Michigan regulates securities under the Michigan Uniform Securities Act (2008), enforced by the Corporations, Securities, and Commercial Licensing Bureau within the Department of Licensing and Regulatory Affairs (LARA). Michigan modernized its securities laws in 2009 by adopting the Uniform Securities Act.
Michigan allows registration by coordination, qualification, or notice filing for federal covered securities. Reg D Rule 506 offerings require Form D notice filing with LARA. Filing fee is $100, due within 15 days of first sale to a Michigan investor.
Understanding the core regulatory framework in Michigan:
Securities must be registered before offer or sale unless exempt under the Michigan Uniform Securities Act
Michigan adopted the 2002 Uniform Securities Act effective October 2009
Anti-fraud provisions apply to all securities transactions in Michigan
The Bureau has authority to investigate, subpoena records, and bring administrative and civil actions
Michigan requires registration of broker-dealers, agents, and investment advisers
Michigan provides the following exemptions from full securities registration:
Michigan imposes civil penalties up to $10,000 per violation, criminal penalties including felony charges for willful violations, investor rescission rights, and administrative sanctions. The Bureau can issue cease-and-desist orders and revoke registrations.
Michigan's automotive, manufacturing, and technology sectors generate substantial M&A activity. Transactions involving Michigan-based shareholders require compliance when stock is part of the consideration. Acquisition Stars, based in Novi, Michigan, has particular familiarity with Michigan securities compliance requirements.
Acquisition Stars handles blue sky compliance, M&A transactions, and securities offerings nationwide. Managing partner Alex Lubyansky provides direct counsel on every engagement.
Common questions about Michigan blue sky laws and securities compliance
Our managing partner provides selective securities and M&A counsel for transactions involving Michigan blue sky law compliance. Submit your transaction details for a preliminary assessment.
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