It was created by the National Conference of Commissioners on Uniform State Laws (NCCUSL).
The purpose of the Uniform Securities Act is to provide model legislation that can be adopted by a state to deal with securities fraud at the state level, supplementing enforcement and regulation efforts of the U.S. Securities and Exchange Commission (SEC).
Not all investments are covered federally and not all investment dealers are registered at the federal level, so the SEC does not have authority over all securities and securities transactions.
[1] The 1930 Act met with limited success, enacted by only five jurisdictions.
[5][6] As of January 2009[update], the 2002 Act has been enacted in Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Maine, Minnesota, Missouri, Oklahoma, South Carolina, South Dakota, Vermont, Wisconsin and the US Virgin Islands.