§ 27-1-32 - Exempted sales of dealers. - Rhode Island Statutes

SECTION 27-1-32

   § 27-1-32  Exempted sales of dealers.– The provisions of § 27-1-30 shall not apply to any purchase and sale, orsale and purchase, and the provisions of § 27-1-31 shall not apply to anysale, of an equity security of a domestic stock insurance company not then orpreviously held by a beneficial owner, director, or officer in an investmentaccount by a dealer in the ordinary course of his or her business, and incidentto the establishment or maintenance by the dealer of a primary or secondarymarket, otherwise than on an exchange referred to in 15 U.S.C. § 78l(d)for the security. The commissioner may, by any rules and regulations that thecommissioner deems necessary or appropriate in the public interest, define andprescribe terms and conditions with respect to securities held in an investmentaccount and transaction made in the ordinary course of business and incident tothe establishment or maintenance of a primary or secondary market.