West Virginia Code of State Rules Agency 111 - Securities Commission
West Virginia Code of State Rules – Agency 111: Securities Commission
Overview:
Agency 111 of the West Virginia Code of State Rules (CSR) contains the administrative regulations adopted by the West Virginia Securities Commission, which is a division within the West Virginia State Auditor’s Office. These rules govern the registration, regulation, and oversight of securities, broker-dealers, investment advisers, and related financial activities in the state.
The rules are designed to protect investors, ensure fair financial practices, and enforce compliance with both state and federal securities laws, particularly the West Virginia Uniform Securities Act (found in WV Code §32-1).
Key Topics Covered in Agency 111 Rules:
Securities Registration and Exemptions
Procedures for registering securities for sale in West Virginia
Exemptions for certain offerings (e.g., federal covered securities, private placements)
Filing requirements, fees, and disclosure standards
Broker-Dealer and Agent Registration
Requirements for broker-dealers, agents, and sales representatives
Licensing procedures, background checks, and annual renewals
Conduct standards and recordkeeping obligations
Investment Adviser Regulation
Registration of investment advisers and their representatives
Custody rules, disclosure documents, and fiduciary responsibilities
Advertising and performance reporting standards
Franchise Offerings
Registration and regulation of franchise offerings (under WV Franchise Investment Law)
Disclosure requirements and exemptions
Anti-Fraud and Enforcement Provisions
Definitions and prohibitions on deceptive or manipulative practices
Authority of the Securities Commissioner to investigate and enforce rules
Penalties, fines, injunctions, and administrative hearings
Corporate Finance Filings
Filing procedures for mergers, acquisitions, and other corporate finance activities
Regulation of crowdfunding and intrastate securities offerings
Examples of CSR Chapters Under Agency 111 (illustrative):
111CSR1 – Rules of Procedure
111CSR2 – Broker-Dealer and Agent Registration
111CSR3 – Investment Adviser Regulation
111CSR5 – Securities Registration and Exemptions
111CSR7 – Enforcement and Administrative Proceedings
111CSR10 – Franchise Offerings
(Note: Chapter numbers are illustrative; actual CSR designations may differ depending on version and updates.)
Administering Agency:
West Virginia Securities Commission
(A division of the West Virginia State Auditor's Office)
Website: https://www.wvsao.gov
Legal Authority:
West Virginia Code Chapter 32 – Uniform Securities Act
Chapter 32A – West Virginia Franchise Investment Law
Federal Laws Referenced:
Securities Act of 1933
Securities Exchange Act of 1934
Investment Advisers Act of 1940
RELATED Blog
0 comments