LEGISLATIVE BUDGET BOARD

Austin, Texas

FISCAL NOTE, 78TH LEGISLATIVE REGULAR SESSION

March 27, 2003

TO:	Honorable Rodney Ellis, Chair, Senate Committee on Government Organization
FROM:	John Keel, Director, Legislative Budget Board
IN RE:	SB1060 by Ellis, Rodney (Relating to enforcement of conduct and other matters concerning a security; providing a penalty.), Committee Report 1st House, Substituted

No significant fiscal implication to the State is anticipated.

The bill would authorize the Securities Board to provide certain assistance to securities regulators in other states, including the issuance of subpoenas and the pursuit of subpoena enforcement proceedings, and would authorize the Office of the Attorney General (OAG) to seek disgorgement and "equitable relief" from a defendant who is found to have engaged in fraudulent practices in the sale of securities.

Both the Securities Board and the OAG could absorb any costs associated with the bill within current resources.

Local Government Impact

No fiscal implication to units of local government is anticipated.

Source Agencies:	302 Office of the Attorney General, 312 Securities Board
LBB Staff:	JK, GO, RT, RB