| (a) Within seven days of receipt by the Agency of an
application to register securities, if the application does not contain
all required information, the Registration Division will send a written
deficiency letter to the applicant setting forth a list of items or
exhibits that have not been filed and that, pursuant to requirements
of the Texas Securities Act or Board rules, must be filed with the
Agency.
(b) Within 45 days of receipt by the Agency of all
requested items and exhibits necessary in order to analyze the offering,
the Registration Division shall review the application and shall send
a written initial comment letter setting forth deviations from the
substantive requirements of the Act or Board rules relating to the
registration of securities. This process may be repeated if the applicant
suggests that alternatives be considered, or the applicant's response
does not resolve substantive issues.
(c) Written communications between the Registration
Division and the applicant may be transmitted by facsimile, email,
U.S. mail, or other more timely means of communication.
(d) An application is complete and accepted for filing
upon receipt by the Agency of the following:
(1) all items and exhibits required to be filed with
the Agency as set forth in paragraphs (a) - (c) of this section; and
(2) complete responses to all comments raised by the
division staff pursuant to subsections (b) and (c) of this section.
(e) Within 21 days of receipt by the Agency of a complete
application, the division staff shall review the applicant's responses
to initial and subsequent comments, if any, and make a recommendation
to either grant, deny, or allow withdrawal of the application.
(f) Within 14 days of the division staff's recommendation
the application shall be reviewed by the Director (or Assistant Director)
of the Registration Division and the Deputy Commissioner and/or Securities
Commissioner. Additional comments, if any, raised at these stages
of review must be communicated to the applicant immediately.
(g) The final decision to grant, deny, or allow withdrawal
of the application must be made and communicated to the applicant
within 14 days of the latter of:
(1) the division staff's recommendation, or
(2) the receipt by the Agency of complete responses
to any additional comments raised pursuant to subsection (f) of this
section.
|
| Source Note: The provisions of this §104.4 adopted to be effective May 17, 1988, 13 TexReg 2160; amended to be effective March 14, 1999, 24 TexReg 1769; amended to be effective August 10, 2003, 28 TexReg 5991; amended to be effective October 6, 2015, 40 TexReg 6888 |
