Open Meeting Archive
| Agency Name: | State Securities Board |
| Date of Meeting: | 05/09/2024 |
| 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: | 04/25/2024 |
| 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 February 22, 2024, Board Meeting; consider absences. 2. Review and vote to approve the internal audit plan for FY2024. 3. Rule review - Readoptions. Pursuant to the notice published March 1, 2024: Chapter 115, Securities Dealers and Agents; and Chapter 116, Investment Advisers and Investment Adviser Representatives. 4. Rulemaking - Consideration of published rule proposal for adoption. 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. 5. Rulemaking - Consideration of rule proposals for publication and comment. A. Amendments in connection with recent NASAA changes to Statements of Policy and rule review. The rule changes below incorporate recent changes to NASAA Statements of Policy or were identified during rule review. 1. NASAA Statements of Policy (SOPs). Amending §113.14(b), concerning statements of policy to update the rule to reflect September 12, 2023, revisions to the NASAA SOPs for Impoundment of Proceeds; Options and Warrants; Promotional Shares; and Debt Securities. 2. Amendments concerning Federal Crowdfunding Offering Filing Requirement. Amending §114.4, concerning filings and fees, to add a new paragraph (b)(6) to specifically address federal covered securities offered pursuant to SEC Regulation Crowdfunding. Amending §133.33, concerning uniform forms accepted, required, or recommended, to add the uniform notice of federal crowdfunding form to the list of uniform forms accepted. B. Nonsubstantive amendments in connection with rule review. The rule changes below generally involve updating citations to reference the codified Texas Securities Act; updating other outdated terms, references or citations; abbreviating citations; capitalizing terms and using defined terms; and/or edits to improve accuracy, consistency, and readability. Other changes specific to a rule are described below: 1. Chapter 111. Amending §111.2, concerning listed and designated securities. 2. Chapter 133. New Form 133.7, concerning securities application, to remove a reference to a repealed form. Repeal of Form 133.7, concerning securities application. Amending §133.33, concerning uniform forms accepted, required, or recommended, to cite to codified Act and add Form U-6 to the list of uniform forms accepted. 3. Chapter 139. Amending §139.1, concerning policies. Amending §139.2, concerning professional associations. Amending §139.7, concerning sale of securities to nonresidents, to add the word "internet" to subsection (b). Amending §139.8, concerning sales to underwriters. Amending §139.9, concerning bank holding companies. Amending §139.10, concerning exchange offers. Amending §139.11, concerning transactions in United States savings bonds. Amending §139.12, concerning oil and gas auction exemption. Amending §139.13, concerning resales under SEC Rule 144 and Rule 145(d). Amending §139.14, concerning non-issuer sales. Amending §139.15, concerning credit enhancements. Amending §139.16, concerning sales to individual accredited investors, to use the updated SEC definition of "individual accredited investor" in limited use advertisement requirement found subsection (e). Amending §139.18, concerning dealer and investment adviser use of the internet to disseminate information on products and services, to remove obsolete terminology and conform to current terminology. Amending §139.19, concerning accredited investor exemption. Amending §139.20, concerning third party brokerage arrangements on financial entity premises. Amending §139.21, concerning dealer, agent, and securities exemptions for Canadian accounts. Amending §139.22, concerning exemption for investment adviser to a high net worth family entity. Amending §139.23, concerning registration exemption for investment advisers to private funds. Amending §139.24, concerning charitable organizations assisting economically disadvantaged clients with Texas Qualified Tuition Program Plans. Amending §139.26, concerning intrastate crowdfunding exemption for SEC Rule 147A offerings. Amending §139.27, concerning mergers and acquisitions dealer exemption. 6. Report on budget and performance. 7. Update on Agency operations. 8. Consider and possibly confirm designation of a new Deputy Securities Commissioner. 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: | 2024002476 |
| Datestamp: | 04/25/2024 10:39 AM |
| Archive Date: | 05/11/2024 |
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