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Committee approves securities bill to align state rules with national standards and streamline fee handling
Summary
Senators approved SB186, a securities department bill that updates the 'investment adviser' definition to match model acts, clarifies fee-handling and fund transfers for the securities department, and adds the department to a claimant list for certain tax offset mechanisms; staff said the changes speed processing of federal exemptions (Reg D) and will not remove disclosure obligations.
The Senate Insurance & Commerce Committee passed SB186 after a department presentation and member questions.
David Smith, general counsel for the Arkansas Securities Department, said the bill makes modest technical changes: it updates the definition of 'investment adviser' to align with the recent model act; it amends fund-handling…
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