Part 7.
STATE SECURITIES BOARD
Chapter 115.
SECURITIES DEALERS AND AGENTS
7 TAC §115.2
The Texas State Securities Board proposes an amendment to §115.2,
concerning securities dealers and agents. The proposed amendment would eliminate
the requirement for filing an assumed name certificate with an application
for registration as a securities dealer.
Micheal Northcutt, Director, Registration Division, and Benette Zivley,
Director, Inspections and Compliance Division, have determined that for the
first five-year period the rule is in effect there will be no foreseeable
fiscal implications for state or local government as a result of enforcing
or administering the rule.
Mr. Northcutt and Mr. Zivley also have determined that for each year of
the first five years the rule is in effect the public benefit anticipated
as a result of enforcing the rule will be a streamlined registration process
for securities dealers. There will be no effect on micro- or small businesses.
There is no anticipated economic cost to persons who are required to comply
with the rule as proposed. There is no anticipated impact on local employment.
Comments on the proposal to be considered by the Board should be submitted
in writing within 30 days after publication of the proposed section in the
Statutory authority: 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.
Cross-reference to Statute: Texas Civil Statutes, Articles 581-13 and 581-18.
Statutes and codes affected: Articles 581-13 and 581-18.
§115.2.Application Requirements.
(a)
Securities dealer application requirements. A complete
application consists of the following and must be filed in paper form with
the Securities Commissioner:
(1) - (3)
(No change.)
[(4)
assumed name certificate, if applicable.
The improper use by an applicant of an assumed name containing "incorporated,"
"corporation," "associates," "limited," or an abbreviation of one of those
words, may be grounds for denying registration of the applicant if such designation
is thereby misleading;]
(4)
[
(5)
[
(6)
[
(b) - (e)
(No change.)
This agency hereby certifies that the proposal has been reviewed
by legal counsel and found to be within the agency's legal authority to adopt.
Filed with the Office of
the Secretary of State on January 9, 2006.
TRD-200600112
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Earliest possible date of adoption: February 19, 2006
For further information, please call: (512) 305-8303
(5)
] a balance sheet prepared in
accordance with generally accepted accounting practices reflecting the financial
condition of the dealer as of a date not more than 90 days prior to the date
of such filing. The balance sheet should be prepared by independent certified
public accountants or independent public accountants, or must instead be attested
by the sworn notarized statement of the applicant's principal financial officer.
If attested by the principal financial officer of the applicant, such officer
shall certify as follows: I am the principal financial officer of (name of
dealer). The accompanying balance sheet has been prepared under my direction
and control and presents fairly its financial position on the dates indicated
to the best of my knowledge, belief, and ability. (Signature and Title).
(6)
] any other information deemed
necessary by the Securities Commissioner to determine a dealer's financial
responsibility or a dealer's or agent's business repute or qualifications;
and
(7)
] the appropriate registration
fee(s).
Chapter 116.
INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES