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 introduces new definitions for terms like "subject company," "beneficial owner," and "investment adviser representative," while specifying criteria for these classifications. Additionally, it allows the division of securities to adopt rules for more specific applications of these definitions and mandates that future amendments to the Investment Advisers Act of 1940 be adopted unless deemed unnecessary for investor protection.

Moreover, the bill outlines various exemptions from registration requirements for securities transactions, detailing conditions under which these exemptions apply, such as sales by bona fide owners and institutional investors. It emphasizes compliance with specific filing requirements and fees associated with these exemptions, while also streamlining the registration process by allowing for the submission of a registration statement instead of a full qualification application under certain conditions. The bill aims to reduce regulatory burdens, enhance clarity in securities transactions, and facilitate job creation by ensuring that the registration process aligns with federal standards and does not impose excessive requirements.

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