{"id":21931,"date":"2017-04-24T10:23:09","date_gmt":"2017-04-24T16:23:09","guid":{"rendered":"http:\/\/update.legislature.ne.gov\/?p=21931"},"modified":"2017-04-24T13:08:20","modified_gmt":"2017-04-24T19:08:20","slug":"security-law-updates-approved","status":"publish","type":"post","link":"https:\/\/update.legislature.ne.gov\/?p=21931","title":{"rendered":"Security law updates approved"},"content":{"rendered":"

Senators passed a bill April 24 that makes updates to security law.<\/p>\n

\"Sen.
Sen. Paul Schumacher<\/figcaption><\/figure>\n

LB148, sponsored by Columbus Sen. Paul Schumacher, is based on recommendations from an interim study in 2016 and makes numerous changes to the Nebraska Securities Act.<\/p>\n

Current law excludes from the securities act individuals with no place of business in the state who effect transactions exclusively with other broker-dealers, specified types of financial institutions and other institutional buyers. LB148 adds credit unions to the list of entities to which sales can be made without triggering registration requirements.<\/p>\n

Among numerous technical changes and updates, the bill also:
\n\u2022 updates references to federal securities acts and regulations;
\n\u2022 authorizes the director of the state Department of Banking and Finance to issue a notice of abandonment if an applicant for registration fails to respond to a notice within 100 days; and
\n\u2022 authorizes the department to deny, suspend or revoke the registration of a broker-dealer, issuer-dealer, agent, investment adviser or investment adviser representative if the director finds that such person meets any one of 12 listed criteria.<\/p>\n

The bill also included provisions of Schumacher’s LB187 that increase from $250,000 to $750,000 the cap on proceeds from all sales of securities by an issuer under a registration exemption for small offerings. The capped amount could be increased in the future and a security issued through an exempted transaction will not be considered a security for purposes of determining professional malpractice insurance premiums.<\/p>\n

The bill passed on a 49-0 vote.<\/p>\n","protected":false},"excerpt":{"rendered":"

Senators passed a bill April 24 that makes updates to security law.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6],"tags":[81],"class_list":["post-21931","post","type-post","status-publish","format-standard","hentry","category-banking-commerce-and-insurance","tag-sen-paul-schumacher"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/21931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21931"}],"version-history":[{"count":3,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/21931\/revisions"}],"predecessor-version":[{"id":21972,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/21931\/revisions\/21972"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}