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Pennsylvania Statutes Title 70 P.S. Securities § 1-514. Return of sales compensation

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) After giving notice and opportunity for hearing, the department, where it has determined that a person who represented an issuer in effecting transactions in securities in this Commonwealth while in willful violation of section 301(a)  1 and received compensation in connection with these transactions, may issue an order, accompanied by written findings of fact and conclusions of law, which requires the person to return to purchasers of securities in this Commonwealth, in cash, the amount of compensation received for effecting those securities transactions.

(b) No order shall be issued under this section if the transactions in securities meet any of the following criteria:

(1) The transactions involved securities which were the subject of an effective registration statement filed with the United States Securities and Exchange Commission under section 5 of the Securities Act of 1933 (48 Stat. 74, 15 U.S.C. § 77a et seq.).

(2) The transactions involved securities which are exempted securities under section 3(a) of the Securities Act of 1933 except section 3(a)(4) and (11).

(3) The transactions are exempt from registration under section 5 of the Securities Act of 1933 pursuant to section 4 thereof except a transaction for which the issuer is relying on any rule or regulation promulgated by the United States Securities and Exchange Commission under section 4(2) of the Securities Act of 1933.

(c) The department may issue more than one order under this section against the same person involving the same security.

(d) An order issued under this section shall not be deemed conclusive as to the total number of purchasers in this Commonwealth of any particular security or the total dollar amount of sales compensation received by a person for transactions effected in a particular security with purchasers in this Commonwealth for which liability may be imposed under subsection (a).

1 70 P.S. § 1-301.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 70 P.S. Securities § 1-514. Return of sales compensation - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-70-ps-securities/pa-st-sect-70-1-514/

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