3 AAC 08.915 - Rescission of illicit sales
(a) In dealing with
a sale of securities that violates AS 45.55 or this chapter, the administrator
will, in the administrator's discretion, impose a reduced sanction or penalty
or decline to pursue civil enforcement against an issuer or person acting on
behalf of the issuer if the issuer provides
(1) appropriate current disclosures and an
offer of rescission to each investor under
AS
45.55.930(k),
45.55.900(b)(19),
and 3 AAC 08.910(9)
within a reasonable time after discovery of the violation and seeks an
appropriate amendment to any registration or exemption; and
(2) the administrator with the full details
of the transaction, demonstrates that the seller sold the security in good
faith, and proves that there was no intent to violate 45.55 or this
chapter.
(b) A
rescission payment under this section must be made without condition, and the
person offering the rescission must have the financial capacity to
pay.
(c) If the rescission creates
additional risks or obligations for purchasers who do not accept rescission
under (a) of this section, those risks and obligations must be
disclosed.
(d) This section does
not relieve an issuer or person acting on behalf of an issuer from compliance
with or liability under other federal or state law.
Notes
Authority:AS 45.55.900
AS 45.55.920
AS 45.55.930
AS 45.55.950
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.