The Michigan Uniform Securities Act (MUSA), 2008 PA 551, provides for the regulation of all aspects of the securities industry under state authority. The Securities Section, of the Licensing Division, oversees the registration of individuals and entities that provide investment-related advice to Michigan residents, the Audit and Examination Division oversees the registration and exemption of products, and the Enforcement Division investigates complaints related to securities.
Securities sold in Michigan must be registered, or exempted from registration, under the MUSA. All persons or businesses that offer or sell securities in this state or advise (for a fee) on what securities should be bought or sold must be registered, or exempted from registration, under the MUSA.
The Corporations, Securities & Commercial Licensing Bureau is committed to educating and protecting Michigan investors and consumers while fostering efficient capital formation in Michigan. The Bureau works closely and cooperatively with federal and state securities agencies, the North American Securities Administrators Association (NASAA), and self-regulatory organizations (SROs).