Honorable Allan Ritter, Chair, House Committee on Pensions & Investments
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.), As Engrossed
The bill amends the defined terms of a "security" or "securities" of Subsection A, Section 4 of The Securities Act. The proposal adds Subsection C to Section 28 of The Securities Act, allowing the Commissioner to provide assistance to a securities regulator of another state or a foreign jurisdiction upon request while conducting an investigation. The proposal defines penal provisions for rendering services without being a registered investment adviser by amending Section 29. Finally, Section 32 is amended to permit the Attorney General to seek the disgorgement of any economic benefit gained by a defendant through a defined violation. The bill, if enacted, will have no actuarial effect because it does not propose to change the funding or obligations of any public retirement system.