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Notice of Proposed Rule Changes to be published in the July 12, 2024, issue of the Texas Register:
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.
- 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.
- 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.
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rule changes below generally involve updating citations to reference the codified Texas Securities Act; updating other outdated terms, references or citations; abbreviating citations; capitalizing terms and using defined terms; and/or edits to improve accuracy, consistency, and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:
- Chapter 111.
- Amending §111.2, concerning listed and designated securities.
- 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- New Form 133.7, concerning securities application, to remove a reference to a repealed form.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.
- 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.