61-1-15.5 - Federal covered securities.
61-1-15.5. Federal covered securities.
(1) The division by rule or order may require the filing of any of the followingdocuments with respect to a covered security under Section 18(b)(2) of the Securities Act of1933:
(a) prior to the initial offer of federal covered security in this state, a notice form asprescribed by the division or all documents that are part of a federal registration statement filedwith the Securities and Exchange Commission under the Securities Act of 1933, together with aconsent to service of process signed by the issuer and a filing fee as determined under Section61-1-18.4;
(b) after the initial offer of such federal covered security in this state, all documents thatare part of an amendment to a federal registration statement filed with the U.S. Securities andExchange Commission under the Securities Act of 1933, which shall be filed concurrently withthe division;
(c) a report of the value of federal covered securities offered or sold in this state, togetherwith a filing fee as determined under Section 61-1-18.4; and
(d) a notice filing under this section shall be effective for one year and shall be renewedannually in order to continue to offer or sell the federal covered securities for which the noticewas filed.
(2) With respect to a security that is a covered security under Section 18(b)(4)(D) of theSecurities Act of 1933, the division by rule or order may require the issuer to file a notice on SECForm D and a consent to service of process signed by the issuer no later than 15 days after thefirst sale of such covered security in this state, together with a filing fee as determined underSection 61-1-18.4.
(3) The division by rule or order may require the filing of a document filed with theSecurities and Exchange Commission under the Securities Act of 1933, with respect to a coveredsecurity under Securities Act of 1933, Section 18(b)(3) or (4), together with a filing fee asdetermined under Section 61-1-18.4.
(4) Upon approval by a majority of the commission, the director, by means of anadjudicative proceeding conducted in accordance with Title 63G, Chapter 4, AdministrativeProcedures Act, may issue a stop order suspending the offer and sale of a federal coveredsecurity, except a covered security under Section 18(b)(1) of the Securities Act of 1933, if thedirector finds that the order is in the public interest and there is a failure to comply with anycondition established under this section.
(5) The division by rule or order may waive any or all of the provisions of this section.
Amended by Chapter 351, 2009 General Session