The bill amends various sections of the Ohio Revised Code concerning Securities Law, specifically addressing the registration and qualification processes for securities. Key changes include the clarification of terms such as "registration by description" and "registration by qualification," explicitly stating that these do not encompass "registration by coordination." The bill also removes a previous reference that implied registration by qualification included registration by coordination unless otherwise indicated. Additionally, it introduces new definitions for terms like "subject company," "beneficial owner," and "investment adviser representative," while clarifying the roles of state retirement system investment officers and the bureau of workers' compensation chief investment officer.

Moreover, the bill outlines various exemptions from compliance with certain sections of the Revised Code regarding securities transactions, including the deletion of a specific section and the expansion of exempt transactions. It streamlines the regulatory framework by allowing certain sales, such as those involving conversion rights or subscription rights, to be exempt if they meet specific criteria. The bill also emphasizes the importance of ensuring that sales are made in good faith and not for the purpose of evading regulatory requirements. Overall, the amendments aim to facilitate capital formation while maintaining investor protection through defined exemptions and conditions, ultimately creating a more efficient regulatory environment for securities offerings in Ohio.

Statutes affected:
As Introduced: 1707.01, 1707.03, 1707.09, 1707.091, 1707.092, 1707.13, 1707.23, 1707.39