Missouri Code of State Regulations
Title 15 - ELECTED OFFICIALS
Division 30 - Secretary of State
Chapter 54 - Exemptions and Federal Covered Securities
Section 15 CSR 30-54.250 - Missouri Qualified Fund Exemption
Universal Citation: 15 MO Code of State Regs 30-54.250
Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: This rule provides an exemption for securities offered pursuant to section 100.390, RSMo when certain conditions are met.
(1) The commissioner, pursuant to the provisions of 409.2-203, RSMo, exempts the following securities from the requirements of sections 409.3-301 and 409.5-504 of the Missouri Securities Act of 2003 (the Act):
(A) Any securities issued by a qualified fund
as defined in section
100.390,
RSMo which shall be approved by one (1) or more qualified economic development
organizations after a review by the Department of Economic Development and
provided that the securities are sold pursuant to a disclosure document which
has been filed with the Missouri commissioner of securities thirty (30) days
prior to the offer or sale of the securities. The prospectus shall state on its
cover in bold type that this is a high risk, speculative investment and that
these securities are not approved by, guaranteed by or associated with
Missouri;
(B) No commission or
other remuneration may be paid or given directly or indirectly for soliciting
or selling to any person in this state for reliance on this exemption except to
securities brokers, dealers and agents licensed in this state;
(C) The applicants shall file with the
commissioner a copy of the offering document, together with a fee of one
hundred dollars ($100), as well as a copy of the contract with the economic
development center which has approved the qualified fund; and
(D) The qualified fund shall make the
following provisions:
1. No officer, director
or employee of the fund shall have any interest in a company receiving money
from the fund;
2. The fund agrees
to seek input from the innovation center in its review of investment;
3. The fund would require any company
receiving funding from it to agree to be a client of the innovation center at
the discretion of the innovation center;
4. The fund would submit quarterly reports to
the innovation center on the progress of the companies the fund invested in;
and
5. Investors in the fund shall
have an annual gross income of at least sixty thousand dollars ($60,000) and
net worth of sixty thousand dollars ($60,000) or one hundred twenty thousand
dollars ($120,000) net worth, exclusive of home, home furnishings and
automobiles.
*Original authority: 409.2-203, RSMo 2003; 409.6-605, RSMo 2003.
Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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