The Uniform Securities Act is a federal law that provides a blueprint for state-level regulations to standardize the buying and selling of securities and prevent fraudulent activity across state lines. The 1956 version is considered a milestone, while later versions have had limited success.
The Uniform Securities Act is an act that is part of the law of the United States of America. Essentially, this federal law serves as a blueprint or starting point for state-level regulations that aim to standardize the buying and selling of securities. The goal of the Uniform Securities Act is to create an environment in which it is possible to identify and deal with fraudulent activity across state lines.
There have been various incarnations of the Uniform Securities Act. The first attempt to establish such a standard was in 1930. At that time, the Uniform Sales of Securities Act was adopted, which included components that could be easily adopted by states and with the support of the federal government. However, this act met with limited success. By 1943, the founding entity, the National Conference of Commissioners on Uniform State Laws, decided to remove the act from the list of active uniform acts.
A second attempt to present a viable option came in the form of the Uniform Securities Act of 1956. Regarded as more comprehensive and therefore a better basis to work from, this version of the law was able to garner substantial support from many of the states around the nation. The Uniform Securities Act of 1956 is still considered by many to be a milestone in helping to establish uniform state laws dealing with securities and other investments.
Amended versions of the Uniform Securities Act have appeared in later years, but have met with minimal success. In 1985, a new incarnation of the act appeared, but it did not seem to have enough improvements to attract much attention. The 1985 law was changed in 1988, but it was not yet considered an improvement over the 1956 document. The most recent attempt at a new version was in 2002. To date, none of the documents prepared since the Uniform Law of Securities of 1956 has received great enthusiasm from most states within the Union.
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