What legislation governs the regulation of the financial services industry?

In the state of Massachusetts, there are several pieces of legislation that govern the financial services industry. The primary piece of legislation is the Massachusetts Uniform Securities Act. It is responsible for regulating the sale and purchase of securities (stocks, bonds, etc.) in the state. Additionally, it regulates the activities of brokers, dealers, investment advisors, and other professionals in the financial services industry. The Massachusetts Uniform Securities Act is implemented and enforced by the Securities Division of the Massachusetts Office of the Secretary of State. This division reviews applications, reviews statements and reports, and inspects firms and persons in the industry to ensure compliance with the law. Another important piece of legislation that governs the financial services industry in Massachusetts is the Massachusetts Securities Fraud Act. This Act is responsible for criminalizing certain activities related to securities fraud. This includes insider trading, false or misleading statements, and the sale of unregistered securities, among other things. Finally, the Massachusetts Uniform Commercial Code (UCC) governs certain types of financial services transactions. The UCC spells out the consumer protections related to loan contracts, consumer leases, and other transactions involving the loan of money or goods. When taken together, these pieces of legislation create a comprehensive regulatory framework to ensure that businesses and consumers in the financial services industry are treated fairly and with proper protection.

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What legislation governs the regulation of the financial services industry?

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