Part 7.
STATE SECURITIES BOARD
Chapter 101.
GENERAL ADMINISTRATION
7 TAC §101.1
The State Securities Board adopts an amendment to §101.1,
concerning authority, without changes to the proposed text as published in
the March 22, 2002, issue of the
Texas Register
(27 TexReg 2153).
This rule separates the responsibilities of the Agency's Board and the
Securities Commissioner.
The amendment implements new §2-4 of the Texas Securities Act requiring
the Board to develop and implement policies that clearly separate the policymaking
responsibilities of the Board from the management responsibilities of the
Securities Commissioner and the employees of the Board.
No comments were received regarding adoption of the amendment.
The amendment is adopted under Texas Civil Statutes, Article
581-28-1. Section 28-1 provides the Board with the authority to adopt rules
and regulations necessary to carry out and implement the provisions of the
Texas Securities Act, including rules and regulations governing registration
statements and applications; defining terms; classifying securities, persons,
and matters within its jurisdiction; and prescribing different requirements
for different classes.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on May 23, 2002.
TRD-200203207
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: June 12, 2002
Proposal publication date: March 22, 2002
For further information, please call: (512) 305-8300
7 TAC §107.2
The State Securities Board adopts an amendment to §107.2,
concerning definitions, without changes to the proposed text as published
in the December 14, 2001, issue of the
Texas Register
(26 TexReg 10195). A corresponding amendment to §109.13, concerning
limited offering exemptions, was concurrently adopted.
The amendment places the defined terms in alphabetical order, conforms
terminology to the Texas Securities Act, eliminates duplications, and expands
a definition to include email.
The amendment provides for consistent terminology and updates a provision.
No comments were received regarding adoption of the amendment.
The amendment is adopted under Texas Civil Statutes, Article
581-28-1. Section 28-1 provides the Board with the authority to adopt rules
and regulations necessary to carry out and implement the provisions of the
Texas Securities Act, including rules and regulations governing registration
statements and applications; defining terms; classifying securities, persons,
and matters within its jurisdiction; and prescribing different requirements
for different classes.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on May 23, 2002.
TRD-200203208
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: June 12, 2002
Proposal publication date: December 14, 2001
For further information, please call: (512) 305-8300
7 TAC §109.13
The State Securities Board adopts an amendment to §109.13,
concerning limited offering exemptions without changes to the proposed text
as published in the March 22, 2002, issue of the
Texas Register
(27 TexReg 2154). This amendment coordinates with an
amendment to §107.2, which was concurrently adopted.
Definitions are relocated to the specific provisions within the section
to which they relate and coordinate with recent changes to the Texas Securities
Act, §5.I(b).
The amendment uses terminology consistently; coordinates an exemption more
closely with its federal counterpart; and defines terminology associated with
the exemption so that it can be more easily located by persons utilizing the
exemption.
No comments were received regarding adoption of the amendment.
The amendment is adopted under Texas Civil Statutes, Articles
581-28-1 and 581-5.T. Section 28-1 provides the Board with the authority to
adopt rules and regulations necessary to carry out and implement the provisions
of the Texas Securities Act, including rules and regulations governing registration
statements and applications; defining terms; classifying securities, persons,
and matters within its jurisdiction; and prescribing different requirements
for different classes. Section 5.T provides that the Board may prescribe new
exemptions by rule.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on May 23, 2002.
TRD-200203209
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: June 12, 2002
Proposal publication date: March 22, 2002
For further information, please call: (512) 305-8300
7 TAC §115.2
The State Securities Board adopts an amendment to §115.2,
concerning application requirements, without changes to the proposed text
as published in the March 22, 2002, issue of the
Texas Register
(27 TexReg 2156).
A paper filing requirement is removed in light of the recently enacted
Uniform Electronic Transactions Act and uniformity is furthered.
The amendment eliminates an unnecessary filing requirement.
No comments were received regarding adoption of the amendment.
The amendment is adopted under Texas Civil Statutes, Article
581-28-1. Section 28-1 provides the Board with the authority to adopt rules
and regulations necessary to carry out and implement the provisions of the
Texas Securities Act, including rules and regulations governing registration
statements and applications; defining terms; classifying securities, persons,
and matters within its jurisdiction; and prescribing different requirements
for different classes.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on May 23, 2002.
TRD-200203210
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: June 12, 2002
Proposal publication date: March 22, 2002
For further information, please call: (512) 305-8300
7 TAC §131.1
The State Securities Board adopts an amendment to §131.1,
concerning general provisions relating to confidential information, with a
change to the proposed text as published in the March 22, 2002, issue of the
Two sections are combined and the provisions conform to recent changes
to the Texas Securities Act, §28.
The Commissioner can share confidential information with regulatory authorities
and associations of governmental or regulatory authorities to assist in the
detection and prevention of violations of the law and further administrative,
civil, and criminal actions.
No comments were received regarding adoption of the amendment.
The amendment is adopted under Texas Civil Statutes, Articles
581-28-1 and 581-28.B. Section 28-1 provides the Board with the authority
to adopt rules and regulations necessary to carry out and implement the provisions
of the Texas Securities Act, including rules and regulations governing registration
statements and applications; defining terms; classifying securities, persons,
and matters within its jurisdiction; and prescribing different requirements
for different classes. Section 28.B provides that the Board approve governmental
and regulatory authorities and associations of governmental and regulatory
authorities to which the Commissioner may disclose confidential information
at the Commissioner's discretion.
§131.1.Information Sharing.
(a)
Pursuant to the authority given to the State Securities
Board under the Texas Securities Act, §28, the Board, recognizing the
need for cooperative law enforcement among agencies responsible for prevention,
detection, and prosecution of white collar crime, for the regulation and policing
of persons who offer and sell securities, and for the regulation of offerings
of securities, and recognizing the policies underlying §28, authorizes
the Securities Commissioner in his or her discretion to supply any confidential
information in the Commissioner's possession to any governmental or regulatory
authority or association of governmental or regulatory authorities, or any
receiver appointed under the Act, §25-1.
(b)
Disclosure for limited purposes. Disclosure of the confidential
information referred to in subsection (a) of this section will be made only
for the purpose(s) of assisting in the detection or prevention of violations
of law or to further administrative, civil, or criminal action.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on May 23, 2002.
TRD-200203211
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: June 12, 2002
Proposal publication date: March 22, 2002
For further information, please call: (512) 305-8300
7 TAC §131.2
The State Securities Board adopts the repeal of §131.2,
concerning disclosure for limited purposes, without changes to the proposed
text as published in the March 22, 2002, issue of the
Texas Register
(27 TexReg 2157). A related amendment to §131.1
was concurrently adopted.
The repeal eliminates provisions that have been moved to another rule.
A duplicate provision was eliminated.
No comments were received regarding adoption of the repeal.
The repeal is adopted under Texas Civil Statutes, Article 581-28-1.
Section 28-1 provides the Board with the authority to adopt rules and regulations
necessary to carry out and implement the provisions of the Texas Securities
Act, including rules and regulations governing registration statements and
applications; defining terms; classifying securities, persons, and matters
within its jurisdiction; and prescribing different requirements for different
classes.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on May 23, 2002.
TRD-200203212
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: June 12, 2002
Proposal publication date: March 22, 2002
For further information, please call: (512) 305-8300
Chapter 107.
TERMINOLOGY
Chapter 109.
TRANSACTIONS EXEMPT FROM REGISTRATION
Chapter 115.
SECURITIES DEALERS AND AGENTS
Chapter 131.
GUIDELINES FOR CONFIDENTIALITY OF INFORMATION
Chapter 139.
EXEMPTIONS BY RULE OR ORDER