Clarifications to some of the rules adopted on December 8, 2011 to conform to the Georgia Uniform Securities Act of 2008 were proposed by the Georgia Office of the Secretary of State.
Submitting public comments. Interested persons may submit written comments about the proposed rule amendments up until 5:00 on March 2, 2012. Comments may either be mailed to the Commissioner of Securities, Securities Division, 2 Martin Luther King, Jr. Drive, S.E., 802 West Tower, Atlanta, Georgia 30334; faxed to (404) 656-0513; or emailed to SECRules@sos.ga.gov. Please reference on each comment the number for the proposed rule of the comment (e.g., SEC-2012-01 through 12 (whichever rule no. 01 through 12 applies)).
Hearing. A hearing on the rule proposals will be held at 9:35 a.m. on March 7, 2012, in Room 810, Suite 802 West Tower at 2 Martin Luther King, Jr. Drive, S.E., Atlanta, Georgia 30334.
Summary of the proposals. The following descriptions comprise the clarifications being proposed:
* The filing date for Georgia's limited offering exemption corresponding to SEC Rule 505 would be changed to 15 business days after the receipt of consideration or the delivery of a subscription agreement. Currently, the filing date is 15 business days before the receipt of consideration or the delivery of a subscription agreement.
* The new non-profit organization securities exemption would mandate that NASAA's Church Bond and Church Extension Fund Policy Statements be applied to offerings made under the exemption.
* The new Invest Georgia exemption would be available only to for-profit business entities.
* The "electronic filing with designated entity" and "application renewal" rules for investment advisers and investment adviser representatives would eliminate the "grace period" for filings due each December.
* Investment adviser contract, written exam, recordkeeping and supervision rules would clarify that these rules apply to investment advisers or investment adviser representatives registered or required to register in Georgia.
* Typographical errors would be corrected in investment adviser application and abandoned application rules.