|(a) The State Securities Board, pursuant to the Texas Securities
Act, §§5.T and 12.C, exempts Canadian dealers and agents from the
registration requirements of the Texas Securities Act, when such dealers and
agents comply with subsections (b) and (c) of this section and are conducting
a transaction in a Canadian self-directed tax advantaged retirement plan of
which the holder or contributor is a person from Canada who is present in
this state or when conducting a transaction in the Canadian securities account
of a Canadian citizen who is temporarily present in this state and with whom
the dealer or agent has a preexisting client relationship.
(b) A Canadian dealer must be a member of a self-regulatory
organization, a stock exchange in Canada, or the bureau "des services financiers"
of Quebec, and maintain provincial or territorial registration and membership
in a Canadian self-regulatory organization or stock exchange in good standing.
An agent must be registered and in good standing in the jurisdiction from
which he or she is effecting transactions into this state and maintain registration
in such jurisdiction in good standing.
(c) Any Canadian dealer or agent relying on this exemption
shall, upon written request, furnish to the Securities Commissioner any information
relative to a transaction covered by this section that the Commissioner deems
(d) The State Securities Board, pursuant to the Texas Securities
Act, §5.T, exempts from the securities registration requirements of the
Texas Securities Act, §7, the offer and sale of any securities effected
by a Canadian dealer pursuant to this section.
(e) The Texas Securities Act prohibits fraud or fraudulent
practices in connection with the sale or offer for sale of securities covered
by this exemption.