The provisions of the Uniform Securities Act are enforced by state securities regulators. These regulators are responsible for overseeing securities transactions within their respective states, ensuring compliance with securities laws, and protecting investors from fraud and unethical practices in the securities industry.
State securities regulators have the authority to investigate violations, impose penalties, and ensure that both professionals in the financial industry, like broker-dealers and investment advisers, as well as the practices of any securities offerings, adhere to the regulatory framework established by the Uniform Securities Act. This is crucial in maintaining the integrity of the financial markets at the state level.
Federal agencies, such as the Securities and Exchange Commission (SEC), typically oversee broader enforcement at the federal level, but it is the state regulators who specifically enforce the provisions of the state laws set forth in the Uniform Securities Act. Therefore, the emphasis on state-level enforcement underscores the decentralized nature of securities regulation in the United States, where both state and federal entities play distinct roles.