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Open Meeting Archive

Agency Name:State Securities Board
Date of Meeting:02/22/2024
Time of Meeting:10:00 AM
Board:State Securities Board
Street Location:208 E. 10th St., Room 320
City Location:Austin
State Location:TX
Status:Active
Date of Submission:02/08/2024
Additional Information Obtained From:Travis J. Iles, Securities Commissioner 208 E. 10th Street, 5th Floor Austin, Texas (512) 305-8301
Emergency Mtg:Y
If Emergency Meeting, Reason:No
Agenda:1. Minutes of September 21, 2023, Board Meeting; consider absences.

2. Annual selection of Audit Committee members.

3. Rule review - Readoptions.

A. Pursuant to the notice published September 1, 2023:
1. Chapter 109. Transactions Exempt from Registration.
2. Chapter 111. Securities Exempt from Registration.
3. Chapter 139. Exemptions by Rule or Order.

B. Pursuant to the notice published December 15, 2023:
4. Chapter 133. Forms.

4. Rulemaking - Consideration of published rule proposals for adoption.

A. Implementation of SB 422 relating to military applicants:
1. Amending 115.18(b), (d), (e), and (h), concerning special provisions relating to military applicants, to implement changes to Chapter 55 of the Occupations Code; make nonsubstantive changes to update and conform references and terminology; update citations to reference the codified Texas Securities Act; and add subsection (i) to state the purpose of the section.
2. Amending 116.18(b), (d), (e), and (h), concerning special provisions relating to military applicants, to implement changes to Chapter 55 of the Occupations Code; make nonsubstantive changes to update and conform references and terminology; update citations to reference the codified Texas Securities Act; and add subsection (i) to state the purpose of the section.
3. New Form 133.22, Waiver or Refund Request by a Military Service Member or Military Spouse for a Renewal Fee, and new Form 133.23, Request for Recognition of Out-Of-State License or Registration Pursuant to Occupations Code 55.0041.
4. Repeal of Form 133.22, Waiver or Refund Request by a Military Spouse for a Renewal Fee, and Form 133.23, Request for Recognition of Out-Of-State License or Registration by a Military Spouse.

B. Nonsubstantive amendments in connection with rule review. The rule changes below generally involve updating citations to reference the codified Texas Securities Act and/or edits to improve accuracy, consistency, and readability. Other changes specific to a rule are described below:
1. Chapter 106. Guidelines for the Assessment of Administrative Fines.
Amending 106.1, concerning guidelines for the assessment of administrative fines.
2. Chapter 107. Terminology.
Amending 107.1, concerning general.
Amending 107.2, concerning definitions, to relocate provisions within the rule, remove obsolete terminology and conform to current terminology, and add new definitions for 'NASAA' and 'CFR.'
3. Chapter 113. Registration of Securities.
Repealing 113.1, concerning qualification of securities.
Adding new 113.1, concerning definitions.
Amending 113.2, registration by coordination, to rename the section and incorporate the qualification of securities provisions from 113.1, which is being proposed for repeal.
Amending 113.3(1), concerning fair, just, and equitable standards.
Amending 113.4(d)(2) and (e), application for registration, to provide alternative means for notification of abandonment of an application.
Amending 113.5(a) and (c), concerning financial statements.
Amending 113.6, concerning renewal update.
Amending 113.8, concerning notification of status in other states.
Amending 113.9, concerning securities underlying transferable warrants and employee stock options.
Amending 113.11(a)(1) and (b)(1), concerning shelf registration of securities.
Amending 113.12, concerning applicability of statements of policy to exempt offerings.
Amending 113.13(a)-(c) and (e), concerning multijurisdictional disclosure system-MJDS offerings, to remove references to an obsolete federal form.
Amending 113.14(a) and (c), concerning statements of policy.
4. Chapter 114. Federal Covered Securities.
Amending 114.1(b), concerning introduction, to add a newly defined term appearing in 114.2.
Amending 114.2(1) and (4), concerning definitions, to add a new term 'Exemptions Sections' and remove definitions that duplicate those already appearing in 107.2.
Amending 114.4(a)-(b), (d), and (f), concerning filings and fees, to remove duplicate definitions; and replace quotations of statutory language concerning fees with references to the appropriate statutory provision.
5. Chapter 123. Administrative Guidelines for Registration of Open-End Investment Companies.
Amending 123.3(a)-(e), and (g)-(i), concerning conditional exemption for money market funds.
6. Chapter 127. Miscellaneous.
Amending 127.1, concerning enforcement, to remove quotations of statutory language that has changed.
Amending 127.3, concerning seal of the state.
Amending 127.4(a)-(b), concerning prosecutorial assistance to county or district attorneys.
7. Chapter 131. Guidelines for Confidentiality of Information.
Amending 131.1(a), concerning information sharing.
8. Chapter 135. Industrial Development Corporations and Authorities.
Amending 135.1, concerning exemption.
9. Chapter 137. Administrative Guidelines for Regulation of Offers.
Amending 137.1, concerning application.
Amending 137.2, concerning filing requirements, to fix an incorrect reference.
Amending 137.3, concerning preliminary prospectus.
Amending 137.6(a) and (e), concerning standards for supplemental advertising, to update terminology.

5. Rulemaking - Consideration of rule proposal for publication and comment.

A. Nonsubstantive amendments in connection with rule review. The rule changes below generally involve updating citations to reference the codified Texas Securities Act and/or edits to improve accuracy, consistency, and readability. Other changes specific to a rule are described below:
Chapter 109. Transactions Exempt from Registration.
Amending 109.1, concerning transactions involving existing security holders, to conform to current terminology.
Amending 109.2, concerning parent subsidiary transactions.
Amending 109.3, concerning financial institutions under the Texas Securities Act, 5.H, to rename the section.
Amending 109.4, concerning securities registration exemption for sales to financial institutions and certain institutional investors.
Amending 109.5, concerning dealer registration exemption for sales to financial institutions and certain institutional investors.
Amending 109.6, concerning investment adviser registration exemption for investment advice to financial institutions and certain institutional investors.
Amending 109.7, concerning secondary trading exemption under the Texas Securities Act, 5.O, to rename the section and to adjust quotation in (b) to be consistent with the codified Act.
Amending 109.8, concerning initial offering completed, to adjust quotations to be consistent with the codified Act.
Amending 109.11(d), concerning guarantee of options, to update terminology.
Amending 109.13, concerning limited offering exemptions, to add new defined terms to subsection (a) to be used in this section and reorganize subsection (a) into multiple paragraphs to incorporate the added defined terms; to adjust the quotation in (e) to be consistent with the codified Act; to rename (f),(g), and (h); to conform to current terminology in (f)(1) and (l)(3); to amend subsection (l) to add 'of this subsection' to paragraphs (3),(4), and (5) of that subsection; and to correct and conform cross references in paragraphs (1) and (6) of subsection (l) to the proposed changes to subsection (a) in this section.
Amending 109.14, concerning oil, gas, and other mineral interests.
Amending 109.17, concerning banks under the Securities Act, 5.L, to rename the section and to adjust quotations to be consistent with the codified Act.

6. Report on budget and performance.

7. Update on Agency operations.

8. Legislative update.

9. Consider and possibly adopt a resolution honoring Kenny Koncaba, former member of the State Securities Board.

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:2024000806
Datestamp:02/08/2024 03:06 PM
Archive Date:02/24/2024


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