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1999 SESSION
HB 1873 Securities; exemptions from registration.
Introduced by: Vincent F. Callahan, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Securities; exemptions from registration. Authorizes the Virginia State Corporation Commission (SCC) to broaden, narrow or further condition the limited offering exemption contained in the Virginia Securities Act. The bill permits the SCC to exclude by regulation certain categories of investors from the 35-purchaser count and clarifies that registered broker-dealers may participate on behalf of the issuer of the security. Additional provisions authorize the SCC to (i) broaden the exemption section to allow participation of directors (including nonemployee directors) in a covered benefit plan and (ii) create by regulation an exemption for offers and sales solely to “accredited investors.”
SUMMARY AS INTRODUCED:
Securities; exemptions from registration. Authorizes the Virginia State Corporation Commission (SCC) to broaden, narrow or further condition the limited offering exemption contained in the Virginia Securities Act. The bill permits the SCC to exclude by regulation certain categories of investors from the 35-purchaser count and clarifies that registered broker-dealers may participate on behalf of the issuer of the security. Additional provisions authorize the SCC to (i) broaden the exemption section to allow participation of directors (including nonemployee directors) in a covered benefit plan and (ii) create by regulation an exemption for offers and sales solely to “accredited investors.”