Part 7.
STATE SECURITIES BOARD
Chapter 113.
REGISTRATION OF SECURITIES
7 TAC §§113.14, 113.15, 113.17, 113.20 - 113.23
The State Securities Board adopts amendments to §§113.14,
113.15, 113.17 and 113.20-113.23, concerning registration of securities, without
changes to the proposed text as published in the December 31, 1999, issue
of the
Texas Register
(24 TexReg 11842).
The amendments incorporate recent changes to the North American Securities
Administrators Association uniform guidelines addressing corporate securities
definitions; impoundment of proceeds; underwriting expenses, underwriter's
warrants, selling expenses, and selling security holders; and unsound financial
condition.
The amendments maintain consistency with uniform guidelines for the registration
of securities applied by other states securities regulators and, by doing
so, facilitate participation in the Coordinated Equity Review program.
No comments were received regarding adoption of the amendments.
The amendments are adopted under Texas Civil Statutes, 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 April 12, 2000.
TRD-200002610
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: May 2, 2000
Proposal publication date: December 31, 1999
For further information, please call: (512) 305-8300
Chapter 114.
FEDERAL COVERED SECURITIES