17-12a204. Denial, suspension, revocation, condition or limitation of exemptions. (a) Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this act may deny, suspend application of, condition, limit, or revoke an exemption created under K.S.A. 17-12a201(3)(C), (7) or (8) or 17-12a202, and amendments thereto, or an exemption or waiver created under K.S.A. 17-12a203, and amendments thereto, with respect to a specific security, transaction, or offer. An order under this section may be issued only pursuant to the procedures in K.S.A. 17-12a306(d) or 17-12a604, and amendments thereto, and only prospectively.
(b) Knowledge of order required. A person does not violate K.S.A. 17-12a301, 17-12a303 through 17-12a306, 17-12a504 or 17-12a510, and amendments thereto, by an offer to sell, offer to purchase, sale, or purchase effected after the entry of an order issued under this section if the person did not know, and in the exercise of reasonable care could not have known, of the order.
(c) Nothing in this section shall be construed to exempt any person from the anti-fraud provisions of K.S.A. 17-12a501, and amendments thereto, nor shall any exemption contained in K.S.A. 17-12a201 through 17-12a203, and amendments thereto, be construed to provide relief from any other provision of this article if the sale of such security would violate the provisions of K.S.A. 17-12a501, and amendments thereto.
History: L. 2004, ch. 154, § 9; L. 2015, ch. 70, § 1; July 1.
Structure Kansas Statutes
Article 12a - Uniform Securities Act
17-12a,103 References to federal statutes.
17-12a,104 References to federal agencies.
17-12a,105 Electronic records and signatures.
17-12a,202 Exempt transactions.
17-12a,203 Additional exemptions and waivers.
17-12a,204 Denial, suspension, revocation, condition or limitation of exemptions.
17-12a,205 Exemption filing fees.
17-12a,301 Securities registration requirement.
17-12a,303 Securities registration by coordination.
17-12a,304 Securities registration by qualification.
17-12a,305 Securities registration filings.
17-12a,306 Denial, suspension and revocation of securities registration.
17-12a,307 Waiver and modification.
17-12a,401 Broker-dealer registration requirement and exemptions.
17-12a,402 Agent registration requirement and exemptions.
17-12a,403 Investment adviser registration requirement and exemptions.
17-12a,404 Investment adviser representative registration requirement and exemptions.
17-12a,405 Federal covered investment adviser notice filing requirement.
17-12a,407 Succession and change in registration of broker-dealer or investment adviser.
17-12a,411 Postregistration requirements.
17-12a,502 Prohibited conduct in providing investment advice.
17-12a,503 Evidentiary burden.
17-12a,504 Filing of sales and advertising literature.
17-12a,505 Misleading filings; coercion; obstruction.
17-12a,506 Misrepresentations concerning registration or exemption.
17-12a,507 Qualified immunity.
17-12a,508 Criminal penalties; statute of limitations.
17-12a,601 Administration; investor education and protection fund.
17-12a,602 Investigations and subpoenas.
17-12a,604 Administrative enforcement.
17-12a,605 Rules, forms, orders, interpretive opinions and hearings.
17-12a,606 Administrative files and opinions.
17-12a,607 Public records; confidentiality.
17-12a,608 Uniformity and cooperation with other agencies.
17-12a,611 Service of process.
17-12a,612 Severability clause.
17-12a,703 Repeals; application of act to existing proceeding and existing rights and duties.