Summaries of Rules Proposed at the September 21, 2023, Board Meeting

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Notice of Proposed Rule Changes to be published in the December 15, 2023, issue of the Texas Register: 

 

Implementation of SB 422 Relating to Military Applicants:

Chapter 115. Securities Dealers and Agents.

  • Amending §115.18(b), (d), (e), and (h), concerning special provisions relating to military applicants, to implement changes to Chapter 55 of the Occupations Code; and make nonsubstantive changes to update references and conform terminology; and add subsection (i) to state the purpose of the section.

Chapter 116. Investment Advisers and Investment Adviser Representatives.

  • Amending §116.18(b), (d), (e), and (h), concerning special provisions relating to military applicants, to implement changes to Chapter 55 of the Occupations Code; and make nonsubstantive changes to update references and conform terminology; and add subsection (i) to state the purpose of the section.

Chapter 133. Forms.

  • New Form 133.22, Waiver or Refund Request by a Military Service Member or Military Spouse for a Renewal Fee, and new Form 133.23, Request for Recognition of Out-Of-State License or Registration Pursuant to Occupations Code §55.0041.

  • Repeal of Form 133.22, Waiver or Refund Request by a Military Spouse for a Renewal Fee, and Form 133.23, Request for Recognition of Out-Of-State License or Registration by a Military Spouse.

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 106. Guidelines for the Assessment of Administrative Fines.

  • Amend §106.1, concerning guidelines for the assessment of administrative fines.

Chapter 107. Terminology.

  • Amend §107.1, concerning general.

  • Amend §107.2, concerning definitions, relocate provisions within the rule, remove obsolete terminology and conform to current terminology, and add new definitions for "NASAA" and "CFR."

Chapter 113. Registration of Securities.

  • Repealing §113.1, concerning qualification of securities.

  • Adding new §113.1, concerning definitions.

  • Amend §113.2, registration by coordination, to rename the section and incorporate the qualification of securities provisions from §113.1, which is being proposed for repeal.

  • Amend §113.3(1), concerning fair, just, and equitable standards.

  • Amend §113.4(d)(2) and (e), application for registration, to provide alternative means for notification of abandonment of an application.

  • Amend §113.5(a) and (c), concerning financial statements.

  • Amend §113.6, concerning renewal update.

  • Amend §113.8, concerning notification of status in other states.

  • Amend §113.9, concerning securities underlying transferable warrants and employee stock options.

  • Amend §113.11(a)(1) and (b)(1), concerning shelf registration of securities.

  • Amend §113.12, concerning applicability of statements of policy to exempt offerings.

  • Amend §113.13(a)-(c) and (e), concerning multijurisdictional disclosure system–MJDS offerings, to remove references to an obsolete federal form.

  • Amend §113.14(a) and (c), concerning statements of policy.

Chapter 114. Federal Covered Securities.

  • Amend §114.1(b), concerning introduction, to add a newly defined term appearing in §114.2.

  • Amend §114.2(1) and (4), concerning definitions, to add a new term "Exemptions Sections" and remove definitions that duplicate those already appearing in §107.2.

  • Amend §114.4(a)-(b), (d), and (f), concerning filings and fees, to remove duplicate definitions; and replace quotations of statutory language concerning fees with references to the appropriate statutory provision.

  • Chapter 123. Administrative Guidelines for Registration of Open-End Investment Companies.

  • Amend §123.3(a)-(e), and (g)-(i), concerning conditional exemption for money market funds.

Chapter 127. Miscellaneous.

  • Amend §127.1, concerning enforcement, to remove quotations of statutory language that has changed.

  • Amend §127.3, concerning seal of the state.

  • Amend §127.4(a)-(b), concerning prosecutorial assistance to county or district attorneys.

Chapter 131. Guidelines for Confidentiality of Information.

  • Amend §131.1(a), concerning information sharing.

Chapter 135. Industrial Development Corporations.

  • Amend §135.1, concerning exemption.

Chapter 137. Administrative Guidelines for Regulation of Offers.

  • Amend §137.1, concerning application.

  • Amend §137.2, concerning filing requirements, to fix an incorrect reference.

  • Amend §137.3, concerning preliminary prospectus.

  • Amend §137.6(a) and (e), concerning standards for supplemental advertising, to update terminology.