Part 7. STATE SECURITIES BOARD
The Texas State Securities Board adopts an amendment to §107.2, concerning definitions, without changes to the proposed text as published in the November 2, 2007, issue of the Texas Register (32 TexReg 7813).
The amendment updates definitions to reference the Financial Industry Regulatory Authority (FINRA), which was created from the merger of NASD and the member regulation, enforcement, and arbitration functions of the New York Stock Exchange.
The rule accurately references a new industry regulatory organization.
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.
The adopted amendment affects Texas Civil Statutes, Articles 581-12, 581-12-1, 581-13, 581-18, and 581-19.
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 1, 2008.
TRD-200800656
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: February 21, 2008
Proposal publication date: November 2, 2007
For further information, please call: (512) 305-8303
The Texas State Securities Board adopts amendments to §§115.1 - 115.5, concerning securities dealers and agents, without changes to the proposed text as published in the November 2, 2007, issue of the Texas Register (32 TexReg 7814).
The amendments update references to reflect the creation of FINRA (Financial Industry Regulatory Authority) from the merger of the National Association of Securities Dealers and the member regulation, enforcement, and arbitration functions of the New York Stock Exchange.
The rules accurately reference an industry regulatory organization.
No comments were received regarding adoption of the amendments.
The amendments are adopted under Texas Civil Statutes, Article 581-28-1, and 581-13.D. 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. Article 13.D provides the Board with authority to waive examination requirements for any applicant or class of applicants.
The adopted amendments affect Texas Civil Statutes, Articles 581-12, 581-13, 581-18, and 581-19.
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 1, 2008.
TRD-200800657
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: February 21, 2008
Proposal publication date: November 2, 2007
For further information, please call: (512) 305-8303
The Texas State Securities Board adopts amendments to §116.2 and §116.3, concerning investment advisers and investment adviser representatives, without changes to the proposed text as published in the November 2, 2007, issue of the Texas Register (32 TexReg 7815).
The amendments update references to reflect the creation of FINRA (Financial Industry Regulatory Authority) from the merger of NASD and the member regulation, enforcement, and arbitration functions of the New York Stock Exchange.
The rules accurately reference a new industry regulatory organization.
No comments were received regarding adoption of the amendments.
The amendments are adopted under Texas Civil Statutes, Articles 581-28-1 and 581-12-1.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 12-1.B provides the Board with authority to make rules authorizing a federal covered investment adviser or a representative of a federal covered investment adviser to engage in rendering services as an investment adviser in this state on submission to and receipt by the Commissioner of a notice filing, a consent to service of process, and fee.
The adopted amendments affect Texas Civil Statutes, Article 581-12, 581-12-1, 581-13, 581-18, and 581-19.
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 1, 2008.
TRD-200800658
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: February 21, 2008
Proposal publication date: November 2, 2007
For further information, please call: (512) 305-8303
The Texas State Securities Board adopts the repeal of §133.1, a form concerning a Texas open records request, without changes to the proposal as published in the December 7, 2007, issue of the Texas Register (32 TexReg 8991).
The repeal of this form allows for the simultaneous adoption of a new form.
The repeal eliminates an outdated form.
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.
The adopted repeal affects Texas Government Code, Title 5, Chapter 552.
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 1, 2008.
TRD-200800659
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: February 21, 2008
Proposal publication date: December 7, 2007
For further information, please call: (512) 305-8303
The Texas State Securities Board adopts new §133.1, a form concerning a request for public information, without changes to the proposed text as published in the December 7, 2007, issue of the Texas Register (32 TexReg 8991).
The adopted new form updates references to "public information" (instead of "open records") and to the Office of the Attorney General as the agency having authority over the regulations for copy charges. Information on the previous form that is no longer needed has been omitted from the new form, and various nonsubstantive and cosmetic changes have been made.
The adopted new form reflects accurate references and includes only information that is needed.
No comments were received regarding adoption of the new rule.
The rule 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.
The adopted rule affects Texas Government Code, Title 5, Chapter 552.
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 1, 2008.
TRD-200800660
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: February 21, 2008
Proposal publication date: December 7, 2007
For further information, please call: (512) 305-8303
The Texas State Securities Board adopts the repeal of §133.7, a form concerning an application for registration of securities, without changes to the proposal as published in the December 7, 2007, issue of the Texas Register (32 TexReg 8992).
The repeal of this form allows for the simultaneous adoption of a new form.
The repeal eliminates an outdated form.
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.
The adopted repeal affects Texas Civil Statutes, Articles 581-7 and 581-35.
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 1, 2008.
TRD-200800661
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: February 21, 2008
Proposal publication date: December 7, 2007
For further information, please call: (512) 305-8303
The Texas State Securities Board adopts new §133.7, a form concerning an application for registration of securities, without changes to the proposed text as published in the December 7, 2007, issue of the Texas Register (32 TexReg 8992).
The adopted new form replaces an outdated form to eliminate the requirement that a corporate applicant provide a certification regarding Texas franchise taxes. The certification is no longer required under the Texas Business Corporation Act. The new form also incorporates various nonsubstantive and cosmetic changes.
The securities registration process is streamlined by eliminating an unnecessary certification.
No comments were received regarding adoption of the new form.
The rule 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.
The adopted rule affects Texas Civil Statutes, Article 581-7 and 581-35.
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 1, 2008.
TRD-200800662
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Effective date: February 21, 2008
Proposal publication date: December 7, 2007
For further information, please call: (512) 305-8303