses and oversees:
Broker-dealers
Broker-dealer agents
Investment advisers
Investment adviser representatives
Requires background checks, financial disclosures, and compliance reviews.
Enforcement & Investigations
Investigates complaints of securities fraud, misrepresentation, and illegal practices.
Has the authority to issue cease-and-desist orders, fines, and refer cases for criminal prosecution.
Investor Education
Promotes public awareness of investment fraud and financial literacy.
Provides resources for seniors, military families, and students.
Key Regulatory Citations:
The regulations for this agency are codified in K.A.R. §§ 81-1-1 through 81-14-6.
Article 1: Definitions, general provisions.
Article 2+: Cover specifics like licensing procedures, exemptions, prohibited conduct, and recordkeeping.
Examples of Regulated Topics in KAR 81:
Filing requirements for securities offerings
Criteria for exempt transactions (e.g., private placements)
Continuing education for advisers
Prohibited business practices (e.g., churning, misleading statements)
Record retention policies
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