Tuesday, March 08, 2016

Wyoming Adopts New Securities Act

By Jay Fishman, J.D.

Wyoming Secretary of State Ed Murray applauded Governor Matt Mead for signing House Bill 31 into law on March 3, 2016, which comprises a new uniform securities act. This act, replacing Wyoming’s longstanding 1965 Act, varies greatly from the old act by not only containing crowdfunding provisions but also by marking the first time in Wyoming’s securities history that the state will regulate investment advisers, investment adviser representatives, and federal covered investment advisers. Now all 50 states plus the District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands will regulate advisers. The Act takes effect on July 1, 2017.