House Bill 27 Summary

• Amends Mississippi securities law to require notice filings for federal covered securities under Section 18(b)(2) of the Securities Act of 1933, including filing federal registration documents, consent to service of process, and payment of fees before initial offer in the state.

• Establishes notice filing validity for one year from the later of filing or Securities and Exchange Commission effectiveness, with renewal available by filing updated records and paying a renewal fee.

• Requires notice filings for Section 18(b)(4)(E) federal covered securities within 15 days after first sale, including Form D submission and consent to service of process, with penalties for late filing.

• Permits other federal covered securities to be offered and sold without notice filing or fee payment unless the administrator establishes rules requiring them.

• Sets filing fees at one-tenth of one percent of offering amount (minimum $300, maximum $1,000) for Section 18(b)(2) securities; $300 flat fee for Section 18(b)(4)(E) securities with 1% late fee up to $5,000; effective July 1, 2016.