Corporate & Securities Law

By Jim Hamilton

Indiana Proposes Securities Rule Changes to Coordinate with Adopted New Act

The Indiana Securities Division proposed rule amendments, new rules and proposals to eliminate outdated rules, to coordinate the rules with the July 1, 2008 adoption of the new Indiana Uniform Securities Act modeled after the Uniform Securities Act of 2002. Most of the proposals preserve the existing rule text and, instead, update rule references to reflect the section numbers of the new Act and replace legalese with plain English. Some of the substantive changes, however, add a federal covered securities rule for 18(b)(4)(D) [Rule 506] offerings and adopt by reference for registered offerings certain policy statements of the North American Securities Administrators Association (NASAA). A secondary market exemption and a notice of nonpublic sales provision would be among the existing rules eliminated.

The contact person at the Indiana Securities Division for the rule proposals is Jeff Bush, Enforcement Attorney. His phone number and email address, respectively, are (317) 232-6686 and jabush@sos.in.gov

The Indiana Securities Division website can be found at http://www.in.gov/sos/securities/index.html

Full post as published by Jim Hamilton's World of Securities Regulation on February 26, 2009 (boomark / email).