451.2451 Definitions. Sec. 451. As used in this article: (a) “Intrastate offering exemption” means the exemption described in section 202a or any other exemption from federal securities regulation under 15 USC 77c(a)(11) and SEC rule 147, 17 CFR 230.147, 15 USC 77e and SEC rule 147A, 17 CFR 230.147A. (b) “Michigan investment market” means a […]
451.2453 Transaction of business as Michigan investment market; registration required. Sec. 453. Beginning May 1, 2015, a person shall not transact business in this state as a Michigan investment market unless the person is registered under this article as a Michigan investment market. History: Add. 2014, Act 355, Imd. Eff. Oct. 21, 2014 ;– Am. […]
451.2455 Michigan investment market; registration requirements. Sec. 455. (1) A person shall register as a Michigan investment market by filing a written application, filing a consent to service of process that complies with section 611, and paying the fee specified in section 457. Subject to section 461, if a person complies with this article and […]
451.2457 Filing fees. Sec. 457. (1) A person shall pay a fee of $500.00 when initially filing an application for registration as a Michigan investment market and a fee of $250.00 when filing a renewal of registration as a Michigan investment market. (2) If an initial or renewal registration application is denied or withdrawn, the […]
451.2459 Records; examination or inspection; report. Sec. 459. (1) A Michigan investment market that is registered or is required to register under this article must make a written or electronic record of each transaction conducted between users through the Michigan investment market, maintain that record for at least 7 years after the date of the […]
451.2461 Registration application; notice of filing; duties of administrator; factors to be considered; order; sanctions; discipline; proceeding. Sec. 461. (1) When the administrator receives an application for registration as a Michigan investment market, the administrator shall publish notice of the filing on a website managed by the administrator, where interested persons are provided an opportunity […]
451.2463 Servicing; requirements. Sec. 463. (1) A Michigan investment market may not service a business if the business has already utilized the services of a portal, market, or exchange that facilitates a secondary market for intrastate securities, rather than facilitates securities transactions for original purchasers of the business’s intrastate securities of those purchasers’ own securities. […]
451.2465 Prohibited conduct. Sec. 465. (1) A Michigan investment market shall not do any of the following: (a) Sell or otherwise distribute to any third party personal identifying information of an individual without his or her written consent. (b) In confirming whether an individual is a resident of this state or meets any other requirement […]
451.2467 Individual shown to be out-of-state resident; prima facie evidence of residency. Sec. 467. (1) An individual’s participation in a Michigan investment market in this state is considered a representation that he or she is a resident of this state. If it is subsequently shown that an individual was not a resident of this state […]
451.2469 Rules; compliance with state or federal statute, rule, or regulation. Sec. 469. (1) The department may promulgate any rules that the administrator considers necessary to administer this article if those rules are consistent with the provisions of this act. (2) Nothing in this article exempts any person to which this article is subject from […]
