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Open Meeting Archive

Agency Name:State Securities Board
Date of Meeting:05/16/2018
Time of Meeting:10:00 AM
Board:State Securities Board
Street Location:208 E. 10th Street, Room 320
City Location:AUSTIN
State Location:TX
Status:Active
Date of Submission:05/04/2018
Additional Information Obtained From:Travis J. Iles, Securities Commissioner 208 E. 10th Street Austin, TX 78701 (512) 305-8301
Emergency Mtg:N
Agenda:
1. Minutes of November 14, 2017, Board Meeting; consider excused absences, if any.

2. Rules.

A. Published Rule Proposals.

1. Crowdfunding Issuers.
a. New 139.26, concerning intrastate crowdfunding exemption for SEC Rule 147A offerings.
b. New Form 133.21, concerning crowdfunding exemption notice for SEC Rule 147A offerings using 139.26.

2. Texas Crowdfunding Portals.
a. Amending 115.19, concerning Texas crowdfunding portal registration and activities, and 115.20, concerning Texas crowdfunding portal registration and activities of small business development entities, to add SEC Rule 147A offerings as ones that may be offered and sold through the registered portal's Internet website.
b. New Form 133.15, Texas crowdfunding portal registration, and New Form 133.20, Texas crowdfunding portal registration by an authorized small business development entity, to correspond to the changes being made to 115.19 and 115.20 adding SEC Rule 147A offerings.
c. Repeal of Form 133.15, Texas crowdfunding portal registration, and Form 133.20, Texas crowdfunding portal registration by an authorized small business development entity.

3. NASAA Statements of Policy (SOPs). Amending 113.14, concerning statements of policy, to add the NASAA SOP for Use of Electronic Offering Documents and Electronic Signatures; update the rule to reflect revisions to the NASAA SOPs for Preferred Stock, Promoters' Equity Investment, Specificity in Use of Proceeds, and Unequal Voting Rights; and update the Agency's website homepage.

4. Financial Exploitation, Section 45.
a. New 115.21, System Addressing Suspected Financial Exploitation of Vulnerable Customers Pursuant to the Texas Securities Act, Section 45.
b. New 116.21, System Addressing Suspected Financial Exploitation of Vulnerable Customers Pursuant to the Texas Securities Act, Section 45.

B. New Rule Proposals.

1. Amending 109.13(k), concerning limited offering exemptions, to limit its applicability to SEC Rule 506 offerings and to remove the portions applicable solely to SEC Rule 505 offerings in light of the SEC's repeal of Rule 505.

2. Amending 113.5(c), concerning financial statements, to add the new crowdfunding rule (139.26) to the list of types of prior securities offerings that would not disqualify an issuer from being eligible to file reviewed financial statements in a later registered offering.

3. Amending 114.4(b) and (d), concerning filings and fees, to update a cross-reference and reflect that the EFD System is operational.

4. Amending 115.1, concerning general provisions, to update the definition of "crowdfunding portal," update a cross-reference to a federal statute, and to better align the restricted registration categories with the specialized knowledge examinations administered by FINRA.

5. Amending 115.3(a) and (b), concerning examination, to reflect changes in FINRA examinations and better coordinate the required examinations, especially the specialized knowledge ones, with those administered by FINRA.

6. Amending 133.33(c), concerning uniform forms accepted, required, or recommended, to update a cross-reference and form name.

3. Board action to set Section 35.A.1 fees.

4. Board preapproval of two grants and approve another grant from the Investor Protection Trust for investor education purposes.

5. Review and possible vote to approve the proposed internal audit plan for FY 2018; annual selection of Audit Committee members.

6. Report on budget and performance.

7. Update on Agency operations.


Persons with disabilities who plan to attend this meeting and require auxiliary aids or services should contact Sonia Fergerson at (512) 305-8306 at least five business days prior to the meeting so that appropriate arrangements can be made.
TRD ID:2018005109
Datestamp:05/04/2018 01:56 PM
Archive Date:05/18/2018


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