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PA Bulletin, Doc. No. 06-2411

RULES AND REGULATIONS

Title 64--SECURITIES

SECURITIES COMMISSION

[64 PA. CODE CHS. 203, 205, 207, 209, 210, 303, 504, 602, 603, 604, 609 AND 1001]

Rescission of Forms and Other Technical Amendments

[36 Pa.B. 7456]
[Saturday, December 9, 2006]

   The Securities Commission (Commission), under sections 203(d), (o) and (p), 205, 206, 301, 303, 504, 603(a) and 609 of the Pennsylvania Securities Act of 1972 (act) (70 P. S. §§ 1-203(d), (o) and (p), 1-205, 1-206, 1-301, 1-303, 1-504, 1-603(a) and 1-609) and section 4 of the Takeover Disclosure Law (70 P. S. § 74), amends the regulations concerning the subject matter of the act and the Takeover Disclosure Law.

Publication of Proposed Rulemaking

   Notice of proposed rulemaking was published at 36 Pa.B. 3542 (July 8, 2006).

Public Comments

   No public comments were received with respect to the proposed rulemaking.

Comments of the Independent Regulatory Review Commission

   By letter dated September 6, 2006, the Independent Regulatory Review Commission (IRRC) advised that it had no objections, comments or suggestions with respect to the proposed rulemaking.

Summary and Purpose of Final-Form Rulemaking

   The Commission amends § 203.041 (relating to limited offerings) by rescinding Form E and adding language to refer to Form E.

   The Commission amends § 203.151 (relating to proxy materials) by rescinding Form 203-O and adding language to refer to Form 203-O.

   The Commission amends § 203.161 (relating to debt securities of nonprofit organizations) by rescinding Form 203-P and adding language to refer to Form 203-P.

   The Commission amends § 205.021 (relating to registration by coordination) by rescinding Form R and adding language to refer to Form R.

   The Commission amends § 207.101 (relating to effective period of registration statement) by rescinding Form 207-J and adding language to refer to Form 207-J.

   The Commission amends § 209.010 (relating to required records; report on sales of securities and use of proceeds) by rescinding Form 209 and adding language to refer to Form 209.

   The Commission amends § 210.010 (relating to retroactive registration of certain investment company securities) by rescinding Form 210 and adding language to refer to Form 210.

   The Commission amends § 303.051 (relating to surety bonds) by rescinding Form U-SB.

   The Commission amends § 504.060 (relating to rescission offers) by rescinding Form RO and adding language to refer to Form RO.

   The Commission amends § 602.022 (relating to denial for abandonment) by adding ''investment adviser representative'' to the list the Commission may order denied for abandonment.

   The Commission amends § 603.011 (relating to filing requirements) by adding language to state that forms are available on the Commission's website at www.psc. state.pa.us.

   The Commission rescinds § 604.013, as it was an interim guideline for the registration of associated persons.

   The Commission rescinds § 604.014, as it was an interim guideline for the qualification and examination of associated persons.

   The Commission rescinds § 604.015, as it was an interim guideline for the effectiveness of registration of associated persons.

   The Commission amends § 604.016 (relating to guidelines for waivers of Uniform Securities Agent State Law Examination (Series 63), Uniform Investment Adviser Law Examination (Series 65) and General Securities Representative Non-Member Examination (Series 2)--statement of policy) by changing ''associated persons'' to ''investment adviser representatives'' and updating delegated authority.

   The Commission amends § 604.020 (relating to broker-dealers, investment advisers, broker-dealer agents and investment adviser representatives using the Internet for general dissemination of information on products and services--statement of policy) by changing ''associated persons'' to ''investment adviser representatives.''

   The Commission amends § 609.010 (relating to use of prospective financial statements) by updating the citation referencing accredited investors to conform to the Federal act.

   The Commission amends § 1001.010 (relating to takeover offeror report regarding participating broker-dealers) by rescinding Form TDL-1 and adding language to refer to Form TDL-1.

Persons Affected by this Final-Form Rulemaking

   No groups will be adversely affected by this final-form rulemaking. These regulatory actions will streamline the regulatory process and clarify the regulations.

Fiscal Impact

   The final-form rulemaking is cost neutral.

Paperwork

   No additional paperwork will be required.

Regulatory Review

   Under section 5(a) of the Regulatory Review Act (71 P. S. § 745.5(a)), on June 20, 2006, the Commission submitted a copy of the notice of proposed rulemaking, published at 36 Pa.B. 3542, to IRRC and the Chairpersons of the House Committee on Commerce and Economic Development and the Senate Committee on Banking and Insurance for review and comment.

   Under section 5(c) of the Regulatory Review Act, IRRC and the Committees were provided with copies of the comments received during the public comment period, as well as other documents when requested. In preparing the final-form rulemaking, the Department has considered all comments from IRRC, the House and Senate Committees and the public.

   Under section 5.1(j.2) of the Regulatory Review Act (71 P. S. § 745.5a(j.2)), on November 1, 2006, the final-form rulemaking was deemed approved by the House and Senate Committees. Under section 5(g) of the Regulatory Review Act, the final-form rulemaking was deemed approved by IRRC, effective November 1, 2006.

Availability in Alternative Formats

   This final-form rulemaking may be made available in alternative formats upon request. To make arrangements for alternative formats, contact Simon J. Dengel, ADA Coordinator, (717) 787-6828. TDD users should use the AT&T Relay Center (800) 854-5984.

Contact Person

   The contact person for an explanation of the final-form rulemaking is Michael J. Byrne, Chief Counsel, Securities Commission, Eastgate Office Building, 1010 North Seventh Street, Harrisburg, PA 17102-1410, (717) 783-5130.

Order

   The Commission, acting under the authorizing statute, orders that:

   (a)  The regulations of the Commission, 64 Pa. Code Chapters 203, 205, 207, 209, 210, 303, 504, 602, 603, 604, 609 and 1001, are amended by amending §§ 203.041, 203.151, 203.161, 205.021, 207.101, 209.010, 210.010, 303.051, 504.060, 602.022, 603.011, 604.016, 604.020, 609.010 and 1001.010 and deleting §§ 604.013--604.015 to read as set forth at 36 Pa.B. 3542.

   (b)  The Secretary of the Commission shall submit this order and 36 Pa.B. 3542 to the Office of Attorney General for approval as to form and legality as required by law.

   (c)  The Secretary of the Commission shall certify this order and 36 Pa.B. 3542 and deposit them with the Legislative Reference Bureau as required by law.

   (d)  This order shall take effect upon publication in the Pennsylvania Bulletin.

JEANNE S. PARSONS,   
Secretary

   (Editor's Note:  For the text of the order of the Independent Regulatory Review Commission, relating to this document, see 36 Pa.B. 7082 (November 18, 2006).)

   Fiscal Note:  Fiscal Note 50-120 remains valid for the final adoption of the subject regulations.

[Pa.B. Doc. No. 06-2411. Filed for public inspection December 8, 2006, 9:00 a.m.]


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