| Notice Filed with SOS |
03/27/2017 |
| Rule |
ProposedRuleAttach2017-00125.pdf
|
| Additional Information |
AddInfoAttach2017-00125.pdf
|
| Statutory Authority |
11-51-308.5;11-51-311; 11-51-409.5; 11-51-704 |
| Description of Subjects/Issues |
These changes update Colorado’s securities rules. Rule 51-3.5 was amended to promote efficiencies. Rule 51-3.9 was amended to update the manual exemption. Rule 51-3.13 was repealed to comply with Regulation A. The new Rule 51-3.13 requires issuers who are relying on Regulation A to provide notice to the Division. Rule 51-3.24 was amended to ensure that issuers are only using crowdfunding exemption. Rule 51-3.31 requires notice filing for federal crowdfunding. Rule 51-3.32 provides rules for electronic documents and signatures. Rule 51-3.33 provides a licensing exemption for a broker engaged effecting securities transactions solely in connection with the transfer of ownership of an eligible company. Rules 51-4.8 and 51-4.14(IA) clarifies how broker-dealers and investment advisers must protect electronically stored information. Amended Rule 51-4.4(IA) requires an investment adviser to explain any unpaid arbitration award. Rule 51-4.6(IA) now defines when supervisory procedures are reasonably situated to an investment adviser. Rule 51-4.11(IA) allows certain investment advisers of private funds to be exempt from licensing. Rule 51-4.12(IA) requires investment advisers to consider disaster scenarios. Rule 51-4.13(IA) imposes a positive net worth requirement. Rule 51-4.15(IA) defines when one may charge a performance fee. Chapter 6 has been re-organized. Rule 51-9.3 was amended to better reflect LGIP requirements. |
| Purpose/Objective of Rule |
see attachment |
| Basis And Purpose |
BasisAndPurposeAttachment2017-00125.pdf
|
| Submitted in response to issues raised by COLS/OLLS? |
No
|
| Is this rule adopted in response to recent legislation? |
No
|
| Hearing Date |
05/01/2017 |
| Hearing Time |
09:00 AM |
| Hearing Location |
1560 Broadway STE 975, Denver, CO 80202 |
| Contact Name |
Gerald Rome |
| Contact Title |
Securities Commissioner |
| Contact Telephone |
303.894.2320 |
| Contact email |
gerald.rome@state.co.us |