A "certificate of interest" is considered a security and is regulated by whom?

A "certificate of interest" is indeed categorized as a security, which means it falls under regulatory oversight. In this context, the primary authority responsible for regulating securities, including certificates of interest, is the State Administrator. Each state has its own securities laws, often referred to as "blue sky laws," which are enforced by the state's securities regulatory agency or administrator. This agency ensures that securities transactions are conducted fairly and that investors are provided with the necessary disclosures.

While federal authorities also regulate certain aspects of securities through the Securities and Exchange Commission (SEC), the specific regulatory framework for a certificate of interest is typically determined by state law. This is why the State Administrator plays a crucial role in overseeing these types of securities at the state level, ensuring compliance with both federal and state regulations.

Investment firms and financial advisors may be involved in advising clients or facilitating transactions related to securities, but they do not have regulatory authority over them. Their role is more about providing services rather than enforcing compliance with the laws governing securities.