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1997 SESSION

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HB 1957 Securities Act; conformance to federal law.

Introduced by: George H. Heilig, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY:

Securities Act; conformance to federal law. Amends the Virginia Securities Act to conform with the federal National Securities Markets Improvement Act of 1996. The federal legislation preempts certain existing laws and regulations of the Commonwealth. Definitions are amended and added to recognize new federal definitions. Additionally, this bill provides rule-making authority to the Commission to accommodate further changes necessitated by the federal law. These rules will deal with the notice and renewal filing requirements for mutual funds; the notice and renewal requirements for investment advisors with over $25 million under management; books and records, net capital, and reporting requirements for broker-dealers; and fees to be paid, bonding, books and records, net capital, and reporting requirements for investment advisors.


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