98RS HB112


Unofficial WWW Version

HB 112 (BR 1034) - C. Geveden

     AN ACT relating to securities.
     Amend various sections of KRS Chapter 292 pertaining to securities; make certain provisions applicable to investment adviser representatives; require investment adviser representatives to be registered; establish requirements to act as a covered adviser; permit a broker-dealer registered with the US Securities and Exchange Commission to comply with requirement of keeping certain books, records and reports by keeping those books, records, and reports required by the Securities and Exchange Commission; authorize the commissioner to bar or censure any registrant or officer, director, partner, or persons performing similar functions for registrant from employment with a registered broker-dealer or investment adviser; permit the commissioner to exempt from registration any broker-dealer, agent, investment adviser or investment adviser representative, or transaction or class of transactions by such persons; require registration statements to contain financial statements of the issuer; permit commissioner to issue stop order or suspend or revoke effectiveness of registration statement if commissions or other compensation and selling expenses are greater than 20 % in the aggregate; direct the commissioner to require the filing of certain documents with respect to a covered security; allow an issuer to make offers, but not sales, during ten day period after a claim of exemption has been filed under certain conditions; increase the filing fee from $100 to $250 for exemptions; require covered advisers that make a notice filing to file with the commissioner an irrevocable consent appointing the commissioner to be his attorney to receive lawful process in certain proceedings; provide for actions commissioner may take when it appears a person has engaged in or is about to engage in an act or practice that violates KRS Chapter 292; provide remedy for defrauded seller; permit a person aggrieved by an order of the Commissioner to seek review in Franklin Circuit Court within 30 days rather than 60 days after entry of the order; authorize the Commissioner to assess civil fines and costs of investigation; specify what documents are considered confidential under the Open Records Act; and specify the purpose of KRS Chapter 292.


     HCS - Make technical changes.

     (Prefiled by the sponsor(s).)

     Jan 6-introduced in House
     Jan 7-to Banking and Insurance (H)
     Jan 9-posted in committee
     Jan 15-reported favorably, 1st reading, to Calendar with Committee Substitute
     Jan 16-2nd reading, to Rules
     Jan 20-posted for passage in the Regular Orders of the Day for January 21, 1998
     Jan 21-3rd reading, passed 96-0 with Committee Substitute
     Jan 22-received in Senate
     Jan 23-to Banking and Insurance (S)
     Feb 4-reported favorably, 1st reading, to Consent Calendar
     Feb 5-2nd reading, to Rules
     Feb 10-posted for passage in the Consent Orders of the Day for February 11, 1998
     Feb 11-3rd reading, passed 38-0; received in House
     Feb 12-enrolled, signed by Speaker of the House
     Feb 17-enrolled, signed by President of the Senate; delivered to Governor
     Feb 27-signed by Governor

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