{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/13.1-521.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/13.1-521.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/13.1-521.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/13.1-521.html"}],"law_id":346658,"edition_id":2,"section_id":346658,"structure_id":49775,"section_number":"13.1-521","catch_line":"Violations punishable by the Commission","history":"Code 1950, \u00a7 13-153; 1956, c. 428; 1987, c. 678; 1990, c. 31; 2000, c. 166; 2009, c. 566.","full_text":"A\n\nThe Commission may, by judgment entered after a hearing on 30 days’ notice to the defendant, if it is proved that the defendant has knowingly made any misrepresentation of a material fact for the purpose of inducing the Commission to take any action or to refrain from taking action, or has violated any provision of this chapter or any order, rule, or regulation of the Commission issued pursuant to this chapter, impose a civil penalty not exceeding $10,000, which shall be collectible by the process of the Commission as provided by law.\n\nB\n\nIn addition to imposing the penalty set forth in subsection A, or without imposing such penalty, the Commission may, in any such case, revoke any authority or registration issued by the Commission to or at the instance of the defendant.\n\nC\n\nEach sale of a security contrary to the provisions of this chapter shall constitute a separate violation. The Commission may in any such case under subsection A order the seller to rescind any such sale and to make restitution to the purchaser and the Commission shall consider such rescission and restitution in determining whether a penalty should be imposed on him on account of that illegal sale, and if so, the amount of such penalty.\n\nD\n\nEach investment advisory contract, transaction or activity contrary to the provisions of this chapter shall constitute a separate violation. The Commission may in any such case under subsection A order the investment advisor or investment advisor representative to rescind any such contract or transaction and to make restitution to the user of the investment advisory service and the Commission shall consider such rescission and restitution in determining whether a penalty should be imposed on him on account of that illegal contract, transaction or activity and, if so, the amount of such penalty.\n\nE\n\nThe provisions of subsections C and D of this section regarding rescission and restitution apply only to this chapter.\n\n","order_by":null,"text":{"0":{"id":1292714,"text":"The Commission may, by judgment entered after a hearing on 30 days’ notice to the defendant, if it is proved that the defendant has knowingly made any misrepresentation of a material fact for the purpose of inducing the Commission to take any action or to refrain from taking action, or has violated any provision of this chapter or any order, rule, or regulation of the Commission issued pursuant to this chapter, impose a civil penalty not exceeding $10,000, which shall be collectible by the process of the Commission as provided by law.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1292715,"text":"In addition to imposing the penalty set forth in subsection A, or without imposing such penalty, the Commission may, in any such case, revoke any authority or registration issued by the Commission to or at the instance of the defendant.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1292716,"text":"Each sale of a security contrary to the provisions of this chapter shall constitute a separate violation. The Commission may in any such case under subsection A order the seller to rescind any such sale and to make restitution to the purchaser and the Commission shall consider such rescission and restitution in determining whether a penalty should be imposed on him on account of that illegal sale, and if so, the amount of such penalty.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":1292717,"text":"Each investment advisory contract, transaction or activity contrary to the provisions of this chapter shall constitute a separate violation. The Commission may in any such case under subsection A order the investment advisor or investment advisor representative to rescind any such contract or transaction and to make restitution to the user of the investment advisory service and the Commission shall consider such rescission and restitution in determining whether a penalty should be imposed on him on account of that illegal contract, transaction or activity and, if so, the amount of such penalty.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":1292718,"text":"The provisions of subsections C and D of this section regarding rescission and restitution apply only to this chapter.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":49775,"edition_id":2,"name":"Miscellaneous","identifier":"5","label":"article","depth":3,"order_by":4,"parent_id":49770,"metadata":{"child_laws":21,"child_structures":0},"date_created":"2026-08-02 02:14:47","date_modified":"2026-08-02 12:29:07","permalink":{"id":1376879,"object_type":"structure","relational_id":49775,"identifier":"5","token":"13.1\/5\/5","url":"\/13.1\/5\/5\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49770,"edition_id":2,"name":"Securities Act","identifier":"5","label":"chapter","depth":2,"order_by":3,"parent_id":49726,"metadata":{"child_laws":40,"child_structures":6},"date_created":"2026-08-02 02:14:45","date_modified":"2026-08-02 12:29:05","permalink":{"id":1376805,"object_type":"structure","relational_id":49770,"identifier":"5","token":"13.1\/5","url":"\/13.1\/5\/","edition_id":2,"permalink":0,"preferred":1}},{"id":49726,"edition_id":2,"name":"Corporations","identifier":"13.1","label":"title","depth":1,"order_by":44,"parent_id":null,"metadata":{"child_laws":894,"child_structures":104},"date_created":"2026-08-02 02:14:01","date_modified":"2026-08-02 12:29:04","permalink":{"id":1374495,"object_type":"structure","relational_id":49726,"identifier":"13.1","token":"13.1","url":"\/13.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":346649,"structure_id":49775,"section_number":"13.1-514","catch_line":"Exemptions","url":"\/13.1-514\/","token":"13.1\/5\/5\/13.1-514","metadata":false},{"id":346647,"structure_id":49775,"section_number":"13.1-514.1","catch_line":"Exemption of certain securities by order of Commission","url":"\/13.1-514.1\/","token":"13.1\/5\/5\/13.1-514.1","metadata":false},{"id":346648,"structure_id":49775,"section_number":"13.1-514.2","catch_line":"Primacy of Virginia law to be maintained","url":"\/13.1-514.2\/","token":"13.1\/5\/5\/13.1-514.2","metadata":false},{"id":346650,"structure_id":49775,"section_number":"13.1-515","catch_line":"Advertising","url":"\/13.1-515\/","token":"13.1\/5\/5\/13.1-515","metadata":{"court_decisions":""}},{"id":346651,"structure_id":49775,"section_number":"13.1-516","catch_line":"Misleading filings","url":"\/13.1-516\/","token":"13.1\/5\/5\/13.1-516","metadata":false},{"id":346652,"structure_id":49775,"section_number":"13.1-517","catch_line":"Consent to service of process","url":"\/13.1-517\/","token":"13.1\/5\/5\/13.1-517","metadata":false},{"id":346654,"structure_id":49775,"section_number":"13.1-518","catch_line":"Investigations; confidentiality of information and documents","url":"\/13.1-518\/","token":"13.1\/5\/5\/13.1-518","metadata":false},{"id":346653,"structure_id":49775,"section_number":"13.1-518.1","catch_line":"Broker-dealers and investment advisors to file certain reports with Commission","url":"\/13.1-518.1\/","token":"13.1\/5\/5\/13.1-518.1","metadata":false},{"id":346655,"structure_id":49775,"section_number":"13.1-519","catch_line":"Injunctions","url":"\/13.1-519\/","token":"13.1\/5\/5\/13.1-519","metadata":false},{"id":346657,"structure_id":49775,"section_number":"13.1-520","catch_line":"Crimes","url":"\/13.1-520\/","token":"13.1\/5\/5\/13.1-520","metadata":false},{"id":346656,"structure_id":49775,"section_number":"13.1-520.1","catch_line":"Commission may transmit record or complaint to locality where violation occurred","url":"\/13.1-520.1\/","token":"13.1\/5\/5\/13.1-520.1","metadata":false},{"id":346658,"structure_id":49775,"section_number":"13.1-521","catch_line":"Violations punishable by the Commission","url":"\/13.1-521\/","token":"13.1\/5\/5\/13.1-521","metadata":false},{"id":346659,"structure_id":49775,"section_number":"13.1-522","catch_line":"Civil liabilities","url":"\/13.1-522\/","token":"13.1\/5\/5\/13.1-522","metadata":false},{"id":346661,"structure_id":49775,"section_number":"13.1-523","catch_line":"Rules and forms","url":"\/13.1-523\/","token":"13.1\/5\/5\/13.1-523","metadata":false},{"id":346660,"structure_id":49775,"section_number":"13.1-523.1","catch_line":"Commission authority to regulate securities and investment advisory activities","url":"\/13.1-523.1\/","token":"13.1\/5\/5\/13.1-523.1","metadata":false},{"id":346662,"structure_id":49775,"section_number":"13.1-524","catch_line":"Certain records of Commission available to public; admissibility of copies; destruction","url":"\/13.1-524\/","token":"13.1\/5\/5\/13.1-524","metadata":false},{"id":346664,"structure_id":49775,"section_number":"13.1-525","catch_line":"Official interpretations","url":"\/13.1-525\/","token":"13.1\/5\/5\/13.1-525","metadata":false},{"id":346663,"structure_id":49775,"section_number":"13.1-525.1","catch_line":"Fees to cover expense of regulation","url":"\/13.1-525.1\/","token":"13.1\/5\/5\/13.1-525.1","metadata":false},{"id":346665,"structure_id":49775,"section_number":"13.1-526","catch_line":"Transition","url":"\/13.1-526\/","token":"13.1\/5\/5\/13.1-526","metadata":{"court_decisions":{"0":{"name":"Trigon Insurance v. United States","case_number":"3:00cv365","citation":"215 F. Supp. 2d 687","date":"2002-08-09","url":"https:\/\/www.courtlistener.com\/opinion\/2503699\/trigon-insurance-v-united-states\/","abstract":" .\u202f.\u202f. 215 F.Supp.2d 687 (2002) .\u202f.\u202f. ","court_html":"District Court, E.D. Virginia"}}}},{"id":346670,"structure_id":49775,"section_number":"13.1-527","catch_line":"Short title","url":"\/13.1-527\/","token":"13.1\/5\/5\/13.1-527","metadata":false},{"id":346666,"structure_id":49775,"section_number":"13.1-527.01","catch_line":"Repealed","url":"\/13.1-527.01\/","token":"13.1\/5\/5\/13.1-527.01","metadata":false}],"previous_section":{"id":346656,"structure_id":49775,"section_number":"13.1-520.1","catch_line":"Commission may transmit record or complaint to locality where violation occurred","url":"\/13.1-520.1\/","token":"13.1\/5\/5\/13.1-520.1","metadata":false},"next_section":{"id":346659,"structure_id":49775,"section_number":"13.1-522","catch_line":"Civil liabilities","url":"\/13.1-522\/","token":"13.1\/5\/5\/13.1-522","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/13.1-521\/","history_text":"

The record of this law\u2019s original creation isn\u2019t available online. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1956, chapter 428; in 1987, chapter 678; in 1990, chapter 31; in 2000, chapter 166<\/a>; in 2009, chapter 566<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1376925,"object_type":"law","relational_id":346658,"identifier":"13.1-521","token":"13.1\/5\/5\/13.1-521","url":"\/13.1-521\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/13.1-521\/","token":"13.1\/5\/5\/13.1-521","dublin_core":{"Title":"Violations punishable by the Commission","Type":"Text","Format":"text\/html","Identifier":"\u00a7 13.1-521","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission may, by judgment<\/span> entered after a hearing<\/span> on 30 days’ notice to the defendant<\/span>, if it is proved that the defendant<\/span> has knowingly made any misrepresentation of a material<\/span> fact<\/span> for the purpose of inducing the Commission to take any action or to refrain from taking action, or has violated any provision of this chapter or any order<\/span>, rule, or regulation of the Commission issued pursuant to this chapter, impose a civil penalty<\/span> not exceeding $10,000, which shall be collectible by the process of the Commission as provided by law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In addition to imposing the penalty<\/span> set forth in subsection A, or without imposing such penalty<\/span>, the Commission may, in any such case, revoke any authority or registration issued by the Commission to or at the instance of the defendant<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Each sale of a security contrary to the provisions of this chapter shall constitute a separate violation. The Commission may in any such case under subsection A order<\/span> the seller to rescind any such sale and to make restitution<\/span> to the purchaser and the Commission shall consider such rescission and restitution<\/span> in determining whether a penalty<\/span> should be imposed on him on account of that illegal sale, and if so, the amount of such penalty<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Each investment advisory contract<\/span>, transaction or activity contrary to the provisions of this chapter shall constitute a separate violation. The Commission may in any such case under subsection A order<\/span> the investment advisor or investment advisor representative to rescind any such contract<\/span> or transaction and to make restitution<\/span> to the user of the investment advisory service and the Commission shall consider such rescission and restitution<\/span> in determining whether a penalty<\/span> should be imposed on him on account of that illegal contract<\/span>, transaction or activity and, if so, the amount of such penalty<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The provisions of subsections C and D of this section regarding rescission and restitution<\/span> apply only to this chapter. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nVIOLATIONS PUNISHABLE BY THE COMMISSION (\u00a7 13.1-521)\n\nA. The Commission may, by judgment entered after a hearing on 30 days’\nnotice to the defendant, if it is proved that the defendant has knowingly made\nany misrepresentation of a material fact for the purpose of inducing the\nCommission to take any action or to refrain from taking action, or has violated\nany provision of this chapter or any order, rule, or regulation of the\nCommission issued pursuant to this chapter, impose a civil penalty not exceeding\n$10,000, which shall be collectible by the process of the Commission as provided\nby law.\n\nB. In addition to imposing the penalty set forth in subsection A, or without\nimposing such penalty, the Commission may, in any such case, revoke any\nauthority or registration issued by the Commission to or at the instance of the\ndefendant.\n\nC. Each sale of a security contrary to the provisions of this chapter shall\nconstitute a separate violation. The Commission may in any such case under\nsubsection A order the seller to rescind any such sale and to make restitution\nto the purchaser and the Commission shall consider such rescission and\nrestitution in determining whether a penalty should be imposed on him on account\nof that illegal sale, and if so, the amount of such penalty.\n\nD. Each investment advisory contract, transaction or activity contrary to the\nprovisions of this chapter shall constitute a separate violation. The Commission\nmay in any such case under subsection A order the investment advisor or\ninvestment advisor representative to rescind any such contract or transaction\nand to make restitution to the user of the investment advisory service and the\nCommission shall consider such rescission and restitution in determining whether\na penalty should be imposed on him on account of that illegal contract,\ntransaction or activity and, if so, the amount of such penalty.\n\nE. The provisions of subsections C and D of this section regarding rescission\nand restitution apply only to this chapter.\n\nHISTORY: Code 1950, \u00a7 13-153; 1956, c. 428; 1987, c. 678; 1990, c. 31; 2000, c.\n166; 2009, c. 566.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}