Current through Reg. 49, No. 12; March 22, 2024
(a) The Securities
Commissioner, where applicable, will utilize the criteria contained in the
North American Securities Administrators Association, Inc. (NASAA) Statements
of Policy set forth in subsection (b) of this section for offerings registering
pursuant to the Texas Securities Act, §7. 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) . Print copies may be obtained by contacting the
Texas State Securities Board, P.O. Box 13167, Austin, Texas 78711, or by
calling (512) 305-8300.
