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Open Meeting Archive

Agency Name:State Securities Board
Date of Meeting:05/24/2016
Time of Meeting:10:30 AM
Board:State Securities Board
Street Location:208 E. 10th Street, Room 320
City Location:Austin
State Location:TX
Date of Submission:05/13/2016
Additional Information Obtained From:John Morgan, Securities Commissioner, 208 E. 10th Street, 5th Floor, Austin, Texas 78701, (512) 305-8301.
Emergency Mtg:N
Agenda:1. Minutes of January 27, 2016, Board Meeting.

2. Rules.

A. Published Rule Proposals.
1. Money Market Funds. Amending 123.3(b) to align the money market fund rule to SEC Rule 2a-7 as revised by SEC Release IC-31166.
2. Implementation of New Section 44 Crowdfunding.
a. New 115.20, Texas Crowdfunding Portal Registration and Activities of Small Business Development Entities.
b. Amending 139.25(l), concerning Intrastate Crowdfunding Exemption, to implement Section 44, added to the Texas Securities Act by House Bill 1629, permitting certain small business development entities registered as Texas crowdfunding portals pursuant to new 115.20 to have a financial interest in an issuer listed on its Internet web portal.
c. New Form 133.20, Texas Crowdfunding Portal Registration by an Authorized Small Business Development Entity.

B. New Rule Proposals.
1. Crowdfunding Escrow Accounts.
a. Amending 115.19(c) and (e), concerning Texas Crowdfunding Portal Registration and Activities, to allow a registered Texas Crowdfunding Portal to establish a segregated account in lieu of an escrow account when the maximum offering amount is $100,000 or less.
b. Amending 139.25(f) and (j), concerning Intrastate Crowdfunding Exemption, to allow a segregated account to be used in lieu of an escrow account when the maximum offering amount is $100,000 or less.

C. Rule Review and Readoption
1. Pursuant to the Notice Published April 1, 2016.
a. Chapter 115. Securities Dealers and Agents.
b. Chapter 116. Investment Advisers and Investment Adviser Representatives.

3. Board Approval of Two Grants from the Investor Protection Trust for Investor Education Purposes.

4. Review and Possible Vote to Approve the Proposed Internal Audit Plan for FY 2016.

5. Crowdfunding Update.

6. Discussion of Inspection Performance Targets and Employee Turnover.

7. EFD System Update.

8. Consider and possibly adopt a resolution honoring former Board member Derrick Mitchell.

9. Report on Budget and Performance.

10. General Update on Agency Operations from Securities Commissioner and Senior Staff.

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:2016003269
Datestamp:05/13/2016 01:31 PM
Archive Date:05/26/2016

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