Do states regulate investment clubs?

Do states regulate investment clubs?

State securities laws may differ from federal securities laws. To learn more about the laws in your state, call your state securities regulator. To get the telephone number for your state, visit the North American Securities Administrators Association (NASAA) website.

To learn more about investment clubs or investing, visit your local library. You may want to contact the National Association of Investors Corporation (NAIC) website. This membership organization provides education for individuals and members of investment clubs.

For more information, read our publications, including: Invest Wisely: Advice From Your Securities Industry Regulators or Ask Questions.

If you have a complaint, send us your complaint by using our online complaint form. If you have a question, check our Fast Answers. You can also reach us at:

Securities and Exchange Commission
Office of Investor Education and Assistance
100 F Street, N.E.
Washington, D.C. 20549-0213

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Investment Clubs and the SEC

What is an investment club?

Are investment clubs regulated by the SEC?

When does an investment club have to register the offer and sale of its membership interests with the SEC under the Securities Act of 1933?

When does an investment club have to register with the SEC as an investment company under the Investment Company Act of 1940?

How do you know if an investment club is making a public offering?

Do securities laws apply to a person who provides advice to an investment club?

Do states regulate investment clubs?