|SB 0418||Amends Chapter 409, RSMo, and the Regulation of Securities|
|Last Action:||02/27/95 - Hearing Scheduled But Not Heard S Finan. & Govt. Operations Com.|
|Effective Date:||August 28, 1995|
SB 418 - This act amends several sections of Chapter 409, RSMo, Regulation of Securities.
Section 409.102 addresses ethical considerations and disclosure requirements.
Section 409.201 requires the registration of broker-dealer agents and investment adviser representatives. This section also provides for exceptions to the registration requirement.
Sections 409.202 and 409.203 detail additional registration requirements for broker-dealers, minimum financial requirements for investment advisers, and information which must be furnished and maintained by investment advisers.
Section 409.204 gives the Commissioner of Securities the authority to deny, suspend, or revoke any registration, as well as bar or censure any registrant. This section also allows the Commissioner to adopt rules regarding examinations, waiver of examinations, and the sufficiency of any application for registration.
The Section 409.401 definitions of "agent", "broker-dealer", "investment adviser", "investment adviser representative", and "Securities Act of 1933" have been modified by this bill.
Section 409.411 addresses liability and damage issues associated with unlawful and unethical business practices in the securities field.
Section 409.420 encourages uniformity by allowing the Commissioner to cooperate and communicate with other securities agencies. This section also mandates that all rules promulgated under the authority of Sections 409.101 to 409.420 be preapproved by the Joint Committee on Administrative Rules. RONALD J. LEONE