TO: | 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. ), Committee Report 2nd House, Substituted |
SB1060, 2nd House Substituted, 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.
Source Agencies: | 338 Pension Review Board
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LBB Staff: | JK, WM
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