(a) An
issuer, broker-dealer, state investment adviser, federal covered adviser,
agent, or investment adviser representative registered or required to be
registered under AS 45.55 who distributes, through communications made on the
internet, information on available products and services that are subject to AS
45.55 does not transact or conduct business in this state for purposes of
AS
45.55.030(a), (c), or (e),
regardless of whether those communications are directed generally to persons
having access to the internet, transmitted through postings on electronic
bulletin boards, or displayed on home pages, on websites, or by similar
methods, if
(1) the internet communication
contains a legend that clearly states that the issuer, broker-dealer, state
investment adviser, federal covered adviser, agent, or investment adviser
representative
(A) may transact business
subject to AS 45.55 in this state only upon registration or a notice filing as
required under AS 45.55, unless excluded or exempted from registration or
notice requirements; and
(B) may
not make a follow-up, individualized response to a person in this state that
involves effecting or attempting to effect a transaction in securities, or the
rendering of personalized investment advisory services for compensation, unless
the issuer, broker-dealer, state investment adviser, federal covered adviser,
agent, or investment adviser representative complies with the registration or
notice requirements of AS 45.55, or unless an applicable exemption or exclusion
from those requirements applies;
(2) the internet communication contains a
mechanism, including technical "firewalls" or other implemented policies and
procedures, reasonably designed to ensure that before any subsequent, direct
communication with prospective customers or clients in this state, the issuer,
broker-dealer, state investment adviser, federal covered adviser, agent, or
investment adviser representative complies with the registration or notice
requirements of AS 45.55, or qualifies for an exemption or exclusion from those
requirements;
(3) the internet
communication does not effect or attempt to effect a transaction in securities
or the delivery of personalized investment advice for compensation in this
state, and is limited to the dissemination of general information on products
and services; and
(4) in the case
of an agent or investment adviser representative,
(A) the association of the agent or the
investment adviser representative with the broker-dealer, state investment
adviser, or federal covered adviser is prominently disclosed within the
internet communication;
(B) the
broker-dealer, state investment adviser, or federal covered adviser with whom
the agent or investment adviser representative is associated retains
responsibility for reviewing and approving the content of any internet
communication by an agent or investment adviser representative;
(C) the broker-dealer, state investment
adviser, or federal covered adviser with whom the agent or investment adviser
representative is associated first authorizes the distribution of information
on the particular products and services through the internet communication;
and
(D) in disseminating
information through the internet communication, the agent or investment adviser
representative acts within the scope of the authority granted by the
broker-dealer, state investment adviser, or federal covered adviser.
(b) This section does
not relieve an issuer, broker-dealer, state investment adviser, federal covered
adviser, agent, or investment adviser representative from compliance with the
applicable registration or notice requirements or antifraud or related
provisions of AS 45.55.
(c) For
purposes of this section, the internet includes the world wide web and similar
proprietary or common carrier electronic systems.
