§ 7-11-403 - Provisions applicable to exemptions generally. - Rhode-island Statutes

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SECTION 7-11-403

§ 7-11-403 Provisions applicable toexemptions generally. – (a) The director may by order deny or revoke an exemption specified in §7-11-401 or 7-11-402 regarding a specific security or transaction if thedirector reasonably believes, after inquiry, that there is about to be or hasbeen a violation of this chapter and that the action is necessary orappropriate for the protection of investors. Following entry of any order, theprocedures set forth in § 7-11-710 shall be followed. No order under thissubsection may operate retroactively.

(b) In any civil, criminal, or administrative proceedingunder this chapter, the burden of proving an exemption or an exception from adefinition is upon the person claiming it.

(c) The director may by rule exempt any other class ofsecurities or transactions from §§ 7-11-301 and 7-11-404. Exemptionsare subject to restrictions and conditions imposed by rule that the directordetermines are necessary for the protection of investors.

State Codes and Statutes

Statutes > Rhode-island > Title-7 > Chapter-7-11 > 7-11-403

SECTION 7-11-403

§ 7-11-403 Provisions applicable toexemptions generally. – (a) The director may by order deny or revoke an exemption specified in §7-11-401 or 7-11-402 regarding a specific security or transaction if thedirector reasonably believes, after inquiry, that there is about to be or hasbeen a violation of this chapter and that the action is necessary orappropriate for the protection of investors. Following entry of any order, theprocedures set forth in § 7-11-710 shall be followed. No order under thissubsection may operate retroactively.

(b) In any civil, criminal, or administrative proceedingunder this chapter, the burden of proving an exemption or an exception from adefinition is upon the person claiming it.

(c) The director may by rule exempt any other class ofsecurities or transactions from §§ 7-11-301 and 7-11-404. Exemptionsare subject to restrictions and conditions imposed by rule that the directordetermines are necessary for the protection of investors.

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State Codes and Statutes

Statutes > Rhode-island > Title-7 > Chapter-7-11 > 7-11-403

SECTION 7-11-403

§ 7-11-403 Provisions applicable toexemptions generally. – (a) The director may by order deny or revoke an exemption specified in §7-11-401 or 7-11-402 regarding a specific security or transaction if thedirector reasonably believes, after inquiry, that there is about to be or hasbeen a violation of this chapter and that the action is necessary orappropriate for the protection of investors. Following entry of any order, theprocedures set forth in § 7-11-710 shall be followed. No order under thissubsection may operate retroactively.

(b) In any civil, criminal, or administrative proceedingunder this chapter, the burden of proving an exemption or an exception from adefinition is upon the person claiming it.

(c) The director may by rule exempt any other class ofsecurities or transactions from §§ 7-11-301 and 7-11-404. Exemptionsare subject to restrictions and conditions imposed by rule that the directordetermines are necessary for the protection of investors.