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MS SB2200

Bill

Status

Passed

4/4/2016

Primary Sponsor

Gray Tollison

Click for details

Origin

Senate

2016 Regular Session

AI Summary

  • Amends Mississippi securities law to require notice filings for federal covered securities created under the Federal JOBS Act, including filing copies of federal registration documents with the Securities and Exchange Commission and a consent to service of process.

  • Establishes a one-year effective period for notice filings, renewable by filing updated SEC documents and paying a renewal fee equal to one-tenth of one percent (1/10 of 1%) of amount sold, with a minimum of $300 and maximum of $1,000.

  • Creates filing requirements for Regulation D offerings (Form D filings) with a flat fee of $300, due within 15 days of first sale, plus an additional late filing fee of up to 1% of offering amount (capped at $5,000).

  • Allows the administrator to issue stop orders suspending sales of federal covered securities if notice or fee requirements are not met, with the stop order becoming void if deficiencies are corrected.

  • Permits other federal covered securities to be offered without notice filing or fees unless the administrator requires them by rule, with applicable late filing fees of up to 1% of offering amount.

Legislative Description

Securities registration; provide for notice filings for federal covered securities created by the JOBS Act.

Last Action

Approved by Governor

4/4/2016

Committee Referrals

Banking and Financial Services3/14/2016
Business and Financial Institutions2/5/2016

Full Bill Text

No bill text available