Texas Register, Volume 28, Number 14, Pages 2821-2988, April 4, 2003 Page: 2,832
2821-2988 p. ; 28 cm.View a full description of this periodical.
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(a) Within 14 days of receipt by the Agency of an application
and a fee that is sufficient for registration as a dealer or investment
adviser, the [Dealer] Registration Division shall 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] either have not been filed
or that contain errors or omissions. If the applicant is filing through the
Central Registration Depository (CRD) or the Investment Adviser Reg-
istration Depository (lARD), deficiency corrections of a procedural,
non-disciplinary nature will be handled by the CRD or lARD [central
regst.....on depository,].
(1)-(2) (No change.)
(b) Within 14 days of receipt by the Agency of all requested
items and exhibits, the division staff shall review the file and, if neces-
sary, shall send by United States mail at the Agency's expense a com-
ment letter setting forth any deviations from the substantive require-
ments of the Texas Securities Act or Board rules relating to the regis-
tration of dealers or investment advisers. This process may be repeated
to raise subsequent comments.
(c)-(d) (No change.)
(e) Within 14 days of the division staff's recommendation, any
remaining issues shall be addressed by the director of the [Dealer] Reg-
istration Division. Additional comments, if any, raised at this stage of
review must be communicated to the applicant immediately.
(f) 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's recommendation, [;] or
(2) receipt by the Agency of complete responses to any
remaining comments.
104.6. Exceeding the Time Periods.
(a) The Agency may exceed the time periods set forth in these
sections if:
(1) (No change.)
(2) the Securities and Exchange Commission, CRD, IARD,
or another public or private entity, including the applicant itself, causes
the delay;
(3)-(4) (No change.)
(b)-(f) (No change.)
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-200301831
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 113. REGISTRATION OF
SECURITIES
7 TAC 113.4The State Securities Board proposes an amendment to 113.4,
concerning consent to service of process. The amendment
would eliminate the requirement that a resolution be filed with
the consent of service in connection with an application to
register securities. Changes made to the Texas Securities Act,
8, in the last legislative session eliminated this requirement
from the statute.
Micheal Northcutt, Director, Registration Division, has deter-
mined that for the first five-year period the rule is in effect
there will be no foreseeable fiscal implications for state or local
government as a result of enforcing or administering the rule.
Mr. Northcutt also has determined that for each year of the first
five years the rule is in effect the public benefit anticipated as a
result of enforcing the rule will be to eliminate an unnecessary fil-
ing. There will be no effect on micro- or small businesses. There
is no anticipated economic cost to persons who are required to
comply with the rule as proposed. 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 section in the Texas Register. Comments should be
sent to David Weaver, State Securities Board, P.O. Box 13167,
Austin, Texas 78711-3167, or sent by facsimile to (512) 305-
8310.
The amendment is proposed under Texas Civil Statutes, Articles
581-28-1. Section 28-1 provides the Board with the authority to
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 amendment affects Texas Civil Statutes, Article
581-7.
113.4. Application for Registration.
(a)-(b) (No change.)
(c) Consents to service of process.
(1) Except as provided in paragraphs (2) and (3) of this sub-
section, all applications to register securities issued by an issuer which
is organized under the laws of any other state, territory, or government,
or domiciled in any state other than Texas, must include with the ap-
plication a written consent to service of process duly executed by an
authorized agent of the issuer [,under proper resel-tion or authority
of the appropriate governing body] appointing the Securities Commis-
sioner irrevocably its true and lawful attorney upon whom process in
any action or proceeding against such issuer arising out of any transac-
tion subject to the Texas Securities Act may be served with the same
effect as if such issuer were organized or created under the laws of
Texas and had been lawfully served with process herein.
(2)-(3) (No change.)
(d)-(e) (No change.)
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-20030183228 TexReg 2832 April 4, 2003 Texas Register
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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/m1/11/: accessed May 26, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.