Part 7.
STATE SECURITIES BOARD
Chapter 115.
SECURITIES DEALERS AND AGENTS
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 December 14, 2001, issue of the
Texas Register
(26 TexReg 10197).
The amendment eliminates a reference to a form that is being concurrently
repealed and corrects a cross-reference.
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 February 14, 2002.
TRD-200200934
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: March 6, 2002
Proposal publication date: December 14, 2001
For further information, please call: (512) 305-8300
7 TAC §116.1, §116.2
The State Securities Board adopts amendments to §116.1
and §116.2, concerning investment advisers and investment adviser representatives,
without changes to the proposed text as published in the December 14, 2001,
issue of the
Texas Register
(26 TexReg 10198).
The amendments conform definitions of terms used in Chapter 116 to those
added to the Texas Securities Act by House Bill 2255, eliminate a reference
to a form that is being concurrently repealed, and correct a cross-reference.
The amendments use terminology consistently and eliminate an unnecessary
filing requirement.
A comment on the proposal was received from the Investment Company Institute.
The commenter suggested that federal covered investment advisers be excluded
from the definition of "investment adviser" in §116.1. The staff disagreed
and explained that it is a matter of interpretation, adding that the proposed
definition tracks the definition recently added to the Texas Securities Act
by the Texas Legislature. The Board adopted the rule as proposed.
The amendments are 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 February 14, 2002.
TRD-200200935
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: March 6, 2002
Proposal publication date: December 14, 2001
For further information, please call: (512) 305-8300
Chapter 116.
INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES
Chapter 133.
FORMS