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Office of the Kansas Securities Commissioner

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Office of the Kansas Securities Commissioner is a division of the Kansas Insurance Department. The mission of the Office of the Kansas Securities Commissioner (KSC) is to protect and inform Kansas investors, to promote integrity and full disclosure by issuers and securities professionals, to investigate and prosecute fraud and to foster capital formation.

The Securities Commissioner administers the Kansas Uniform Securities Act, the Uniform Land Sales Practices Act, and the Loan Brokers Act. The Commissioner enforces these laws through administrative, civil and criminal proceedings.

History

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In 1911, Kansas became the first state to pass a law regulating the sale of investments.[1] Lawmakers stated that the law was an attempt to prevent the sale of securities which had nothing behind them other than the "blue sky".[2] In the next few years, over 30 states passed similar laws.

Following the great stock market crash of 1929, the federal government began to regulate investment activity with the passage of the Securities Act of 1933 and the creation of the U.S. Securities and Exchange Commission in 1934.[3]

In 2011, the KSC and other state securities regulators celebrated the 100th (Centennial) Anniversary of the “Blue Sky” law.

Leadership

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The Office of the Kansas Securities Commissioner is administered by the Kansas Securities Commissioner.

Kansas Securities Commissioners

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Name Term
Claude Moore 1957–1958
Champ Graham 1959–1961
Richard Pringle 1961–1968
Donald Wurth 1968
Michael Quinn 1968–1971
Charles Rooney Jr. 1971–1974
W. Boyd Evans 1974
Robert C. Couch 1974–1977
Dwight Keen 1977–1982
John Wurth 1982–1987
M. Douglas Mays 1987–1991
James W. Parrish 1991–1995
John Wine Jr. 1995–1996
David Brant 1996–2003
Chris Biggs 2003–2010
Marc Wilson 2010–2011
D. Aaron Jack 2011–2013
Joshua Ney 2013–2017
John Wine Jr. 2017–2019
Jeff Wagaman 2019–2020
Daniel Klucas 2020–present

Services offered

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The agency regulates and monitors the securities offerings and financial services within Kansas. The staff registers securities, broker-dealers and their agents, investment advisers, loan brokers and certain land subdivisions. Agency staff investigates potential violations of the laws and ensure that registered persons and entities comply with industry, legal, and accounting standards.[4]

To meet its mission, the KSC provides the following services:

“To protect and inform Kansas investors”

  • Register securities, unless exempt
  • Encourage investors to verify the licensing and registration status of salespeople and companies offering investment in Kansas
  • Investigate potential violations of state securities laws and regulations
  • Prosecute individuals who commit investment fraud
  • Provide investor education resources to the public

“To promote integrity and full disclosure by issuers and securities professionals”

  • Register broker-dealer personnel using the Central Registration Depository (CRD), a database that provides “one-stop” filing
  • Register investment advisers or financial planners that manage less than $25 million in assets through the Investment Adviser Registration Depository (IARD), an electronic filing system
  • Conduct record examinations of securities industry professionals to ensure their compliance with Kansas laws and regulations
  • Offer continuing education opportunities to help registrants understand their regulatory obligations

“To investigate and prosecute fraud”

  • Investigate investment activities originating both inside and outside of Kansas
  • Work in conjunction with investigators from other states and draw upon resources of the National White Collar Crime Center (NWCCC)
  • Prosecute theft and other felonies in conjunction with securities crimes

“To foster capital formation”

  • Register small-company securities offerings via the Small Company Offering Registration (SCOR) process

References

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  1. ^ Payne, Will (December 2, 1911). "How Kansas Drove Out a Set of Thieves". The Saturday Evening Post. p. 3.
  2. ^ Payne, Will (December 2, 1911). "How Kansas Drove Out a Set of Thieves". The Saturday Evening Post. p. 4.
  3. ^ The SEC Historical Society
  4. ^ Office of the Kansas Securities Commissioner, "About Us", December 7, 2010
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