80A.69 SECTION 502; PROHIBITED CONDUCT IN PROVIDING INVESTMENT
ADVICE.
    (a) Fraud in providing investment advice. 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:
    (1) to employ a device, scheme, or artifice to defraud another person; or
    (2) to engage in an act, practice, or course of business that operates or would operate as a
fraud or deceit upon another person.
    (b) Rules defining fraud. A rule adopted under this chapter 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) Rules specifying contents of advisory contract. A rule adopted under this chapter
may specify the contents of an investment advisory contract entered into, extended, or renewed
by an investment adviser.
History: 2006 c 196 art 1 s 29
NOTE: This section, as added by Laws 2006, chapter 196, article 1, section 29, is effective
August 1, 2007. Laws 2006, chapter 196, article 1, section 52.