Regarding the adoption of ULOE
by states, a 1997 SEC report to Congress stated that "[approximately 30 states have adopted ULOE
to some extent." SEC UNIFORMITY REPORT.
Failure to comply can result in a loss of the securities registration exemption under ULOE or theoretically could be construed as "aiding and abetting" a nonregistered dealer.
D, the Uniform Act and ULOE will allow the accountant to cooperate and to coordinate with the issuer, its counsel and its investment banker to achieve a successful private placement of securities.