TITLE 7. BANKING AND SECURITIES
PART 7. STATE SECURITIES BOARD
CHAPTER 133. FORMS
7 TAC §133.8
The Texas State Securities Board proposes the repeal of §133.8, which adopts by reference a form concerning Consent to Service. The rule and Form 133.8 are being repealed because they are no longer needed due to the availability of a uniform form that serves this purpose. The uniform Form U-2, Uniform Consent to Service of Process, has long been recognized by the Board in §133.33 as accepted for filing with the Agency as an alternative to Form 133.8.
Clint Edgar, Deputy Securities Commissioner; and Emily Diaz and Shaun Yarroll, Assistant Directors, Registration Division, have determined that for the first five-year period the proposed repeal is in effect there will be no foreseeable fiscal implications for state or local government as a result of enforcing or administering the proposed repeal.
Mr. Edgar, Ms. Diaz, and Mr. Yarroll have also determined that for each year of the first five years the proposed repeal is in effect the public benefit expected as a result of adoption of the proposed repeal will that a form that is no longer needed will be eliminated. There will be no adverse economic effect on micro- or small businesses or rural communities. Since the proposed repeal will have no adverse economic effect on micro- or small businesses or rural communities, preparation of an economic impact statement and a regulatory flexibility analysis is not required. There is no anticipated economic cost to persons who are required to comply with the repeal as proposed. There is no anticipated impact on local employment.
Mr. Edgar, Ms. Diaz, and Mr. Yarroll have also determined that for the first five-year period the proposed repeal of the rule adopting the form is in effect: it does not create or eliminate a government program; it does not require the creation or elimination of existing employee positions; it does not require an increase or decrease in future legislative appropriations to this agency; it does not require an increase or decrease in fees paid to this agency; it does not increase or decrease the number of individuals subject to the rule’s applicability; and it does not positively or negatively affect the state’s economy. Additionally the proposed repeal does not create a new regulation; and it does not limit or expand an existing regulation. The proposal repeals an existing form that is no longer needed.
Comments on the proposal must be in writing and will be accepted for 30 days following publication of the proposed repeal in the Texas Register. Written comments should be submitted to Marlene K. Sparkman, General Counsel, State Securities Board, P.O. Box 13167, Austin, Texas 78711‑3167 or faxed to (512) 305‑8336. Comments may also be submitted electronically to email@example.com. In order to be considered by the Board at adoption, comments must be received no later than 30 days following publication.
The repeal is proposed under the authority of the Texas Government Code, Section 4002.151. Section 4002.151 provides the Board with the authority to adopt rules as necessary to implement the provisions of the Texas Securities Act, including rules governing registration statements, applications, notices, and reports; defining terms; classifying securities, persons, and matters within its jurisdiction; and prescribing different requirements for different classes.
The proposed repeal affects: none applicable.
§133.8.Consent to Service.
The agency certifies that legal counsel has reviewed the proposal and found it to be within the state agency's legal authority to adopt.
Filed with the Office of the Secretary of State on June 16, 2023.
Travis J. Iles
State Securities Board
Earliest possible date of adoption: July 30, 2023
For further information, please call: (512) 305-8303