Allocations of Immigrant Visas I) Compliance with Securities Laws

(i) Jurisdiction

(I) General Jurisdiction: The United States has jurisdiction over the purchase, sale, or investment advice related to any security offered by a regional center or associated party under securities laws. (II) Compliance with Regulation S: Regional centers and associated parties are allowed to offer or sell securities under Regulation S of the Securities Act of 1933 if such offerings comply with the regulation. (III) Savings Provision: This clause does not alter existing Securities and Exchange Commission rules concerning the application of section 78o(a) of title 15 to foreign brokers or dealers.

(ii) Regional Center Certifications Required

(I) Initial Certification: The Secretary of Homeland Security cannot approve a regional center designation or amendment unless the center certifies compliance with securities laws and has policies to ensure ongoing compliance. (II) Reissue: Regional centers must annually reissue certifications ensuring compliance with securities laws and maintain related records. (III) Effect of Noncompliance: If noncompliance with securities laws is discovered, the certifier must detail the noncompliant activities, actions taken to rectify them, and certify current compliance.

(iii) Oversight Required

(I) Monitoring Efforts: Regional centers must reasonably monitor compliance with securities laws regarding securities offers, purchases, sales, and investment advice. (II) Record Maintenance: Records related to securities activities must be kept for five years and provided to the Secretary or Securities and Exchange Commission upon request.

(iv) Suspension or Termination

The Secretary may suspend or terminate a regional center's designation or impose sanctions if the center or associated parties: (I) are enjoined by a court related to securities activities; (II) are subject to final orders related to securities violations; or (III) submit false certifications regarding securities compliance.

(v) Defined Term

In this subparagraph, "parties associated with a regional center" includes owners, officers, directors, managers, agents, and other relevant individuals or entities responsible for securities marketing, offering, or sale. (vi) Savings Provision:

This subparagraph does not limit the authority of the Securities and Exchange Commission or State securities regulators under federal or state securities laws.

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