CT HB06340

Repeals and replaces Section 36b-21 of Connecticut general statutes regarding securities exemptions, effective October 1, 2013.

Expands exemptions for over-the-counter and foreign securities by modifying the definition to include margin securities and American depositary receipts, and adds language for successor securities exchanges and trading systems.

Adds new exemption procedures for closed-end companies, requiring filing within one year of receipt by the commissioner or SEC effectiveness date, whichever is later, with fees prescribed in Section 36b-19.

Modifies transaction exemption filing requirements by referencing the correct Securities Act provision (Section 4(a)(5) instead of Section 4(6)) and adjusting fee structures for various covered securities filings.

Clarifies that delays or underpayments of required fees that are promptly remedied do not constitute refusal to pay, and allows the commissioner to summarily suspend offerings of covered securities for non-compliance with filing or fee requirements.