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Tennessee Securities Act changes move from Commerce to calendar and rules
Summary
Chairman Powers presented amendments to the Tennessee Securities Act expanding exemptions, enabling confidential regulator cooperation, and adding a statute of limitations; the committee forwarded HB2529 to Calendar and Rules unanimously.
Chairman Powers told the committee House Bill 2529 is an administration bill amending the Tennessee Securities Act of 1980. He said the bill expands investment-advisor exemptions to include those adopted by commissioner rule, clarifies that the commissioner may share confidential examination materials with other state regulators, and authorizes courts to appoint the commissioner as receiver or conservator for defendants' assets when requested by enforcement. The bill also imposes a statute of limitations on private rights of action (earlier of 5 years from violation or 2 years from discovery) and authorizes expungement for certain Tennessee-based broker-dealers and agents.
No members raised substantive objections in committee and the bill was approved for calendar and rules (vote recorded as 21 ayes, 0 nays). Powers summarized the bill as cleaning up statutory language and updating enforcement tools for state securities regulators.
The measure will proceed to calendar and rules for further consideration.
