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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.

    The order closely follows the model rule adopted by the North American Securities Administrators Association (NASAA) in 2020, which will simplify CE compliance for IARs registered across multiple states.  For IARs currently registered in South Carolina, compliance will begin on January 1, 2023.  The order also takes into consideration other CE programs mandated for IARs who are dually registered as agents of broker-dealers as well as those IARs whose professional designations are contingent on the completion of CE.  It is intended to be compatible with other continuing education programs that seek to ensure its members stay current with industry matters relevant to the services and products offered to their clients.

    Visit here for more information and frequently asked questions about the continuing education requirement. In addition, the industry resources section of the NASAA website includes FAQs and a list of other states that have adopted CE requirements.  

  • Order 22005 recognizes the OTCQX and OTCQB markets of OTC Market Group, Inc., as nationally recognized securities manuals in compliance with the S.C. Code Ann. Section 35-1-202(2) securities manual exemption.
  • Order 24002, Agent Exam Validity Extension Program (EVEP), provides an opportunity for agents to extend their NASAA qualification exams (Series 63 and 66) past the standard two years when not registered with a jurisdiction.  An individual can extend his exam credits for a period of up to five years by opting in to the NASAA Examination Validity Program, paying an annual fee, and maintaining continuing education requirements through the FINRA MQP.  An individual may also extend his product-related exams (Series 6, 7, etc.) by enrolling in the FINRA MQP.  For more information, visit the Exam Validity Extension Program section of the NASAA website.
  • Order 24004, Investment Adviser Representative Exam Validity Extension Program (IAR EVEP), provides an opportunity for IARs to maintain the validity of their examinations (Series 65 or Series 66) for a period of up to five years without being employed or associated with an investment adviser or federal covered investment adviser by electing to participate in the NASSA EVEP and maintaining their continuing education requirements.  More information about the program can be found on the Exam Validity Extension Program section of the NASSA website.