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Senate requires regulator be named in certain expungement proceedings for advisers
Summary
Senate File 21 47 was approved to require the insurance commissioner be named as a respondent in proceedings to remove records from the investment-advisor registration depository so the regulator can be notified and participate when appropriate.
Senator Gruenhagen opened on Senate File 21 47, saying the measure closes a loophole that currently allows a party to seek expungement from the investment-advisor registration depository without naming the insurance commissioner as a party, potentially leaving the regulator unaware of the proceeding. "Senate file 2 1 4 7 closes a loophole in current law regarding the expungement of records in the investment advisor registration depository," Gruenhagen said, and explained the bill would require the commissioner to be named as a respondent so the division can be informed and participate where appropriate.
With no further discussion on the floor recorded in the transcript, the sponsor moved final reading and the Senate passed SF 21 47 by recorded vote; the clerk recorded 46 ayes, 0 nays in the roll call readout that closed the voting system.
