Section 3 AAC 08.915 - Rescission of illicit sales(a) In dealing with a sale of securities that violates AS 45.55 or this chapter, the administrator will, in the administrator's discretion, impose a reduced sanction or penalty or decline to pursue civil enforcement against an issuer or person acting on behalf of the issuer if the issuer provides (1) appropriate current disclosures and an offer of rescission to each investor under AS 45.55.930(k), 45.55.900(b)(19), and 3 AAC 08.910(9) within a reasonable time after discovery of the violation and seeks an appropriate amendment to any registration or exemption; and(2) the administrator with the full details of the transaction, demonstrates that the seller sold the security in good faith, and proves that there was no intent to violate 45.55 or this chapter.(b) A rescission payment under this section must be made without condition, and the person offering the rescission must have the financial capacity to pay.(c) If the rescission creates additional risks or obligations for purchasers who do not accept rescission under (a) of this section, those risks and obligations must be disclosed.(d) This section does not relieve an issuer or person acting on behalf of an issuer from compliance with or liability under other federal or state law.Eff. 4/19/2000, Register 154; am 11/26/2016, Register 220, January 2017Authority:AS 45.55.900
AS 45.55.920
AS 45.55.930
AS 45.55.950