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1994 SESSION

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HB 1213 Securities Act; exemption of certain securities.

Introduced by: Roger J. McClure | all patrons    ...    notes | add to my profiles

SUMMARY:

Securities Act; registration exemption of certain securities-related solicitations; indication of interest. Authorizes the State Corporation Commission (SCC) to exempt certain solicitations relating to securities from the security registration requirements of the Securities Act. The measure permits the SCC to exempt, by rule, offers of a security soliciting an indication of interest in receiving a prospectus. The bill requires the SCC in its rulemaking proceeding to give due consideration to the North American Securities Administrators Association's (NASAA) national pilot project concerning these solicitations.

The SCC is directed to complete a rulemaking proceeding on this exemption no later than December 15, 1994, and to advise the Governor and the General Assembly if it is unable to meet that deadline.

The bill's provisions expire on July 1, 1997.


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