Are you an informed investor?

Investment Professional Disclosure Forms – What Should Investors Look For?

Investment professionals in the United States and Canada are required to provide important documents to their customers and clients so that the public has access to material information about the professionals’ backgrounds. Different categories of financial professionals have different disclosure requirements, but investors should pay careful attention to every document that they receive regardless of who they consider working with.

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Who Sells Securities and Who Offers Advice About Them?

In the United States, broker-dealers and broker-dealer agents buy and sell securities on behalf of their customers. Broker-dealers and their agents may make recommendations about what securities their customers should trade, but they must make recommendations that are in their customers’ best interests. Investment advisers and investment adviser representatives provide advice to their clients about what securities they should buy, sell, or hold within their accounts. Investment advisers and investment adviser representatives are fiduciaries who owe their clients heightened duties of care and loyalty, including a duty to make investment recommendations in their clients’ best interests. Broker-dealers, broker-dealer agents, investment advisers and investment adviser representatives must register with federal and/or state securities regulators in order to lawfully conduct business.

Canadian securities regulators also require financial firms and professionals to register to provide services. Registration categories include investment dealers that sell a broad range of investment products, mutual fund dealers that sell only mutual funds, other dealer types specific to education accounts, exempt market products, and others that may not neatly fit within another category. Portfolio managers provide advice to investment portfolios and buy and sell securities for their investors, while investment fund managers manage funds. Individuals employed by these firms and providing services to Canadian investors must also be registered.

In the United States, information about registered firms and professionals is available for free online at BrokerCheck[1] and the Investment Adviser Public Disclosure (IAPD).[2] In Canada, this information is free and available online at National Registration Search.[3] The Canadian Securities Administrators also identify individuals and firms that have faced disciplinary action—the Disciplined List—through the SEDAR system.[4]

Some professionals may call themselves “financial advisors” or other similar titles. Investors should know that this is not a defined term under securities laws in the United States or Canada. A savvy consumer will clarify whether the person offering “financial advisory” services is registered to provide brokerage or advisory services, and in what capacity. Different registration categories carry different implications for investors, including the duty of care owed by the financial professional.

What Documents Should I Expect?

In the United States, broker-dealers register with regulatory authorities by filing a “Form BD” and a “Customer Relationship Summary” or “Form CRS”. The Form CRS is intended to provide a brief summary of the broker-dealer’s business and its customer relationships in no more than a few pages. It should disclose services offered, fees and costs of investing, conflicts of interest and how those conflicts are eliminated or mitigated, required standards of conduct for the firm and its employees, whether the firm or its agents have any disciplinary history, and how to find more information out about the firm.

Investment advisers in the United States must be registered either with the United States Securities and Exchange Commission (“SEC”) or with the states where they provide services. All investment advisers must provide clients and prospective clients with their “Form ADV Part 2” or their “brochure” which comes in two parts, Part 2A and Part 2B. The Part 2A Brochure describes important information about the investment adviser firm, while the Part 2B describes the firm’s investment adviser representatives (“IARs”). These brochures describe the services provided, the fees and compensation, methods of analysis, investment strategies and risks, disciplinary information for the firm and its IARs, code of ethics, brokerage practices, and more. SEC-registered investment advisers must also provide a Form CRS to investors, which is known as Form ADV Part 3 (though most state-registered investment advisers are not required to provide an ADV Part 3).[5] These brochures provide valuable information for investors and should be read carefully.

In Canada, dealers and managers must provide customers with information about their services and the associated risks, costs, and benefits. Canadian investors should expect their financial professional to gather information to complete a “Know Your Client” form that they are required to make and keep updated. It’s also helpful for investors to make sure that they get in writing what services will be provided and at what cost, along with detailed disclosure of conflicts of interest.

What Should You Look for in Disclosure Documents?

• What services do they offer and how will you pay? It’s important to review the disclosure documents provided by investment professionals because they give you a better understanding of how their services could benefit you and your financial situation. It also helps you understand how you will be charged for those services, and whether they are worth it to you.
• Have they had regulatory or customer complaint issues? It’s relevant for investors to know if the firm or its employees have violated regulatory obligations or caused harm to investors that resulted in complaints. Past results do not always guarantee future performance, but it does give investors a better idea of who they are considering hiring to handle their life’s savings.
• Do their methods, strategies, and risk assessments line up with yours? Different financial professionals have different ways of approaching the markets in the same way that different investors may view the world and its risks differently. Making sure that the firm or individual you’re considering hiring has views that suit your investing needs is important. Your parents’ investment professional might be wonderful for them and their needs but may not line up with what you and your circumstances require. One size does not fit all and asking questions is important.

How to Protect Yourself When Hiring an Investment Professional

• Are they registered? If so, with whom? Check legitimate registration sources and contact your state or provincial securities regulator to ensure you’re investing with someone authorized to engage in the activity.

• Review disciplinary histories. In the United States, research investment professionals on BrokerCheck or IAPD to verify their bona fides. In Canada, investors can review information about investment professionals through the National Registration Search and the Disciplined List.

• Do independent research. Prepare before you meet with a professional and bring relevant questions to understand their business and whether it is a good fit for your investing needs. The SEC Office of Investor Education and Advocacy has a comprehensive list of questions you can ask a financial professional.[6] With some preparation, you can come up with more on your own, too!

• Don’t skip the disclosures. It is tempting to treat these documents as “boilerplate” and skip them over. Don’t! These disclosures are required because they provide important information for investors to make informed decisions. It can be costly to find out too late that the fees and services provided weren’t right for your investing needs!

• Remember to read it! Carefully read everything that a financial professional provides you and be prepared to ask questions. The documents that brokers and advisers are required to provide you come with a wealth of information to help you make an informed investment decision!

Bottom Line

Be independently prepared to ask questions and understand the differences between financial professionals before you agree to hire one. Read everything the financial firm or professional gives you and focus on how their services will affect your financial future, including how much those services will cost. Contact your state or provincial securities regulator for resources to understand how to research investment professionals where you live.

[1] See https://brokercheck.finra.org/.

[2] See www.adviserinfo.sec.gov.

[3] See https://info.securities-administrators.ca/nrsmobile/nrssearch.aspx.

[4] See https://bit.ly/3yQ55Wf.

[5] Rhode Island requires state-registered investment advisers to provide the Form CRS, also known as Form ADV Part 3.

[6] See https://bit.ly/3MhiGZM.

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Posted: October 2024

NASAA has provided this information as a service to investors. It is neither a legal interpretation nor an indication of a policy position by NASAA or any of its members, the state and provincial securities regulators. If you have questions concerning the meaning or application of a particular state law or rule or regulation, or a NASAA model rule, statement of policy or other materials, please consult with an attorney who specializes in securities law.

 

Are you an informed investor?

“Registered, Professional” Crypto Trader Scams

Are you interested in investing in cryptocurrencies but don’t know your cold wallets from your hot wallets, or your Bitcoin from your Ethereum? Many investors have gotten caught up in the hype and media interest surrounding crypto assets and have decided they want to invest but need some help navigating the complicated and complex crypto world. Fraudsters know many people are interested in investing but lack the knowledge to do so themselves and are taking advantage by posing as registered professional crypto traders.

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How the Scams Work

Jon is a novice investor who is constantly seeing media stories and posts online about crypto asset investing. He also has some friends who have made money investing in crypto assets. He is interested in investing in crypto assets but finds the process extremely confusing and complicated. He has tried to understand blockchain and hot and cold wallets[1], but just can’t grasp the concept. Despite his lack of knowledge in the crypto asset world, Jon remains interested in investing and searches for help. He finds an online advertisement for “registered professional crypto traders”, who are offering trading and advising services to novice investors like him. He clicks on the ad and enters his contact information.

Not long after, Jon receives a phone call from Tony who tells Jon that he has been trading crypto assets for several years and has made lots of money. Tony tells Jon that he is “registered” as a professional crypto trader with local regulators and offers crypto trading advice and services to investors who need help navigating the complex world of crypto. Jon is very excited by what he hears because it is exactly what he wants. Unfortunately, Jon isn’t aware that there’s no such thing as a “registered” cryptocurrency trader and anyone who claims to have this professional certification is lying.

To get started, Tony instructs Jon to create an account at a well-known crypto trading platform, often referred to as a crypto exchange. Tony meticulously walks Jon through the steps to create an account, make a deposit by credit card or bank account, and purchase some crypto assets. Tony then tells Jon how to transfer his newly purchased crypto assets off the exchange and into Tony’s online wallet. Some fraudsters get investors to download software to their computer that gives the fraudster control to do all these steps for them.

Tony tells Jon he will begin managing and trading Jon’s crypto assets as soon as he receives them. Jon follows Tony’s instructions and transfers all his crypto assets to Tony’s hot wallet. Following the completion of the transfer, Tony cuts off contact and Jon never hears from him again. Jon did not know that once he transferred his crypto assets to Tony’s wallet, he would lose all access to them. Tony has stolen Jon’s crypto assets, leaving him with no recourse to get them back.

Red Flags for Spotting Crypto Trading Scams

• People posing as “registered” or “regulated” crypto traders.
• Online ads promising crypto asset management and advice leading to large returns and profit.
• Being asked by anyone to move your crypto assets off an exchange to their private wallet; or
• Being asked to download software that gives another person access to your computer.

How to Protect Yourself

• Be advised that no regulators currently provide registration for anyone as a professional crypto trader. If a person says they are registered to sell crypto assets, contact your state or provincial securities regulator.
• Never give anyone remote access to your computer. Doing so could expose your personal information that could be used for identity theft, financial theft, or other types of fraud.
• Never transfer your crypto assets off an exchange or from your wallet to the wallet of someone you do not know. Unless you have the password or keys for the recipient’s hot wallet, once crypto assets have been transferred, they are unrecoverable.
• Educate yourself about trading crypto assets. If you don’t fully understand how an investment works, it may not be for you. Remember, stolen crypto assets are unrecoverable. Never invest more than you can afford to lose.

For more information, see the following resources:

• Are you an informed investor? Does crypto threaten your investment accounts?
• Are you an informed investor? What’s in your e-Wallet?

 Bottom Line

Investing in crypto assets is extremely risky. Crypto assets are highly volatile. Regulators and law enforcement have seen a tremendous increase in fraud and theft involving crypto assets.

Securities regulators in North America do not register individuals as professional cryptocurrency traders. Anyone who says they have received this kind of registration is lying and is most likely trying to defraud you and steal your money. If you are approached by someone who is calling themselves a registered professional crypto trader, they should be reported to securities regulators.

[1] “Hot” wallets are online and vulnerable to hacking, while “cold” wallets are offline physical devices like a thumb drive.

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Posted: October 2024

NASAA has provided this information as a service to investors. It is neither a legal interpretation nor an indication of a policy position by NASAA or any of its members, the state and provincial securities regulators. If you have questions concerning the meaning or application of a particular state law or rule or regulation, or a NASAA model rule, statement of policy or other materials, please consult with an attorney who specializes in securities law.

 

Oct. 7, 2024

The SEC’s Office of Investor Education and Advocacy (OIEA), the Commodity Futures Trading Commission’s (CFTC’s) Office of Customer Education and Outreach, the Financial Industry Regulatory Authority (FINRA), the North American Securities Administrators Association (NASAA), the National Futures Association (NFA), and the Securities Investor Protection Corporation (SIPC) are issuing this Investor Bulletin to provide investors with information for World Investor Week 2024, a global campaign promoted by the International Organization of Securities Commissions (IOSCO) to raise awareness about the importance of investor education and protection.

Emerging technologies like artificial intelligence and crypto assets, and digital platforms like social media and mobile trading apps, are increasingly influencing how people invest. As you navigate the world of digital investing, it is important to understand how bad actors might exploit these technologies to conduct investment scams. It also remains important to do your own research and make investment decisions with your long-term investment plan in mind.

While emerging technologies provide new opportunities for investors, they also create opportunities for bad actors.

• Bad actors use the hype around new technological developments, like artificial intelligence (AI) and crypto assets, to lure investors into scams. They might use catchy buzzwords or claim to be a leader in an emerging technology.
• Scammers can use AI technology to clone voices, alter images, and create fake videos to spread false or misleading information. They might use AI-generated content to impersonate someone you know or create realistic looking websites promoting fake investments.
• Do not trust someone who pressures you to invest right away or promises big returns with little or no risk. These types of behaviors can be red flags of fraud. There is no such thing as high guaranteed returns, and every investment involves risk. See other ways to spot scam sites or trading platforms.
• Resist getting caught up in the fear of missing out (FOMO) on a purported investment opportunity that seems new or cutting-edge. Instead, make investment decisions in consideration of your long-term investment plan. Create your plan based on your risk tolerance and investing time horizon, and consider the benefits of asset allocation and diversification.

Social media exposes investors to an abundance of investment information — and misinformation.

• As investors increasingly turn to social media to research opportunities, it has become saturated with financial content, including from celebrities or other well-known personalities, people who might or might not know much about finance or investing, and outright charlatans.
• Just because a celebrity or “finfluencer” (financial influencer) endorses an investment on social media does not mean it is legitimate or appropriate for all investors. They do not know your personal financial situation, they might not fully understand the investment, or they might be getting paid to promote the investment. Like anyone, celebrities and “finfluencers” can be lured into investment scams.
• Just as you would not make investment decisions based solely on advice from someone famous, be skeptical of following the investment strategies you see on social media. For example, if someone you follow for health- or travel-related tips starts doling out investment tips, ask yourself: “Why is this person endorsing this investment, and does it fit in my financial plan?”
• Social media allows scammers to easily post inaccurate, incomplete, or misleading information while hiding their identities. They might make up credentials, create fake profiles, or impersonate legitimate sources. Social media can also make it look like many people are buying an investment when that is not the case.
• Social media also allows bad actors to reach out to you directly. They might try to build a friendship or romantic relationship with you to gain your trust, then convince you to send money before ultimately disappearing with your funds.
• Do not invest money based on advice from someone you have solely met online or through an app. Do not share with them any information relating to your personal finances or identity. Recovering money from fraudsters can be nearly impossible because they can hide their identities, quickly send your money overseas, and hide the trail of funds.

Digital investing tools make investing more accessible than ever, but they can encourage investing behaviors that put your money at increased risk.

• While mobile trading apps and online investment accounts can be appealing because they may be marketed as easy-to-use and low-cost, some of these services can put your money at increased risk. For example, they might use entertaining, game-like interfaces and stock notifications that can encourage over-trading. They might also give you access to complex or high-risk investment products that might be inconsistent with your investment goals and/or carry a higher risk of loss than other investment products.
• Before deciding to use a mobile trading app or online investment account, carefully consider whether its features make sense for your needs. For example, if you plan to buy and hold mutual funds or ETFs for the long-term, consider whether you need features like daily notifications or access to complex alternative investments.
• Protect your mobile device and online investment accounts from digital fraud and hacking by following the tips at Protecting Your Online Investment Accounts from Fraud.

Crypto asset investments can be exceptionally risky and volatile.

• The risk of loss in transactions involving crypto assets remains significant. Only invest money in crypto assets that you can afford to lose entirely. Think about your long-term investment plan and how much of your overall portfolio, if any, should be allocated to these types of investments.
• Crypto asset investments might lack basic investor protections, such as disclosure of key information about the investment. Entities and individuals offering crypto asset investments and services might not be complying with applicable law. Most crypto assets are not protected by SIPC, and even crypto assets offered and sold as securities held by a securities broker may not be protected if the broker fails and is liquidated.

Before making any investment, take the time to do your own research.

• Before investing in a company, review the disclosures it makes and assess its promotional campaign. You can find public company disclosures through the SEC’s EDGAR If the company appears more focused on attracting investors through promotions than on developing its business, consider that a red flag.
• Check that anyone offering or selling you an investment—whether in person, online or through an app—is licensed or registered. You can do this by using the free and simple search tools on Investor.gov, BrokerCheck, and BASIC. You might also contact your state or provincial securities regulator. When investing through a securities broker-dealer, verify that it is a member of SIPC at http://www.sipc.org/.
• Verify that an investment professional is who they say they are. For example, contact the professional using a phone number or website listed in the firm’s Client Relationship Summary (Form CRS), a form that your adviser or broker is required to deliver to you and that you can find using the search tool on Investor.gov.

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If you have questions about your investments or your investment professional, or want to report possible misconduct, you can contact your state securities regulator. You can call the SEC’s investor assistance line at (800) 732-0330. You can also report a problem concerning your investments or report possible securities fraud to the SEC, or by emailing Help@SEC.gov. Report commodity or derivative-related complaints to the CFTC. For a derivatives-related complaint (involving futures, options on futures, forex or swaps) involving a pending, current, or former NFA Member (as displayed in BASIC), file with NFA.

Follow the SEC and sign up for email updates on investing-related topics and news.

Additional Resources

• NFA’s BASIC
• CFTC Learn & Protect
• FINRA For Investors
• NASAA Investor Education
• NFA Investor Education
• Futures Fundamentals
• SIPC For Investors

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NASAA has provided this information as a service to investors. It is neither a legal interpretation nor an indication of a policy position by NASAA or any of its members, the state and provincial securities regulators. If you have questions concerning the meaning or application of a particular state law or rule or regulation, or a NASAA model rule, statement of policy, or other materials, please consult with an attorney who specializes in securities law.

The SEC’s Office of Investor Education and Advocacy (OIEA), the Commodity Futures Trading Commission’s Office of Customer Education and Outreach (OCEO), the Financial Industry Regulatory Authority (FINRA), and the North American Securities Administrators Association (NASAA) are issuing this Investor Alert to warn investors about relationship investment scams, where fraudsters — including criminals and other bad actors — often hide their true identities, reach out to unsuspecting targets (often online or through text messages), gain their trust over time, and then defraud them through fake investments. Relationship investment scams are sometimes referred to by various terms including romance scams, “cryptocurrency” investment scams, financial grooming scams, and even the distasteful term “pig butchering scams.” These scams also sometimes involve “catfishing,” where fraudsters might set up fake online identities to carry out crimes.

Fraudsters Might Seek Targets Online, on Social Media Platforms, or Through Text Messages.

Criminals and other fraudsters seek their targets in many different ways. They often initiate contact online or on social media platforms — including professional networking, dating, and messaging websites/apps. They might run advertisements or add targets to a group chat that the target didn’t seek to join. Fraudsters might text a target pretending to be an old friend or claiming to have contacted the target accidentally. They might even use an auto dialer to blast out unsolicited text messages to thousands of people — these messages are designed to mimic ones intended for some other personal or business acquaintance, seeking to prompt a response from potential targets. They might offer financial advice or express romantic interest. Sometimes, these fraudsters quickly move communications away from the initial platform to a different, sometimes unmonitored space.

Fraudsters Slowly Build Trust.

These scams sometimes are referred to as “long cons,” meaning there’s a long, slow build before the fraudster springs their trap. Once they find a target who’s willing to engage with them, these fraudsters begin the long process of building their trust, be it through friendship, romance, or an offer to help achieve financial goals. They might even suggest meeting in person but then come up with excuses so that this never happens. In romance scams, they often pledge their love very quickly. Their goal is to gain the target’s trust and confidence.

Sometimes, the fraudster creates a fake identity as a financial professional with a prominent online presence, or they might impersonate — or “spoof” — legitimate investment professionals or brokerage firms. They sometimes use altered images or videos to lead their targets to believe that others have made money on their platform. New artificial intelligence (AI) technologies can make these images and videos convincingly realistic.

Once Fraudsters Gain Trust, They Convince Targets to “Invest” Their Money.

Once fraudsters have established a relationship or friendship with their target, they might offer their advice on trading, or claim to know about profitable opportunities. They might even indicate that they or someone they know is a financial advisor or is an “insider” and is able to provide valuable trading recommendations. These fraudsters can lead their targets to believe they are doing well trading by sending fake screenshots, showing fake trading information, or manipulating the target’s online account to make it appear that the “investments” and “earnings” are “legitimate,” all of which is intended to build trust.

Fraudsters might also steer their targets towards investments involving crypto assets. For example, the target might think they’re buying into a crypto asset investment like an “Initial Coin Offering” (or “ICO”) when they’re actually just sending money directly to fraudsters’ crypto asset wallets or accounts.

Fraudsters might direct their targets to a legitimate looking (but fake) website or to a widely used app that can be downloaded from a well-known app store. However, just because an app is available on a well-known app store doesn’t mean that the app itself, or the activities conducted within it, are legitimate. Fraudsters might tell their targets to wire cash or obtain crypto assets— such as bitcoin, ether, or tether—at a bitcoin ATM (or kiosk) or through a crypto asset platform in order to make investment deposits. An investment might not be legitimate if the investor is required to pay for it with crypto assets.

If you’re directed to pay for an investment by wire transfer or check, be suspicious if:

• You’re asked to pay an individual, a firm that is different than the one with which you thought you’re investing, or a business that appears unrelated to your investment (for example, a nail salon or foot massage business);
• The address is suspicious (for example, an online search for the address suggests it’s not an office building where the firm operates); or
• You’re told to note that the payment is for a purpose unrelated to the investment (for example, luxury watches, goods, or furniture).

If you wire money outside of the United States or use crypto assets for an investment that turns out to be a scam, you likely will never see your money again.

Don’t Gain a False Sense of Comfort By Being Able to Make Early Withdrawals or Seeing “Profits” in Your Account.

Fraudsters sometimes deliberately falsify information to make their targets believe they’ve profited from whatever investment “opportunity” the fraudsters presented. They might even allow a target to withdraw a portion of their “profits” to further gain their trust and falsely reassure them that the investment is legitimate. The fraudsters might provide what they claim is “real time” trading information that is, in fact, fake. They often lead targets to believe that other investors are making enormous profits too.

Fraudsters might then ask their targets to invest larger sums of money. But when the target wishes to withdraw their funds, the fraudsters often come up with an excuse why that isn’t possible, say more money is required, or tell the target for the first time that they must pay more to cover fees or taxes. Frequently, the target will never recover their investment or any “profits,” so paying additional funds only causes the target to lose more money.

Similarly, fraudsters might pretend to loan their targets funds for trading but require these “loans” to be repaid before any purported profits or principal can be withdrawn. This, too, is a further attempt to steal more money.

Beware of Fake Testimonials.

Fraudsters often use fake testimonials to convince targets that others have invested and made money. Never rely solely on testimonials in making an investment decision. Fraudsters sometimes pay others — for example, actors to pose as ordinary people turned millionaires, social media influencers, and celebrities — to tout an investment on social media or in a video. If you’re in a group chat, others in the group who claim to have made huge profits might be in on the fraud.

Fraudsters might also use altered or AI-generated photos or videos to make it falsely look like others have profited. For example, depictions of skyrocketing account balances often are fake. The potential for high investment returns usually involves high risk. Promises of high investment returns, with little or no risk, are classic warning signs of fraud.

Consider Reporting, Deleting, and Blocking Unsolicited Messages from Senders You Don’t Know.

If you receive an email or text message from a person, number, or email address you don’t know or recognize, be suspicious — especially if the message is vaguely worded or appears aimed at someone else. This is a red flag of fraud. If the message purports to come from a business or financial institution that you do business with, do not use contact information or click on any link(s) provided in the message. Instead, call the customer service phone number or type in the url for the website found on the bill or statement you receive from the business itself to verify the authenticity of the message. Don’t respond to unexpected or unsolicited text messages received from unknown senders. Instead, consider reporting and blocking these senders from your phone or messaging app.

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No matter how trustworthy someone might seem, don’t make investment decisions based on the advice of anyone who makes unsolicited contact with you online or through an app or text message. Do your own independent research and ask questions.

 Similarly, don’t share any information relating to your personal finances or identity (including your bank or brokerage account information, tax forms, credit card, Social Security number, passport, driver’s license, birthdate, or utility bills) with someone you don’t know who contacts you online, on a social media platform, or through text message. Report possible securities fraud to the SEC.

Additional Information

5 Ways Fraudsters May Lure Victims into Scams Involving Crypto Asset Securities – Investor Alert

CFTC Fraud Alert: Romance Frauds

CFTC article: Relationship Cons, Recovery Scams, & Money Laundering

FINRA Investor Insights:

• ‘Pig Butchering’ Scams: What They Are and How to Avoid Them
• Be Aware of Support Center Ad Scams
• Be Alert to Signs of Imposter Investment Scams
• This On Ramp Could Lead You to a Dump
• Following the Crowd: Investing and Social Media

NASAA: Are you an informed investor?:

• Don’t Get Swept Away by a Romance Scam
• Stranger Texts: Don’t Answer Unsolicited Messages
• Spoofing/Phishing Scams

FinCEN Reminds the Public to be Wary of Fraudulent Correspondence and Phone Calls

Ask a question or report a problem to the SEC or FINRA concerning your investments, your investment account or a financial professional. Use FINRA BrokerCheck to research investment professionals and brokerage firms.

Visit Investor.gov, the SEC’s website for individual investors. Receive Investor Alerts and Bulletins from OIEA by email or RSS feed.

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Posted: September 2024 

NASAA has provided this information as a service to investors. It is neither a legal interpretation nor an indication of a policy position by NASAA or any of its members, the state and provincial securities regulators. If you have questions concerning the meaning or application of a particular state law or rule or regulation, or a NASAA model rule, statement of policy or other materials, please consult with an attorney who specializes in securities law.