Who is primarily responsible for ensuring compliance with the Uniform Securities Act?

The primary responsibility for ensuring compliance with the Uniform Securities Act rests with state securities regulators. These regulators are tasked with enforcing the provisions of the Act to protect investors and maintain fair and efficient markets. They have the authority to oversee the activities of broker-dealers, investment advisers, and other market participants to ensure they abide by the regulations in place. This includes conducting investigations, imposing fines, and ensuring that firms provide adequate disclosures to investors.

While individual investors are responsible for making informed decisions about their investments, and court systems may adjudicate disputes or violations of the law, neither of these entities is primarily tasked with regulatory enforcement. Financial institutions do play a role in compliance but generally do so under the oversight of the state regulators. Therefore, the role of the state securities regulators is central, as they are the designated authorities that implement and enforce the provisions outlined in the Uniform Securities Act.