Securities Law and Regulations

In South Carolina, securities and investment-related laws are addressed by the state’s Uniform Securities Act, found in Title 35 of the Code of Laws of South Carolina. By legislative enactment, the state Attorney General also serves as the state Securities Commissioner, and as such, he is responsible for the enforcement of the Uniform Securities Act.

The Uniform Securities Act

The Uniform Securities Act contains thirteen articles that cover the following areas: definitions, exempt securities and transactions, stockbrokers, investment advisers and their firms, securities registration, notice filings for federal-covered securities, fraudulent and other prohibited practices, judicial review, enforcement, remedies, liabilities and penalties.

• For more detailed information on South Carolina’s Securities Laws, see the South Carolina Uniform Securities Act.
• Securities regulations can be found in Chapter 13, Article 2 of the South Carolina Code of Regulations.
• Information regarding recent legislation to help protect vulnerable adults from financial exploitation (S425).
• Order 19003 allows for certain advisors to private funds to be exempt from registration requirements.
• Order 22004, Investment Advisor Representative Continuing Education Requirement. The Securities Division of the South Carolina Office of the Attorney General has issued Order 22004, which requires that both state-registered and federal covered investment adviser representatives (IARs) complete annual continuing education requirements. The order requires all IARs to complete at least six credits of products and practices courses and six credits of ethics and professional responsibility courses annually in order to maintain their registration.