Texas Register, Volume 28, Number 14, Pages 2821-2988, April 4, 2003 Page: 2,831
2821-2988 p. ; 28 cm.View a full description of this periodical.
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applicable charge established by the Texas Building and Procurement
[General Services] Commission in Title 1, Part 5, Chapter 111, Sub-
chapter C, of the Texas Administrative Code, which is [as] reflected in
Form 133.2.
(b) For certified copies the charge shall be $1.00 per page plus
a $10.00 [$5.00] certification fee.
101.6. Historically Underutilized Business Program. The
State Securities Board adopts by reference the rules established by the
Texas Building and Procurement [General Services] Commission re-
lating to the Historically Underutilized Business Program, contained
in Title 1, Part 5, Chapter 111, Subchapter B, of the Texas Administra-
tive Code.
This agency hereby certifies that the proposal has been reviewed
by legal counsel and found to be within the agency's legal author-
ity to adopt.
Filed with the Office of the Secretary of State on March 19, 2003.
TRD-200301830
Denise Voigt Crawford
Securities Commissioner
State Securities Board
Earliest possible date of adoption: May 4, 2003
For further information, please call: (512) 305-8300
CHAPTER 104. PROCEDURE FOR REVIEW
OF APPLICATIONS
7 TAC 104.1, 104.2, 104.4 - 104.6
The State Securities Board proposes nonsubstantive amend-
ments to 104.1, 104.2, 104.4, 104.5, and 104.6, concerning
the procedure for review of applications. Specifically, an out-
dated qualifier would be eliminated from 104.1; a statutory ref-
erence would be updated in 104.2; changes in 104.6 would
recognize the Central Registration Depository (CRD) and the In-
vestment Adviser Registration Depository (lARD); and changes
would be made in 104.4 and 104.5 to recognize an internal
reorganization creating a single Registration Division within the
Agency.
Micheal Northcutt, Director, Registration Division, has deter-
mined that for the first five-year period the rules are in effect
there will be no foreseeable fiscal implications for state or local
government as a result of enforcing or administering the rules.
Mr. Northcutt also has determined that for each year of the first
five years the rules are in effect the public benefit anticipated
as a result of enforcing the rules will be that the language will re-
flect current terminology and practice and conform to other Board
rules and the Texas Securities Act. There will be no effect on mi-
cro- or small businesses. There is no anticipated economic cost
to persons who are required to comply with the rules as pro-
posed. There is no anticipated impact on local employment.
Comments on the proposal to be considered by the Board should
be submitted in writing within 30/45 days after publication of the
proposed sections in the Texas Register. Comments should be
sent to David Weaver, State Securities Board, P.O. Box 131 67,
Austin, Texas 78711-3167, or sent by facsimile to (512) 305-
8310.
The amendments are proposed under Texas Civil Statutes, Arti-
cle 581-28-1. Section 28-1 provides the Board with the authorityto adopt rules and regulations necessary to carry out and imple-
ment the provisions of the Texas Securities Act, including rules
and regulations governing registration statements and applica-
tions; defining terms; classifying securities, persons, and mat-
ters within its jurisdiction; and prescribing different requirements
for different classes.
The proposed amendments affect Texas Civil Statutes, Articles
581-7, 581-10, 581-13, and 581-15, and Texas Government
Code, 2005.003.
104.1. Scope.
These rules of procedure are generally applicable to the review of ap-
plications and the agency's decision whether to grant, deny, or allow
withdrawal of applications. [The sections apply only to applications
covered by such rules that are first received by the agency on or after
January 4-9888.]
104.2. Purpose.
These sections are intended to implement the provisions of Texas Gov-
ernment Code, Chapter 2005 [House Bill , 70th Legislature, 1987].
They are not intended to supersede any substantive requirement of the
Texas Securities Act or Board rules. If a provision under one of these
sections would cause such a conflict, the provision will not be given
effect under the particular circumstances giving rise to the conflict.
104.4. [Securities] Registration of Securities--Review of Applica-
tions.
(a) Within seven days of receipt by the Agency of an applica-
tion to register securities, if the application does not contain all required
information, the [Securities] Registration Division will send by United
States mail at the Agency's expense a deficiency letter to the applicant
setting forth a list of items or exhibits that [which] have not been filed
and that [which], pursuant to requirements of the Texas Securities Act
or Board rules, must be filed with the Agency.
(b) Within 45 days of receipt by the Agency of all requested
items and exhibits necessary in order to analyze the offering, the [Secu-
rities] Registration Division shall review the application and shall send
by United States mail at the Agency's expense an initial comment letter
setting forth deviations from the substantive requirements of the Act or
Board rules relating to the registration of securities. This process may
be repeated if the applicant suggests that alternatives be considered, or
the applicant's response does not resolve substantive issues.
(c) Upon request of the applicant, comments may be transmit-
ted at the applicant's expense by telephone, facsimile graphice sean-
ning], or other more timely means of communication.
(d)-(e) (No change.)
(f) Within 14 days of the division staff's recommendation the
application shall be reviewed by the Director (or Assistant Director) of
the [Securities] Registration Division and the Deputy Commissioner
and/or Securities Commissioner. Additional comments, if any, raised
at these stages of review must be communicated to the applicant im-
mediately.
(g) The final decision to grant, deny, or allow withdrawal of the
application must be made and communicated to the applicant within 14
days of the latter of:
(1) the division staff's recommendation, [;] or
(2) the receipt by the Agency of complete responses to any
additional comments raised pursuant to subsection (f) of this section.
104.5. [Dealer] Registration of Dealers and Investment Advisers--
Review of Applications.PROPOSED RULES April 4, 2003 28 TexReg 2831
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Texas. Secretary of State. Texas Register, Volume 28, Number 14, Pages 2821-2988, April 4, 2003, periodical, April 4, 2003; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth101027/m1/10/: accessed June 6, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.