| BRIEF DESCRIPTION The Department of Commerce, Community, and Economic Development proposes regulation changes to conform its regulations to HB 308, effective July 1, 2014. |
The Department of Commerce, Community, and Economic Development proposes to adopt regulation changes in Title 3, Chapter 8 of the Alaska Administrative Code including the following:
- 3 AAC 08.910(1) is amended to reflect the current names of nationally recognized securities manuals.
- 3 AAC 08.910(3)(A) and (5) which require notice filings for securities exempted by AS 45.55.900(b)(5)(A), (b)(5)(B), and (b)(7)(B), are repealed to conform with new statutory language in HB 308, effective July 1, 2014 or are no longer necessary. These exemptions are now “self-executing” and do not require a notice filing. 3 AAC 08.910(6) is proposed to be amended to reflect filing only when commissions are paid in a (b)(7)(B) transaction.
- (3) 3 AAC 08.910(9) is amended to require 10 days’ notice for filing of rescission offers under AS 45.55.900(b)(19) rather than two days. This amendment conforms the regulation with new statutory requirements under HB 308, effective July 1, 2014.
- 3 AAC 08.910 is proposed to be amended by adding a new subsection to better define the term “controlling person” for purposes of AS 45.55.900(b)(9).
- Various other provisions throughout the chapter are proposed to be amended to correct outdated or incorrect citations to Alaska or federal law or eliminate outdated technology references.
You may comment on the proposed regulation changes, including the potential costs to private persons of complying with the proposed changes, by submitting written comments to
Kristy Naylor, Chief of Enforcement and Securities
Division of Banking and Securities
Department of Commerce, Community, and Economic Development
550 W. 7th Avenue, Suite 1850
Anchorage, AK 99501
Additionally, the Department of Commerce, Community, and Economic Development will accept comments by facsimile at (907) 269-8146 and by electronic mail at dbsc@alaska.gov. Comments may also be submitted through the Alaska Online Public Notice System, by accessing this notice on the system and using the "comment" link. The comments must be received no later than 4:30 p.m. on November 7, 2014.
If you are a person with a disability who needs a special accommodation in order to participate in this process, please contact Kristy Naylor at (907) 269-8140 no later than October 24, 2014 to ensure that any necessary accommodations can be provided.
For a copy of the proposed regulation changes, contact Kristy Naylor at (907) 269-8140, or go to http://commerce.alaska.gov/dnn/dbs/Home.aspx.
After the public comment period ends, the Department of Commerce, Community, and Economic Development will either adopt the proposed regulation changes or other provisions dealing with the same subject, without further notice, or decide to take no action. The language of the final regulations may be different from that of the proposed regulations. You should comment during the time allowed if your interests could be affected.
Statutory Authority: AS 45.55.900; AS 45.55.950
Statutes Being Implemented, Interpreted, or Made Specific: AS 45.55.025; AS 45.55.060; AS 45.55.110; AS 45.55.150; AS 45.55.170; AS 45.55.900; AS 45.55.950; AS 45.55.980; AS 45.55.990.
Fiscal Information: The proposed regulation changes are not expected to require an increased appropriation.
DATE: October 2, 2014 /s/_____________
Kristy Naylor
Chief of Enforcement and Securities
The Department of Commerce, Community, and Economic Development, Division of Banking and Securities keeps a list of individuals and organizations interested in its regulations. Those on the list will automatically be sent a copy of all of the Division’s Notices of Proposed Regulations Changes. To be added to or removed from the list, send the request to the:
Division of Banking and Securities
Department of Commerce, Community, and Economic Development
550 W. 7th Avenue, Suite 1850
Anchorage, AK 99501
Please include your name and either your e-mail address or mailing address, as you prefer for receiving notices.
ADDITIONAL REGULATIONS NOTICE INFORMATION
(AS 44.62.190(d))
1. Adopting agency: Department of Commerce, Community, and Economic Development
2. General subject of regulation: Filing requirements for certain securities transactions.
3. Citation of regulation (may be grouped): 3 AAC 08.085; 3 AAC 08.900-3 AAC 08.950
4. Reason for the proposed action:
( ) compliance with federal law
(X) compliance with new or changed state statute
( ) compliance with court order
( ) development of program standards
(X) other: (please list) need to clarify and update outdated or incorrect regulations
5. Appropriation/Allocation: N/A
6. Cost of implementation to the state agency and available funding (in thousands of dollars):
Initial Year Subsequent
FY _15_____ Years
Operating Cost $__(3.1)____ $________
Capital Cost $________ $________
1002 Federal receipts $________ $________
1003 General fund match $________ $________
1004 General fund $________ $________
1005 General fund/
program $________ $________
1037 General fund/
mental health $________ $________
Other $________ $________
7. The name of the contact person for the regulations:
Name: Kristy Naylor
Title: Chief of Enforcement and Securities
Address: 550 W. 7th Avenue, Suite 1850
Anchorage, AK 99501
Telephone: 907-269-8140
E-mail address: dbsc@alaska.gov
9. The origin of the proposed action:
__x___ staff of state agency
_____ federal government
_____ general public
_____ petition for regulation change
__x___ other (please list) HB 308, effective July 1, 2014
10. Date: October 2, 2014 Prepared by: ________/s/_________________
Name (printed): Kristy Naylor
Title (printed): Chief of Enforcement and Securities
Telephone: 907-269-8140