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Glossary of Legislative Terms

CS/CS/HB 253: Regulation of Securities

GENERAL BILL by Commerce Committee ; Insurance & Banking Subcommittee ; Barnaby ; (CO-INTRODUCERS) Benjamin

Regulation of Securities; Revises requirements for registration of securities; requires OFR to deem applications for registration abandoned under certain circumstances; revises grounds on which office may revoke, suspend, or deny registration of securities; specifies office's powers in investigations of issuers; revises methods by which office may enter order suspending issuer's right to sell securities; revises requirements for applying for registration as dealer, associated person of dealer, or investment adviser; provides registration exemptions for private fund advisers; specifies continuing education requirements for associated persons of investment advisers & federal covered advisers; specifies requirements for certain previously registered associated persons; authorizes FSC to establish rules of conduct & prohibited business practices for intermediaries.

Effective Date: 10/1/2023
 Last Action: 5/1/2023 House - Laid on Table; companion bill(s) passed, see CS/SB 180 (Ch. 2023-205)
Bill Text: PDF

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  • Bill History

    Date Chamber Action
    1/18/2023 House • Filed
    1/25/2023 House • Referred to Insurance & Banking Subcommittee
    • Referred to State Administration & Technology Appropriations Subcommittee
    • Referred to Commerce Committee
    • Now in Insurance & Banking Subcommittee
    3/7/2023 House • 1st Reading (Original Filed Version)
    3/17/2023 House • PCS added to Insurance & Banking Subcommittee agenda
    3/21/2023 House • Favorable with CS by Insurance & Banking Subcommittee
    3/23/2023 House • Reported out of Insurance & Banking Subcommittee
    • Laid on Table under Rule 7.18(a)
    • CS Filed
    • 1st Reading (Committee Substitute 1)
    3/24/2023 House • Original reference removed: State Administration & Technology Appropriations Subcommittee
    • Referred to Commerce Committee
    • Now in Commerce Committee
    4/6/2023 House • Added to Commerce Committee agenda
    4/11/2023 House • Favorable with CS by Commerce Committee (Amended)
    4/12/2023 House • Reported out of Commerce Committee
    • Laid on Table under Rule 7.18(a)
    • CS Filed
    • 1st Reading (Committee Substitute 2)
    4/13/2023 House • Bill referred to House Calendar
    • Added to Second Reading Calendar
    5/1/2023 House • Laid on Table; companion bill(s) passed, see CS/SB 180 (Ch. 2023-205)

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  • CS/CS/HB 253, Committee Substitute 2 (Current Bill Version) Posted 4/12/2023 at 2:57 PM

    Bill Text:   PDF
    Analyses:   None

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 180 (er) Regulation of Securities Gruters Identical Last Action: 6/13/2023 Chapter No. 2023-205 Track This Bill

    Citations - Statutes (22)

    Citation Catchline Location in Bill Location In Bill Help
    517.021 Definitions. Page 3 (pdf)
    517.061 Exempt transactions. Page 64 (pdf)
    517.0611 Intrastate crowdfunding. Page 65 (pdf)
    517.072 Viatical settlement investments. Page 18 (pdf)
    517.075 Cuba, prospectus disclosure of doing business with, required. Page 66 (pdf)
    517.081 Registration procedure. Page 19 (pdf)
    517.082 Notification registration. Page 23 (pdf)
    517.111 Revocation or denial of registration of securities. Page 26 (pdf)
    517.12 Registration of dealers, associated persons, intermediaries, and investment advisers. Page 29 (pdf)
    517.1205 Registration of associated persons specific as to securities dealer, investment adviser, or federal covered adviser identified at time of registration approval. Page 70 (pdf)
    517.1214 Page 43 (pdf)
    517.1215 Requirements, rules of conduct, and prohibited business practices for investment advisors and their associated persons. Page 63 (pdf)
    517.1217 Rules of conduct and prohibited business practices for dealers and their associated persons. Page 46 (pdf)
    517.131 Securities Guaranty Fund. Page 66 (pdf)
    517.161 Revocation, denial, or suspension of registration of dealer, investment adviser, intermediary, or associated person. Page 47 (pdf)
    517.181 Escrow agreement. Page 52 (pdf)
    517.201 Investigations; examinations; subpoenas; hearings; witnesses. Page 52 (pdf)
    517.211 Remedies available in cases of unlawful sale. Page 67 (pdf)
    517.315 Fees. Page 68 (pdf)
    626.9911 Definitions. Page 69 (pdf)
    744.351 Bond of guardian. Page 69 (pdf)
    921.0022 Criminal Punishment Code; offense severity ranking chart. Page 54 (pdf)

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  • CS/HB 253, Committee Substitute 1 Posted 3/23/2023 at 11:03 AM

    Bill Text:   PDF
    Analyses:   Commerce Committee (Post-Meeting) 4/12/2023 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 180 (c1) Regulation of Securities Gruters Similar Last Action: 6/13/2023 Chapter No. 2023-205 Track This Bill

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    799109 - Amendment
    Remove lines 70-1051 and insert:     		Barnaby 4/7/2023
    7:48 PM     		Adopted without Objection
    4/11/2023     		PDF

    Citations - Statutes (22)

    Citation Catchline Location in Bill Location In Bill Help
    517.021 Definitions. Page 3 (pdf)
    517.061 Exempt transactions. Page 61 (pdf)
    517.0611 Intrastate crowdfunding. Page 62 (pdf)
    517.072 Viatical settlement investments. Page 18 (pdf)
    517.075 Cuba, prospectus disclosure of doing business with, required. Page 63 (pdf)
    517.081 Registration procedure. Page 19 (pdf)
    517.082 Notification registration. Page 23 (pdf)
    517.111 Revocation or denial of registration of securities. Page 26 (pdf)
    517.12 Registration of dealers, associated persons, intermediaries, and investment advisers. Page 29 (pdf)
    517.1205 Registration of associated persons specific as to securities dealer, investment adviser, or federal covered adviser identified at time of registration approval. Page 67 (pdf)
    517.1214 Page 40 (pdf)
    517.1215 Requirements, rules of conduct, and prohibited business practices for investment advisors and their associated persons. Page 60 (pdf)
    517.1217 Rules of conduct and prohibited business practices for dealers and their associated persons. Page 43 (pdf)
    517.131 Securities Guaranty Fund. Page 63 (pdf)
    517.161 Revocation, denial, or suspension of registration of dealer, investment adviser, intermediary, or associated person. Page 44 (pdf)
    517.181 Escrow agreement. Page 49 (pdf)
    517.201 Investigations; examinations; subpoenas; hearings; witnesses. Page 49 (pdf)
    517.211 Remedies available in cases of unlawful sale. Page 64 (pdf)
    517.315 Fees. Page 65 (pdf)
    626.9911 Definitions. Page 66 (pdf)
    744.351 Bond of guardian. Page 66 (pdf)
    921.0022 Criminal Punishment Code; offense severity ranking chart. Page 51 (pdf)

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  • HB 253, Original Filed Version Posted 1/18/2023 at 2:04 PM

    Bill Text:   PDF
    Analyses:   Insurance & Banking Subcommittee (Post-Meeting) 6/13/2023 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 180 Securities Transactions Gruters Similar Last Action: 6/13/2023 Chapter No. 2023-205 Track This Bill

    Citations - Statutes (25)

    Citation Catchline Location in Bill Location In Bill Help
    517.021 Definitions. Page 5 (pdf)
    517.051 Exempt securities. Page 105 (pdf)
    517.061 Exempt transactions. Page 23 (pdf)
    517.0611 Intrastate crowdfunding. Page 41 (pdf)
    517.065 Page 52 (pdf)
    517.072 Viatical settlement investments. Page 56 (pdf)
    517.075 Cuba, prospectus disclosure of doing business with, required. Page 107 (pdf)
    517.081 Registration procedure. Page 57 (pdf)
    517.082 Notification registration. Page 61 (pdf)
    517.111 Revocation or denial of registration of securities. Page 63 (pdf)
    517.12 Registration of dealers, associated persons, intermediaries, and investment advisers. Page 67 (pdf)
    517.1214 Page 78 (pdf)
    517.1215 Requirements, rules of conduct, and prohibited business practices for investment advisors and their associated persons. Page 106 (pdf)
    517.1217 Rules of conduct and prohibited business practices for dealers and their associated persons. Page 81 (pdf)
    517.131 Securities Guaranty Fund. Page 108 (pdf)
    517.161 Revocation, denial, or suspension of registration of dealer, investment adviser, intermediary, or associated person. Page 85 (pdf)
    517.1611 Guidelines. Page 90 (pdf)
    517.181 Escrow agreement. Page 91 (pdf)
    517.191 Injunction to restrain violations; civil penalties; enforcement by Attorney General. Page 91 (pdf)
    517.201 Investigations; examinations; subpoenas; hearings; witnesses. Page 93 (pdf)
    517.211 Remedies available in cases of unlawful sale. Page 108 (pdf)
    517.315 Fees. Page 109 (pdf)
    626.9911 Definitions. Page 110 (pdf)
    744.351 Bond of guardian. Page 111 (pdf)
    921.0022 Criminal Punishment Code; offense severity ranking chart. Page 94 (pdf)

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