Raised Bill No. 124 seeks to amend the Connecticut Uniform Securities Act, focusing on the regulation of broker-dealers, agents, investment advisers, and investment adviser agents. The bill specifies registration requirements for these individuals and entities, and outlines the conditions under which they can operate within the state, including the registration of branch offices and the exemption of certain investment advisers from registration. It also introduces new legal definitions, such as "Business combination related shell company," "Control," and "Eligible privately held company," and details the role and exemption conditions for "Merger and acquisition broker-dealers." The bill includes deletions to existing law, such as the removal of the blanket prohibition on transacting business without registration, and instead provides specific exemptions and conditions for conducting business.

Additionally, the bill addresses the procedures for broker-dealers and investment advisers when ceasing to transact business in the state, including the information that must be provided to customers or clients. It also outlines the process for succession to current registration and the continuation of registration with changes in organization form or state of incorporation. The bill grants the commissioner authority to regulate changes of control and mandates filing requirements for issuers of securities in "Tier 2" offerings. Furthermore, it establishes grounds for denying or sanctioning registrations based on actions by financial regulatory authorities or violations of securities laws, with a 180-day limitation for initiating proceedings based on known facts at the time of registration. The bill indicates proposed deletions and insertions in the legal text, with deletions enclosed in brackets and insertions underlined.

Statutes affected:
Raised Bill: