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Notice of Proposed Rule Changes to be published in the March 29, 2024, issue of the Texas Register:
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.
- Amend §109.1, concerning transactions involving existing security holders, to conform to current terminology.
- Amend §109.2, concerning parent subsidiary transactions.
- Amend §109.3, concerning financial institutions under the Texas Securities Act, §5.H, to rename the section.
- Amend §109.4, concerning securities registration exemption for sales to financial institutions and certain institutional investors.
- Amend §109.5, concerning dealer registration exemption for sales to financial institutions and certain institutional investors.
- Amend §109.6, concerning investment adviser registration exemption for investment advice to financial institutions and certain institutional investors.
- Amend §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.
- Amend §109.8, concerning initial offering completed, to adjust quotations to be consistent with the codified Act.
- Amend §109.11(d), concerning guarantee of options, to update terminology.
- Amend §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.
- Amend §109.14, concerning oil, gas, and other mineral interests.
- Amend §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.