Current through Reg. 49, No. 38; September 20, 2024
(a) The Securities
Commissioner, where applicable, will utilize the criteria contained in the
NASAA Statements of Policy set forth in subsection (b) of this section for
offerings registering pursuant to the Registration Sections. While applications
not conforming to a statement of policy shall be looked upon with disfavor,
where good cause is shown or to protect investors, certain provisions may be
modified or waived by the Commissioner.
(b) In order to promote uniform regulation,
the following NASAA Statements of Policy shall apply to the registration of
securities:
(1) Corporate Securities
Definitions, as amended by NASAA on May 6, 2018;
(2) Impoundment of Proceeds, as amended by
NASAA on March 31, 2008;
(3) Loans
and Other Material Affiliated Transactions, as amended by NASAA on May 6,
2018;
(4) Options and Warrants, as
amended by NASAA on March 31, 2008;
(5) Preferred Stock, as amended by NASAA on
September 11, 2016;
(6) Promoters'
Equity Investment, as amended by NASAA on September 11, 2016;
(7) Promotional Shares, as amended by NASAA
on March 31, 2008;
(8) Specificity
in Use of Proceeds, as amended by NASAA on September 11, 2016;
(9) Underwriting and Selling Expenses,
Underwriter's Warrants, and Selling Security Holders, as amended by NASAA on
May 6, 2018;
(10) Unsound Financial
Condition, as amended by NASAA on May 6, 2018;
(11) Unequal Voting Rights, as amended by
NASAA on September 11, 2016;
(12)
Debt Securities, as amended by NASAA on April 25, 1993;
(13) Real Estate Programs, as amended by
NASAA on May 7, 2007;
(14) Oil and
Gas Programs, as amended by NASAA on May 6, 2012;
(15) Asset-backed Securities, as amended by
NASAA on May 6, 2012;
(16)
Equipment Programs, as amended by NASAA on May 6, 2012;
(17) Real Estate Investment Trusts, as
amended by NASAA on May 7, 2007;
(18) Mortgage Program Guidelines, as amended
by NASAA on May 7, 2007;
(19)
Omnibus Guidelines, as amended by NASAA on May 7, 2007;
(20) Registration of Commodity Pool Programs,
as amended by NASAA on May 6, 2012; and
(21) Use of Electronic Offering Documents and
Electronic Signatures, adopted by NASAA on May 8, 2017.
(c) Copies of the NASAA Statements of Policy
are available online at the NASAA web site (www.nasaa.org) and the Texas State Securities Board
web site (www.ssb.texas.gov). Copies may
be obtained by contacting the Texas State Securities Board, P.O. Box 13167,
Austin, Texas 78711, or by calling (512) 305-8300.
