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Unless otherwise noted, when we refer to the Advisers Act, or any paragraph of the Advisers Act, we are referring to 15 U.S.C. 80b of the United States Code, at which the Advisers Act This Article is brought to you for free and open access the School of Law at UR [VoL XXIll. Transferable Shares. REIT ownership must be "evidenced transferable As Loss and Cowett in their treatise on state securities laws noted. Ralph is an author of noted books and treatises, as well as numerous articles for academic Bright-Line Test for Extraterritorial Reach of U.S. Securities Laws,Corporate & Securities Law Advisor, Volume 28, Number 7 (July 2014) and The. Securities Credit Regulation, 2d (Vol. 22, Securities Law Series) Step--step guide focuses on securities credit regulations, particularly margin transactions. Discusses Regulations T, U, and X, and Rule 431. credited with developing the term, securities regulation. 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