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The web site itself may have changed. You can check the current page or check for previous versions at the Internet Archive. Yahoo! is not affiliated with the authors of this page or responsible for its content. Section 64 of HF 2557 contains a savings clause providing for continued effectiveness of rules, orders, and other agency actio INSURANCE DIVISION [191] Notice of Intended Action Pursuant to the authority of Iowa Code section 502.605(1), the Insurance Division hereby gives Notice of Intended Action to amend Chapter 50, REGULATION OF SECURITIES OFFERINGS AND THOSE WHO ENGAGE IN THE SECURITIES BUSINESS, Iowa Administrative Code. The rules located at IAC 191-50 have undergone a top to bottom review and rewrite of all current rules. Substantive revisions were made to many rules, in large part due to changes in Iowa Code chapter 502. As such, all of existing rule 191-50 is rescinded and will be replaced by these proposed rules. Firstly, these securities rules have been reorganized. The current rules framework dates from the first set of rules adopted after the Uniform Securities Act was first adopted in Iowa in 1975. While some numbers had been reserved, in recent years new rules were added at the end of the current numbers, without regard to context. The rules to be proposed will be divided into divisions, covering the topics of: DEFINITIONS AND ADMINISTRATIVE; REGISTRATION OF BROKER-DEALERS AND AGENTS; REGISTRATION OF INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES AND FEDERAL COVERED ADVISERS; RULES COVERING ALL REGISTERED PERSONS; REGISTRATION OF SECURITIES; EXEMPTIONS; FRAUD AND OTHER PROHIBITED CONDUCT; VIATICAL SETTLEMENT INVESTMENT CONTRACTS. The rules have also been modernized by using a plain English approach. A few rules track exactly some national models and thus have not been modified due to the need for uniformity of wordage from one state to the next. Several of the current rules will not be readopted. Their elimination reflects both outdated regulatory requirements, and elimination due to inclusion of the substance in the new act. These include: 50.20 - Annual Reports filed with the Administrator (reducing regulatory requirements). 50.34 - Agent exclusion (see new definition of agent). 50.45 - Definition of offer - see new Iowa Code section 502.202(17) 50.46 - Institutional buyer exemption - see new definition at Iowa Code section 502.102(11) and exemption at 502.202(13). 50.47 - National securities exchange exemption - covered by NSMIA and subsequent SEC rulemaking 50.54 - Rankings of DPPs - no longer used 50.57(1) & (2) - Periodic payment plans & Master Feeder funds - preempted per NSMIA 50.90 - World Class issuer exemption - see Iowa Code sections 502.202(3) & 502.202(5) 50.93 - Manual exemption - see Iowa Code section 502.202(2) 50.98 - Transition schedule - no longer needed 50.100 - Definition of IAR - see Iowa Code section 502.102(16)"c" Several new rules are proposed. These include many new definitions in proposed 50.1, typically to explain acronyms commonly used in the securities industry. Proposed new rule 50.3 provides a clear process for requesting an interpretive opinion. Proposed rule 50.43, based on a NASAA model rule, adds financial reporting requirements for investment advisers. Proposed rule 50.44 is intended to provide guidance to professionals regarding the extent of the solely incidental exclusion from the definition of investment adviser. Proposed rule 50.88 provides rules for the filing requirements for nonprofit issuers. Proposed rule 50.102 denotes what constitutes fraudulent IA activities and proposed 50.103 makes unlawful certain types of investment advisory contracts Many rules also underwent substantial revisions or contain updated versions of national model language. These include 50.10(8), 50.16(1)(bb), 50.16(2)(f)-(h), 50.38, 50.39, 50.40, 50.41, 50.42, 50.67,. This chapter generally does not provide for waivers. Persons seeking waivers must petition the Division for a waiver in the manner set forth under 191Chapter 4. Any interested person may make written comments on the proposed rule on or before May 16, 2007]. Written comments may be sent to Craig Goettsch, Insurance Division, 330 Maple, Des Moines, Iowa 50319. Comments may also be submitted electronically to craig.goettsch@iid.state.ia.us. A public hearing will be held at the Lobby Conference Room of the Insurance Division at 9:30 a.m. on May 15, 2007]. The Division is located at 330 Maple, Des Moines, Iowa. These rules are intended to implement Iowa Code section 502.605(1). A fiscal impact summary prepared by the Legislative Services Agency pursuant to Iowa Code
The web site itself may have changed. You can check the current page or check for previous versions at the Internet Archive. Yahoo! is not affiliated with the authors of this page or responsible for its content. Section 64 of HF 2557 contains a savings clause providing for continued effectiveness of rules, orders, and other agency actio INSURANCE DIVISION [191] Notice of Intended Action Pursuant to the authority of Iowa Code section 502.605(1), the Insurance Division hereby gives Notice of Intended Action to amend Chapter 50, REGULATION OF SECURITIES OFFERINGS AND THOSE WHO ENGAGE IN THE SECURITIES BUSINESS, Iowa Administrative Code. The rules located at IAC 191-50 have undergone a top to bottom review and rewrite of all current rules. Substantive revisions were made to many rules, in large part due to changes in Iowa Code chapter 502. As such, all of existing rule 191-50 is rescinded and will be replaced by these proposed rules. Firstly, these securities rules have been reorganized. The current rules framework dates from the first set of rules adopted after the Uniform Securities Act was first adopted in Iowa in 1975. While some numbers had been reserved, in recent years new rules were added at the end of the current numbers, without regard to context. The rules to be proposed will be divided into divisions, covering the topics of: DEFINITIONS AND ADMINISTRATIVE; REGISTRATION OF BROKER-DEALERS AND AGENTS; REGISTRATION OF INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES AND FEDERAL COVERED ADVISERS; RULES COVERING ALL REGISTERED PERSONS; REGISTRATION OF SECURITIES; EXEMPTIONS; FRAUD AND OTHER PROHIBITED CONDUCT; VIATICAL SETTLEMENT INVESTMENT CONTRACTS. The rules have also been modernized by using a plain English approach. A few rules track exactly some national models and thus have not been modified due to the need for uniformity of wordage from one state to the next. Several of the current rules will not be readopted. Their elimination reflects both outdated regulatory requirements, and elimination due to inclusion of the substance in the new act. These include: 50.20 - Annual Reports filed with the Administrator (reducing regulatory requirements). 50.34 - Agent exclusion (see new definition of agent). 50.45 - Definition of offer - see new Iowa Code section 502.202(17) 50.46 - Institutional buyer exemption - see new definition at Iowa Code section 502.102(11) and exemption at 502.202(13). 50.47 - National securities exchange exemption - covered by NSMIA and subsequent SEC rulemaking 50.54 - Rankings of DPPs - no longer used 50.57(1) & (2) - Periodic payment plans & Master Feeder funds - preempted per NSMIA 50.90 - World Class issuer exemption - see Iowa Code sections 502.202(3) & 502.202(5) 50.93 - Manual exemption - see Iowa Code section 502.202(2) 50.98 - Transition schedule - no longer needed 50.100 - Definition of IAR - see Iowa Code section 502.102(16)"c" Several new rules are proposed. These include many new definitions in proposed 50.1, typically to explain acronyms commonly used in the securities industry. Proposed new rule 50.3 provides a clear process for requesting an interpretive opinion. Proposed rule 50.43, based on a NASAA model rule, adds financial reporting requirements for investment advisers. Proposed rule 50.44 is intended to provide guidance to professionals regarding the extent of the solely incidental exclusion from the definition of investment adviser. Proposed rule 50.88 provides rules for the filing requirements for nonprofit issuers. Proposed rule 50.102 denotes what constitutes fraudulent IA activities and proposed 50.103 makes unlawful certain types of investment advisory contracts Many rules also underwent substantial revisions or contain updated versions of national model language. These include 50.10(8), 50.16(1)(bb), 50.16(2)(f)-(h), 50.38, 50.39, 50.40, 50.41, 50.42, 50.67,. This chapter generally does not provide for waivers. Persons seeking waivers must petition the Division for a waiver in the manner set forth under 191Chapter 4. Any interested person may make written comments on the proposed rule on or before May 16, 2007]. Written comments may be sent to Craig Goettsch, Insurance Division, 330 Maple, Des Moines, Iowa 50319. Comments may also be submitted electronically to craig.goettsch@iid.state.ia.us. A public hearing will be held at the Lobby Conference Room of the Insurance Division at 9:30 a.m. on May 15, 2007]. The Division is located at 330 Maple, Des Moines, Iowa. These rules are intended to implement Iowa Code section 502.605(1). A fiscal impact summary prepared by the Legislative Services Agency pursuant to Iowa Code
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