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Vermont committee clarifies H.648 language, plans straw poll and DFR review
Summary
The House Committee on Commerce & Economic Development reviewed an amendment to H.648 that reduces a purchaser threshold and clarifies that Subdivision 14's exemption does not apply to federal covered securities subject to Vermont notice filings; members agreed to seek Department of Financial Regulation input and take a nonbinding straw poll before a formal vote.
Montpelier — The Vermont House Committee on Commerce & Economic Development reviewed a technical amendment to H.648 on Jan. 29 that rewrites Section 48 to clarify securities-exemption language and reduce a purchaser threshold.
Legislative Counsel Maria Royal told the committee the proposal is "a clarification. It's not really a change to the substance of what you've already reviewed," and pointed to a numeric change in the First Amendment that replaces a 25-purchaser threshold with a 10-purchaser threshold.
Royal explained the statute addresses securities transactions that are exempt from registration and notice filings; Subdivision 14 addresses a…
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