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RSA 421-B:1-102 · Definitions
421-B:1-102 Definitions. – In this chapter, unless the context otherwise requires:
Copy link"Advertisement" means any notice, circular, letter, or other written communication that is given to more than one person or any other announcement in any publication, by radio, television, or other electronic media, that offers:
Copy linkAny analysis, report, or publication concerning securities or which is to be used in making any determination as when to buy or sell securities; or
Copy linkAny graph, chart, formula, or other device to be used in making any determination concerning when to buy or sell any security, or which security to buy or sell.
Copy link"Affiliate" means any person directly or indirectly controlling, controlled by, or under common control with another person.
Copy link"Agent" means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. But a partner, officer, or director of a broker-dealer or issuer, or an individual having a similar status or performing similar functions is an agent only if the individual otherwise comes within the term. The term does not include an individual excluded by order issued under this chapter.
Copy linkany other banking institution, whether incorporated or not, doing business under the laws of a State or of the United States, a substantial portion of the business of which consists of receiving deposits or exercising fiduciary powers similar to those permitted to be exercised by national banks under the authority of the Comptroller of the Currency pursuant to section 1 of Public Law 87-722 12 U.S.C. section 92a, and which is supervised and examined by a state or federal agency having supervision over banks, and which is not operated for the purpose of evading this chapter; and
Copy linka receiver, conservator, or other liquidating agent of any institution or firm included in subsection (1)(A), (1)(B), (1)(C), (1)(D), or (1)(E). (5)(A) "Branch office" means:
Copy linkWith regard to an investment adviser, any location other than the main office, identified by any means to broker-dealers, other investment advisers, the public, customers, or clients as a location at which an investment adviser conducts an investment advisory business.
Copy linkWith regard to a broker-dealer, any location where one or more agents regularly conducts the business of effecting any transactions in, or inducing or attempting to induce the purchase or sale of, any security, or is held out as such, excluding:
Copy linkAny location that is established solely for one or both of customer service and back-office-type functions where no sales activities are conducted and that is not held out to the public as a branch office;
Copy linkOnly one agent, or multiple agents who reside at that location and are members of the same immediate family, conduct business at the location;
Copy linkThe location is not held out to the public as an office and the agent does not meet with customers at the location;
Copy linkThe agent is assigned to a designated branch office, and such designated branch office is reflected on all business cards, stationery, advertisements, and other communications to the public by such agent;
Copy linkThe agent's correspondence and communications with the public are subject to the broker-dealer's supervision;
Copy linkElectronic communications, such as e-mail are made through the electronic system of the broker dealer;
Copy linkAll orders for securities are entered through the designated branch office or an electronic system established by the broker-dealer that is reviewable at the branch office;
Copy linkWritten supervisory procedures pertaining to supervision of activities conducted at the residence are maintained by the broker-dealer; and
Copy linkAny location, other than a primary residence, that is used for securities business for less than 30 business days in any one calendar year, provided the broker-dealer complies with the provisions of subsections (5)(A)(ii)(b)(2) through (8);
Copy linkAny office of convenience, where associated persons occasionally and exclusively by appointment meet with customers, which is not held out to the public as an office;
Copy linkAny location that is used primarily to engage in non-securities activities and from which the agent effects no more than 25 securities transactions in any one calendar year; provided that any advertisement or sales literature identifying such location also sets forth the address and telephone number of the location from which the agent conducting business at the non-branch locations is directly supervised;
Copy linkThe floor of a registered national securities exchange where a broker-dealer conducts a direct access business with public customers;
Copy linkA temporary location established in response to the implementation of a business continuity plan; or
Copy linkAny other location not within the intent of subsection (5) as the secretary of state may determine.
Copy linkNotwithstanding the exclusions provided in subsection (5)(A)(ii), any location that is responsible for supervising the activities of agents of the broker dealer at one or more non-branch locations of the broker-dealer shall be a branch office.
Copy link"Business day" as used in subsection (5) shall not include any partial day provided that the agent or investment adviser representative spends at least 4 hours of such day at his or her designated branch office during the hours that such office is normally open for business.
Copy link"Broker-dealer" means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. The term does not include:
Copy link"Common enterprise" means an enterprise in which the fortunes of the investor are interwoven with those of either the person offering the investment, a third party, or one or more investors. This definition is met if (a) the investor joins with the promoter or some third party to accomplish a common goal, such as earning a profit for the investor, whether the promoter or third party shares in the profits or is merely paid a commission or fee for his or her services, or (b) 2 or more investors join together in a common goal of making a profit.
Copy link"Complaint" means a written statement submitted after an incident complained of by the secretary of state or any other person that sets forth specific allegations of wrongdoing and requests administrative action by the secretary of state.
Copy linka savings institution, trust company, credit union or similar institution, whether incorporated or not, doing business under the laws of a state or of the United States, a substantial portion of the business of which consists of receiving deposits or share accounts insured to the maximum amount authorized by statute by the Federal Deposit Insurance Corporation, National Credit Union Share Insurance Fund or a successor authorized by federal law and which is supervised and examined by a state or federal agency having supervision over such institutions, and which is not operated for the purpose of evading this chapter. The term does not include:
Copy linkan insurance company or other organization primarily engaged in the business of insurance;
Copy linkan industrial loan company that is not an "insured depository institution" as defined in the Federal Deposit Insurance Act, 12 U.S.C. section 1813(c)(2), or any successor federal statute.
Copy linkThe inclusion of an institution in this definition shall not be construed as a grant of power or authority for such institution to engage in activities under this chapter that are not permitted under the laws governing such institution.
Copy link"Ex parte communication" means the transmittal of information or argument concerning the merits of the subject matter of any adjudicatory proceeding to or from a decision maker in that proceeding without proper notice to and opportunity to participate in by all parties.
Copy link"Federal covered investment adviser" means a person registered with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940.
Copy link"Federal covered security" means a security that is, or upon completion of a transaction will be, a covered security under section 18(b) of the Securities Act of 1933 15 U.S.C. section 77r(b).
Copy link"Hearing" means the receipt and consideration by the department of evidence or argument, or both, in accordance with this chapter and other applicable law, and includes:
Copy link"Industrial bond," "industrial revenue bond," or "industrial development bond" means any obligation issued by a governmental unit (including the United States, any state, any political subdivision of a state, or any agency, or corporate or other instrumentality, of one or more of them) other than a general obligation of a governmental unit having power to tax property or of an agency of the state of New Hampshire:
Copy linkWhich is issued as part of an issue, all or a major portion of the proceeds of which are to be used directly or indirectly in any trade or business, and
Copy linkThe payment of the principal or interest on which (under the terms of such obligation or any underlying arrangement) is, in whole or in major part:
Copy linkSecured by any interest in property used or to be used in a trade or business or in payment in respect of such property, or
Copy linkTo be derived from payments in respect of property or borrowed money, used or to be used in a trade or business.
Copy link"Institutional investor" means any of the following, whether acting for itself or for others in a fiduciary capacity:
Copy linkan employee pension, profit-sharing, or benefit plan if the plan has total assets in excess of $10,000,000 or its investment decisions are made by a named fiduciary, as defined in the Employee Retirement Income Security Act of 1974, that is a broker-dealer registered under the Securities Exchange Act of 1934, an investment adviser registered or exempt from registration under the Investment Advisers Act of 1940, an investment adviser registered under this chapter, a depository institution, a trust company, or an insurance company;
Copy linka plan established and maintained by a state, a political subdivision of a state, or an agency or instrumentality of a state or a political subdivision of a state for the benefit of its employees, if the plan has total assets in excess of $10,000,000 or its investment decisions are made by a duly designated public official or by a named fiduciary, as defined in the Employee Retirement Income Security Act of 1974, that is a broker-dealer registered under the Securities Exchange Act of 1934, an investment adviser registered or exempt from registration under the Investment Advisers Act of 1940, an investment adviser registered under this chapter, a depository institution, a trust company, or an insurance company;
Copy linka trust, if it has total assets in excess of $10,000,000, its trustee is a depository institution or trust company, and its participants are exclusively plans of the types identified in subsection (22)(F) or (22)(G), regardless of the size of their assets, except a trust that includes as participants self-directed individual retirement accounts or similar self-directed plans;
Copy linkan organization described in 26 U.S.C. section 501(c)(3), corporation, Massachusetts trust or similar business trust, limited liability company, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $10,000,000;
Copy linka small business investment company licensed by the Small Business Administration under the Small Business Investment Act of 1958, 15 U.S.C. section 681(c) with total assets in excess of $10,000,000;
Copy linka private business development company as defined in section 202(a)(22) of the Investment Advisers Act of 1940, 15 U.S.C. section 80b-2(a)(22), with total assets in excess of $10,000,000;
Copy linka "qualified institutional buyer" as defined in Rule 144A(a)(1), other than Rule 144A(a)(1)(i)(H), adopted under the Securities Act of 1933, 17 C.F.R. 230.144A;
Copy linka "major U.S. institutional investor" as defined in Rule 15a-6(b)(4)(i) adopted under the Securities Exchange Act of 1934, 17 C.F.R. 240.15a-6;
Copy linkany other person, other than an individual, of institutional character with total assets in excess of $25,000,000 not organized for the specific purpose of evading this chapter; or
Copy link"Insurance company" means a company organized as an insurance company whose primary business is writing insurance or reinsuring risks underwritten by insurance companies and which is subject to supervision by the insurance commissioner or a similar official or agency of a state.
Copy link"International banking institution" means an international financial institution of which the United States is a member and whose securities are exempt from registration under the Securities Act of 1933.
Copy link"Investment adviser" means a person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. The term includes a financial planner or other person that, as an integral component of other financially related services, provides investment advice to others for compensation as part of a business or that holds itself out as providing investment advice to others for compensation. The term does not include:
Copy linka lawyer, accountant, engineer, or teacher whose performance of investment advice is solely incidental to the practice of the person's profession;
Copy linka broker-dealer or its agents whose performance of investment advice is solely incidental to the conduct of business as a broker-dealer and that does not receive special compensation for the investment advice;
Copy linka publisher of a bona fide newspaper, news magazine, or business or financial publication of general and regular circulation;
Copy linkany other person that is excluded by the Investment Advisers Act of 1940 from the definition of investment adviser;
Copy linka person whose advice, analyses or reports relate only to securities exempted under RSA 421-B:2-201(1);
Copy linka person who has no place of business in this state if the person's only clients in this state are other investment advisers, federal covered advisers, broker-dealers, banks, trust companies, insurance companies, investment companies as defined under the Investment Company Act of 1940, pension or profit-sharing trusts, small business investment companies as defined under the Small Business Investment Act of 1958, or other financial institution or institutional buyer, whether acting for itself or in a fiduciary capacity;
Copy linka person who transacts business in the field of insurance, provided such business is solely and exclusively in the field of insurance;
Copy linka real estate broker, with regards to his or her real estate investment advice, who does not promote or sell any interest in any limited partnership;
Copy linka person who has no place of business in this state and who, during the preceding 12-month period, has not had more than 5 clients, other than those listed in subsection (26)(I), who are residents of this state; and
Copy link"Investment adviser representative" means an individual employed by or associated with an investment adviser or federal covered investment adviser and who makes any recommendations or otherwise gives investment advice regarding securities, manages accounts or portfolios of clients, determines which recommendation or advice regarding securities should be given, provides investment advice or holds herself or himself out as providing investment advice, receives compensation to solicit, offer, or negotiate for the sale of or for selling investment advice, or supervises employees who perform any of the foregoing. The term does not include an individual who:
Copy linkis an agent whose performance of investment advice is solely incidental to the individual acting as an agent and who does not receive special compensation for investment advisory services;
Copy linkis employed by or associated with a federal covered investment adviser, unless the individual has a "place of business" in this state as that term is defined by rule adopted under section 203A of the Investment Advisers Act of 1940, 15 U.S.C. section 80b-3a, and is
Copy linkan "investment adviser representative" as defined by rule adopted under the Investment Advisers Act of 1940, 15 U.S.C. section 80b-3a; or
Copy linknot a "supervised person" as defined in the Investment Advisers Act of 1940, 15 U.S.C. section 80b-2(a)(25); or
Copy link"Investment advisory contract" means any contract or agreement whereby a person agrees to act as an investment adviser or to manage any investment or trading account for a person other than an investment adviser as defined in subsection (26). (29)(A) "Investment contract" means either:
Copy linkAn investment in a common enterprise with the expectation of profits to be derived primarily from the efforts of the promoter or some third party; or
Copy linkan investment by which an offeree furnishes initial value to an offeror, and a portion of this value is subject to the risks of the enterprise, and the furnishing of the initial value is induced by the offeror's promises or representations which give rise to a reasonable understanding that a material valuable benefit of some kind over and above the initial value will accrue to the offeree as a result of the operation of the enterprise, and the offeree does not receive the right to exercise practical and actual control over the management of the enterprise.
Copy linkNotwithstanding subsection (29)(A), a business that pre-sells its products or services to consumers for future use or consumption is not offering an investment contract. However, a business that pre-sells its products or services to purchasers who are primarily motivated by an investment purpose, rather than future use or consumption, would be offering an investment contract.
Copy linkThe investment may take the form of money actually paid to; securities or other real or personal property actually delivered to; the right to use such securities and other property granted to; or services actually performed for, the common enterprise or some other entity designated by the promoter or common enterprise to receive the investment.
Copy link"Profits" shall include the promise to pay money, deliver securities, or deliver in-kind goods;
Copy linkThe third party providing the efforts may or may not be an affiliate or associated with the promoter or the common enterprise. Such efforts are those day-to-day management efforts which affect the success or failure of the enterprise, and do not include physical or mechanical efforts or extraordinary efforts such as the removal of the management of the common enterprise.
Copy link"Benefits" shall mean any bargained-for benefit to the investor or to a person designated by the investor; or any bargained-for legal detriment to the common enterprise, the promoter, or some entity identified by the investor.
Copy linkThe following interests are securities if they meet either of the 2 tests for investment contracts, whether or not they are also covered by any other part of the definition of a security:
Copy linkGeneral partnership interest whether in a general partnership, a joint venture, a limited partnership, a limited liability partnership, or a limited liability limited partnership.
Copy linkAny other metal that the secretary of state may specify by an order showing that the other metal is being purchased and sold by the public as an investment.
Copy link"Investment gem" means any gem that the secretary of state may specify by an order showing that the gem is being purchased and sold by the public as an investment.
Copy linkA sale of an investment metal or investment gem in which the seller or an affiliate of the seller retains physical possession of the investment metal or investment gem;
Copy linkA contract of purchase or sale which provides for the future delivery of an investment metal or investment gem, or any option to purchase or option to sell such a contract; or
Copy linkA sale of an investment metal or investment gem pursuant to a contract known to the trade as a margin account, margin contract, leverage account, or leverage contract provided, however, that, for the purposes of this subsection (32), the term "leverage contract" includes any contract for the purchase or sale of any investment metal or investment gem, whereby the seller, or an agent, affiliate or representative of the seller, directly or indirectly arranges, or offers to arrange, for the financing of any portion of the total amount of the purchase or sale of the investment metal or investment gem.
Copy linkThe sale of an investment metal or investment gem where the seller has reasonable grounds to believe that the investment metal or investment gem is being acquired for manufacturing, commercial or industrial purposes;
Copy linkThe sale, or contract for the future purchase or sale, of jewelry, art objects or other manufactured or crafted goods other than bullion or bulk sales of coins; or
Copy linkThe sale of an investment metal or investment gem where full payment is made to the seller and physical delivery is made to the purchaser personally, and not to an agent, within 20 days of the date of purchase provided that a purchaser may designate a bank or licensed broker-dealer, within this state only, and not within any other state, to accept physical delivery on his or her behalf if such bank or licensed broker-dealer maintains such investment metal or investment gem in safekeeping and as the specifically identifiable property of the purchaser;
Copy linkAny futures contracts traded on a commodities exchange registered under the Federal Commodity Futures Trading Commission Act of 1974.
Copy linkA commodity contract for the purchase of one or more investment metals and investment gems which requires, and under which the purchaser receives, within 7 calendar days from the payment in good funds of any portion of the purchase price, physical delivery of the quantity of the investment metals and investment gems purchased by such payment, provided that, for purposes of this paragraph, physical delivery shall be deemed to have occurred if, within that 7-day period, the quantity of investment metals and investment gems purchased by the payment is delivered, whether in specifically segregated or fungible bulk form, into the possession of a depository, other than the seller, which is either:
Copy linkA depository, the warehouse receipts of which are recognized for delivery purposes for any commodity on a contract market designated by the Commodity Futures Trading Commission;
Copy linkA storage facility licensed or regulated by the United States or any agency of the United States; or
Copy linkA depository designated by the department, and such depository, or other person which qualifies as a depository, as specified in this paragraph, issues and the purchaser receives, a certificate, document of title, confirmation or other instrument evidencing that such quantity of investment metals and investment gems has been delivered to the depository and is being and will continue to be held by the depository on the purchaser's behalf, free and clear of all liens and encumbrances, other than liens of the purchaser, tax liens, liens agreed to by the purchaser, or liens of the depository for fees and expenses, which have previously been disclosed to the purchaser.
Copy link"Issuer" means a person that issues or proposes to issue a security, subject to the following:
Copy linkThe issuer of a voting trust certificate, collateral trust certificate, certificate of deposit for a security, or share in an investment company without a board of directors or individuals performing similar functions is the person performing the acts and assuming the duties of depositor or manager pursuant to the trust or other agreement or instrument under which the security is issued.
Copy linkThe issuer of an equipment trust certificate or similar security serving the same purpose is the person by which the property is or will be used or to which the property or equipment is or will be leased or conditionally sold or that is otherwise contractually responsible for assuring payment of the certificate.
Copy linkThe issuer of a fractional undivided interest in an oil, gas, or other mineral lease or in payments out of production under a lease, right, or royalty is the owner of an interest in the lease or in payments out of production under a lease, right, or royalty, whether whole or fractional, that creates fractional interests for the purpose of sale.
Copy link"Nonissuer transaction" or "nonissuer distribution" means a transaction or distribution not directly or indirectly for the benefit of the issuer.
Copy link"Offer to purchase" includes an attempt or offer to obtain, or solicitation of an offer to sell, a security or interest in a security for value. The term does not include a tender offer that is subject to section 14(d) the Securities Exchange Act of 1934, 15 U.S.C. section 78n(d). (35-a) "Open blockchain token" means a digital unit which is:
Copy linkIn response to the verification or collection of a specified number of transactions relating to a digital ledger or database;
Copy linkBy deploying computer code to a blockchain network that allows for the creation of digital tokens or other units; or
Copy linkUsing any combination of the methods specified in subparagraphs (i) and (ii) of this paragraph;
Copy linkRecorded in a digital ledger or database which is chronological, consensus-based, decentralized and mathematically verified in nature, especially relating to the supply of units and their distribution; and
Copy linkCapable of being traded or transferred between persons without an intermediary or custodian of value.
Copy link"Open end mutual fund" means an open end management company as defined in the Investment Company Act of 1940.
Copy link"Other investment company" means a closed end management company, face amount certificate company, or unit investment trust as such terms are defined in the Investment Company Act of 1940.
Copy link"Person" means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity.
Copy link"Petition" means a written request for action by the secretary of state including a staff petition for relief and any petition for rehearing pursuant to RSA 541.
Copy link"Place of business" of a broker-dealer, an investment adviser, or a federal covered investment adviser means:
Copy linkan office at which the broker-dealer, investment adviser, or federal covered investment adviser regularly provides brokerage or investment advice or solicits, meets with, or otherwise communicates with customers or clients; or
Copy linkany other location that is held out to the general public as a location at which the broker-dealer, investment adviser, or federal covered investment adviser provides brokerage or investment advice or solicits, meets with, or otherwise communicates with customers or clients.
Copy link"Presiding officer" means a person to whom the secretary of state has delegated the authority to preside over some or all of an administrative hearing.
Copy link"Price amendment" means the amendment to a registration statement filed under the Securities Act of 1933 or, if an amendment is not filed, the prospectus or prospectus supplement filed under the Securities Act of 1933 that includes a statement of the offering price, underwriting and selling discounts or commissions, amount of proceeds, conversion rates, call prices, and other matters dependent upon the offering price.
Copy link"Principal place of business" of a broker-dealer or an investment adviser means the executive office of the broker-dealer or investment adviser from which the officers, partners, or managers of the broker-dealer or investment adviser direct, control, and coordinate the activities of the broker-dealer or investment adviser.
Copy link"Purchasing for investment" means a purchase made for investment and not for the purpose of resale. In determining whether securities have been purchased for investment, the length of the period for which the securities are held shall be one of the factors considered. Securities held for one year after their purchase shall be conclusively deemed to have been purchased for investment.
Copy link"Record," except in the phrases "of record," "official record," and "public record," means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
Copy link"Revocation" means the recall and cancellation of a license, registration or privilege for either a definite or indefinite period of time.
Copy link"Sale" includes every contract of sale, contract to sell, or disposition of, a security or interest in a security for value, and "offer to sell" includes every attempt or offer to dispose of, or solicitation of an offer to purchase, a security or interest in a security for value. Both terms include:
Copy linka security given or delivered with, or as a bonus on account of, a purchase of securities or any other thing constituting part of the subject of the purchase and having been offered and sold for value;
Copy linka sale or offer of a warrant or right to purchase or subscribe to another security of the same or another issuer and a sale or offer of a security that gives the holder a present or future right or privilege to convert the security into another security of the same or another issuer, including an offer of the other security.
Copy link"Sanction" means any penalty imposed or authorized for imposition by the secretary of state, pursuant to this chapter, including license suspension or revocation, order to cease and desist or monetary penalties.
Copy link"Secretary of state" means the New Hampshire secretary of state or his or her designee.
Copy link"Securities and Exchange Commission" or "SEC" means the United States Securities and Exchange Commission. (53)(A) "Security" means a note; stock; treasury stock; security future; bond; debenture; evidence of indebtedness; certificate of interest or participation in a profit-sharing agreement; membership interest in a limited liability company; partnership interest in a limited partnership; partnership interest in a registered limited liability partnership; collateral trust certificate; preorganization certificate or subscription; transferable share; investment contract; investment metal contract or investment gem contract; voting trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas, or other mineral rights; put, call, straddle, option, or privilege on a security, certificate of deposit, or group or index of securities, including an interest therein or based on the value thereof; put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or, in general, an interest or instrument commonly known as a "security"; or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. The term:
Copy linkdoes not include an insurance or endowment policy or annuity contract under which an insurance company promises to pay money either in a lump sum or periodically for life or for some other specified time; and
Copy linkdoes not include an interest in a contributory or noncontributory pension or welfare plan subject to the Employee Retirement Income Security Act of 1974.
Copy linkNotwithstanding subsection (53)(A), a membership interest in a limited liability company or a partnership interest in a registered limited liability partnership is not a security if:
Copy linkthe limited liability company is a professional limited liability company or foreign professional limited liability company under RSA 304-D; or
Copy linkthe registered limited liability partnership or foreign registered limited liability partnership:
Copy linkis licensed, registered, certified, or otherwise authorized under the provisions of RSA 309-B, RSA 310-A, RSA 311, RSA 315, RSA 316-A, RSA 317-A, RSA 318, RSA 326-B, RSA 327, RSA 329, RSA 330-A, or RSA 332-B to render professional services, as defined in RSA 304-D:1, VI, including necessary related services, or
Copy linkis related to a registered limited liability partnership or foreign registered limited liability partnership licensed, registered, certified, or otherwise authorized under the provisions of RSA 309- B, RSA 310-A, RSA 311, RSA 315, RSA 316-A, RSA 317-A, RSA 318, RSA 326-B, RSA 327, RSA 329, RSA 330-A, or RSA 332-B to render professional services, as defined in RSA 304-D:1, VI.
Copy linkFor purposes of subsection (53)(B)(iii), a registered limited liability partnership or foreign registered limited liability partnership is related to a registered limited liability partnership or foreign registered limited liability partnership engaged in the rendering of professional services if:
Copy linksuch registered limited liability partnership or foreign registered limited liability partnership provides services related or complementary to the professional services rendered by, or provides services or facilities to, the registered limited liability partnership or foreign registered limited liability partnership engaged in the rendering of professional services; and
Copy linkAt least a majority of the partners in one partnership are partners in the other partnership;
Copy linkAt least a majority of partners in each partnership also hold interests or are members in another person, and each partnership renders services pursuant to an agreement with such other person, or
Copy linkIn connection with the issuance of a cease and desist order issued by the secretary of state, and any hearings conducted, under RSA 421-B:6-604, the secretary of state may presume that a membership interest in a limited liability company or a partnership interest in a registered limited liability partnership is a security, and the person relying on subsection (53)(B) has the burden of proving that the interest is not a security under subsection (53)(B).
Copy link"Self-regulatory organization" means a national securities exchange registered under the Securities Exchange Act of 1934, a national securities association of broker-dealers registered under the Securities Exchange Act of 1934, a clearing agency registered under the Securities Exchange Act of 1934, or the Municipal Securities Rulemaking Board established under the Securities Exchange Act of 1934.
Copy linkto attach or logically associate with the record an electronic symbol, sound, or process.
Copy linkConducts an investment advisory business solely for the purpose of soliciting, directly or indirectly, any client for, or referring any client to, an investment adviser licensed under this chapter;
Copy linkDescribes the solicitation activities to be engaged in on behalf of the investment adviser and the compensation to be received therefor;
Copy linkContains an undertaking to perform the duties under the agreement in a manner consistent with the instructions of the investment adviser and the provisions of this chapter; and
Copy linkRequires that at the time of any solicitation activities for which compensation is paid or to be paid by the investment adviser, that the client be provided with a current copy of the investment adviser's written disclosure statement that describes the solicitation arrangement.
Copy link"Staff" means the employees of the department including classified employees, contract employees, and includes students involved in paid or unpaid programs.
Copy link"State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
Copy link"Suspension" means the temporary recall or denial of any license, registration or privilege granted for a specified period of time. Such license, registration or privilege shall be reinstated and returned to the person when he or she otherwise qualifies without the necessity of a new application or fee, provided any suspended license, registration, or privilege has not expired in the interim.
Copy link"Trust company" means a trust company or family trust company that is organized under the laws of this state or any other jurisdiction and is authorized to engage in trust business in this state.
Copy link"UETA" means New Hampshire's Uniform Electronic Transactions Act RSA 294-E and the rules and regulations adopted under that chapter, as in effect on the date of this chapter, or as later amended.
Copy linkThe words "include" and "including" shall be construed as introducing a non-exhaustive list. Those words shall not be construed as restrictive. Source. 2015, 273:1, eff. Jan. 1, 2016. 2017, 172:1-4, eff. June 28, 2017. 2021, 120:1, eff. Jan. 1, 2022. 2022, 281:82, eff. Jan. 1, 2023.
Copy linkSource note
Source. 2015, 273:1, eff. Jan. 1, 2016. 2017, 172:1-4, eff. June 28, 2017. 2021, 120:1, eff. Jan. 1, 2022. 2022, 281:82, eff. Jan. 1, 2023.
Source history
- 2015, 273:1, eff. Jan. 1, 2016
- 2017, 172:1-4, eff. June 28, 2017
- 2021, 120:1, eff. Jan. 1, 2022
- 2022, 281:82, eff. Jan. 1, 2023
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2026 SB496
amend
ssociates of broker-dealers. Be it Enacted by the Senate and House of Representatives in General Court convened: 1 Securities; Uniform Securities Act; Definitions. Amend RSA 421-B:1-102, 5(B) to read as follows: (B) Notwithstanding the exclusions provided in subsection (5)(A)(ii), any location that is responsible for supervising the activities of agents of the broker dealer at one or more non-branch l
Opinions and discipline decisions mentioning this RSA
- 2018-0035, Curtis S. Ridlon v. New Hampshire Bureau of Securities Regulation Supreme Court opinion · July 24, 2019