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|
|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|
1. Minutes of November 14, 2017, Board Meeting; consider excused absences, if any.
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.
|Datestamp:||05/04/2018 01:56 PM|