Under the recommendation of Secretary Hosemann, the Mississippi Legislature and
Governor Haley Barbour adopted the Uniform Securities Act during the 2009
Legislative Session. The Mississippi Securities Act offers many benefits to
investors and makes Mississippi law state-of-the-art. The new legislation
empowers the Office of the Secretary of State, through the Securities and
Charities Division, to investigate, prosecute, and sanction individuals and
securities firms that violate securities laws, as well as significantly
increases the agency’s enforcement powers by authorizing the Office of the
Secretary of State to order restitution and disgorgement of profits. The
Mississippi Securities Act also provides for additional penalties for violations
of the laws against Mississippi’s most vulnerable citizens and provides for more
cooperation with the Office of the Attorney General to bring criminal actions
against violators. By providing for more oversight in State’s investment
industry, Secretary Hosemann hopes to provide Mississippians with more
confidence in their financial planning. The Mississippi Securities Act is
effective January 1, 2010.