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TexLaw
TexLaw, Attorney
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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I realize that according to the United States SEC the author

Resolved Question:

I realize that according to the United States SEC the author of an investment newsletter does not need to register as an investment adviser with the SEC. My question is: Does Texas state law nullify this? Am I as a Texas resident allowed to do what the national law says? I called the TEXAS SEC and they did not give me a very straightforward answer as to whether I could have an online newsletter offering investment advice to the public as long as I do not make specific investment recommendations based on an individual's situation. Your response is greatly greatly appreciated.
Submitted: 2 years ago.
Category: Legal
Expert:  TexLaw replied 2 years ago.
Thank you for your question.

Texas law does not require registration for author's of investment newsletters as long as they are not making specific recommendations to individuals.

The Texas Secretary of State will not tell you this because they are not allowed to provide you with "legal advice".

-ZDN
Customer: replied 2 years ago.

The Texas SEC is the securities and exchange commission, not the secretary of state.

Expert:  TexLaw replied 2 years ago.
You must be referring to the Texas division of the Federal SEC. You need to speak to the Texas State Securities Board.

However, the Texas Securities Act does not require registration if you are simply writing a newsletter which does not make a specific stock recommendation to a specific client in exchange for payment.

-ZDN
TexLaw, Attorney
Category: Legal
Satisfied Customers: 4268
Experience: Lead trial/International commercial attorney licensed 11 yrs
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TexLaw
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Lead trial/International commercial attorney licensed 11 yrs