Louisiana Revised Statutes 51:710.1 – The commissioner, upon notice of opportunity for hearing as provided for in R.S. 51:716, has the right to assess a civil monetary penalty against any issuer, broker-dealer, agent, in
Terms Used In Louisiana Revised Statutes 51:710.1
- Commissioner: means the commissioner of financial institutions who is also the commissioner of securities. See Louisiana Revised Statutes 51:702
- Investment adviser: means any person who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See Louisiana Revised Statutes 51:702
- Investment adviser representative: means any partner, officer, director, or a person occupying a similar status or performing similar functions, or other individual, except clerical or ministerial personnel, who is employed by or associated with an investment adviser that is registered or required to be registered under this Part, and who does any of the following:
(a) Makes any recommendations or otherwise renders advice regarding securities. See Louisiana Revised Statutes 51:702
- Issuer: means every person who issues or proposes to issue any security, except that with respect to certificates of deposit, voting-trust certificates, or collateral-trust certificates or with respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors or persons performing similar functions or in an unincorporated investment trust of the fixed, restricted management, or unit type, the term "issuer" means the person or persons performing the acts and assuming the duties of depositor or manager pursuant to the provisions of the trust or other agreement or instrument under which such securities are issued, except that:
(a) In the case of an unincorporated association which provides by its articles for limited liability of any or all of its members or in the case of a trust, committee, or other legal entity, the trustees or members thereof shall not be individually liable as issuers of any security issued by the association, trust, committee, or other legal entity. See Louisiana Revised Statutes 51:702
- Person: means an individual, a corporation, a partnership, an association, a joint-stock company, a trust where the interest of the beneficiaries is evidenced by a security, or any unincorporated organization. See Louisiana Revised Statutes 51:702
The commissioner, upon notice of opportunity for hearing as provided for in La. Rev. Stat. 51:716, has the right to assess a civil monetary penalty against any issuer, broker-dealer, agent, investment adviser or investment adviser representative, or any other person who violates this Part or any rule, regulation, or order of the commissioner, up to a maximum of five thousand dollars per violation, plus the costs of investigation and prosecution.
Acts 2006, No. 361, §1, eff. June 13, 2006; Acts 2018, No. 73, §1, eff. May 10, 2018.