Securities

SELLING SECURITIES

Under Illinois law, all securities offered or sold in the State must be registered prior to offer or sale, unless exempt by law. In 1996, the Department revised its administrative rules to clarify that "offers" would not necessarily include Internet postings of securities--if, for example, the posting clearly explained that the securities described were only available for purchase by residents in specific states (in which the offering was registered) or clearly explained that the securities were not available for purchase by residents in states in which the offering was not registered. The National Securities Markets Improvement Act of 1996 (NSMIA), passed by Congress and signed by President Clinton, also redefined which securities required state registration. Generally, all "national offerings" listed on the major exchanges and all mutual funds, as well as securities sold to "qualified purchasers" (as defined by the SEC) are now solely with the regulatory jurisdiction of the SEC. States may continue to require notice filings and payment of fees, and state anti-fraud authority is preserved, but state registration requirements were preempted by the Act.

Registration and Licensing

• Securities (Offering) Registration
• Small Company Offering Registration (SCOR)
• Uniform Limited Offering Exemption (ULOE)
• Private Placement Exemption
• Licensing/Securities Broker-Dealers
• Licensing/Securities Salespersons
• Publications and Forms

Audit and Compliance

• Overview of Rules and Procedures

DISCLAIMER
The Secretary of State, Illinois Securities Department or their information providers shall not be liable regardless of the cause or duration, for any errors, inaccuracies, omissions or untimeliness of the information, or for any delay or interruption in the transmission thereof to the user, or for any claims or losses arising therefrom.