§ 17-4-502 — Prohibited conduct in providing investment advice

Wyoming § 17-4-502

• Jurisdiction: Wyoming
• Title 17: Corporations, Partnerships and Associations
• Ch. 4: SECURITIES
• Art. 5: FRAUD AND LIABILITIES

Text

(a) It is unlawful for a person that advises others for
compensation, either directly or indirectly or through
publications or writings, as to the value of securities or the
advisability of investing in, purchasing, or selling securities
or that, for compensation and as part of a regular business,
issues or promulgates analyses or reports relating to
securities:
(i) To employ a device, scheme, or artifice to
defraud another person; or
(ii) To engage in an act, practice, or course of
business that operates or would operate as a fraud or deceit
upon another person.
(b) A rule adopted under this act may define an act,
practice, or course of business of an investment adviser or an
investment adviser representative, other than a supervised
person of a federal covered investment adviser, as fraudulent,
deceptive, or manipulative, and prescribe means reasonably
designed to prevent investment advisers and investment adviser
representatives, other than supervised persons of a federal
covered investment adviser, from engaging in acts, practices,
and courses of business defined as fraudulent, deceptive, or
manipulative.
(c) A rule adopted under this act may specify the contents
of an investment advisory contract entered into, extended, or
renewed by an investment adviser.