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SB 130 (BR 1423) - T. Buford
AN ACT relating to securities and making an appropriation therefor.
Amend KRS 292.310 to modify definitions of "agent," "broker-dealer," "investment adviser," "covered security," "investment adviser representative," and to add "sign" as a defined term; amend KRS 292.330 to add exemptions from registration for broker-dealers, agents, investment advisers, and investment adviser representatives and to delete exemptions from investment adviser registration and covered adviser notice filing for registered broker-dealers; create new sections of KRS Chapter 292 to clarify the registration process for broker-dealers, agents, investment advisers, and investment adviser representatives and for notice filing as a covered adviser; to provide a procedure for successor registration of broker-dealers and investment advisers; to provide for termination or withdrawal of registrations and temporary registrations; to set forth registration fees for broker-dealers, investment advisers, agents, and representatives; to set forth recordkeeping requirements for registrants and to delete the requirement for registrants to file annual reports; to clarify the circumstances under which the executive director may deny, suspend, revoke, restrict, or limit a registration or take disciplinary action against a registrant; amend KRS 292.380 to require renewal filings for registrations by notification, coordination, or qualification; amend KRS 292.410 to clarify that all investors must receive material information in connection with the purchase of a security and to allow a commission to be paid to a registered broker-dealer in a transaction exempted by this section; amend KRS 292.480 to provide a private right of action for fraudulent investment advice; amend KRS 292.500 to allow the executive director to accept electronic filings of documents; amend KRS 292.530 to broaden the protections of the chapter to all investors rather than only to Kentucky investors; amend KRS 292.313 to conform; create a new section of KRS 292 to establish the securities fraud prosecution and prevention fund; amend KRS 292.991 to increase criminal penalties for repeat criminal violations of the chapter; amend KRS 304.37-530 to conform.
SB 130 - AMENDMENTS
SCS - Retain provisions of original bill except change the fee for agent registration from $100 to $50; delete provision to amend KRS 292.991, which would have amended the statute to increase criminal penalties for repeat violations of the chapter; make technical corrections.
SFA (1, T. Buford) - Exclude agents, issuers, banks, savings institutions, and trust companies from the definition of "broker-dealer."
Feb 2-introduced in Senate
Feb 4-to Banking & Insurance (S)
Mar 9-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Mar 10-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Monday, March 15, 2010
Mar 11-floor amendment (1) filed to Committee Substitute
Mar 15-taken from the Consent Orders of the Day, placed in the Regular Orders of the Day; passed over and retained in the Orders of the Day
Mar 16-3rd reading, passed 36-0 with Committee Substitute, floor amendment (1)
Mar 17-received in House
Mar 18-to Banking & Insurance (H)
Mar 22-taken from committee; 1st reading; returned to Banking & Insurance (H)
Mar 23-posted in committee; taken from committee; 2nd reading; returned to Banking & Insurance (H); posting waived
Mar 24-reported favorably, to Rules
Mar 25-posted for passage in the Regular Orders of the Day for Friday, March 26, 2010
Mar 26-3rd reading, passed 94-0; received in Senate; enrolled, signed by each presiding officer; delivered to Governor
Apr 7-signed by Governor (Acts ch. 82)
Vote History
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