Substitute House Bill No. 6875 amends the Connecticut Uniform Securities Act to enhance the registration and operational requirements for broker-dealers, agents, and investment advisers. Key provisions include a mandate that no individual may operate as a broker-dealer or agent without proper registration, and a prohibition against transactions that violate SEC or self-regulatory organization sanctions. The bill also requires broker-dealers and investment advisers to register their branch offices and notify the commissioner of any management or location changes. Additionally, it introduces exemptions for certain investment advisers and establishes a new fee structure for filing notices of exemption, while emphasizing the need for timely notification of registration status changes.

The bill further clarifies definitions related to investment advisers and business combinations involving shell companies, specifying conditions under which investment advisers may be exempt from registration. It introduces new requirements for merger and acquisition broker-dealers, including scenarios that would disqualify them from claiming exemptions. The legislation also mandates that agents participate in continuing education programs and expands the commissioner's authority to deny or revoke registrations based on various grounds. Furthermore, it establishes new requirements for individuals selling covered securities, including the necessity to file a consent to service of process and a notice filing form for Tier 2 offerings, thereby promoting regulatory compliance and investor protection in Connecticut's securities market.

Statutes affected:
Raised Bill:
BA Joint Favorable:
File No. 188:
Public Act No. 25-85: