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Bill > SB568
OK SB568
OK SB568Securities; exempting certain securities offerings; requiring certain federal exemption for inrtrastate offerings; limiting certain amount. Emergency.
summary
Introduced
02/01/2021
02/01/2021
In Committee
03/29/2021
03/29/2021
Crossed Over
03/15/2021
03/15/2021
Passed
04/13/2021
04/13/2021
Dead
Signed/Enacted/Adopted
04/19/2021
04/19/2021
Introduced Session
2021 Regular Session
Bill Summary
An Act relating to securities; providing exempt treatment for certain specified securities pursuant to rules adopted by the United States Securities and Exchange Commission; requiring compliance with certain federal securities laws; providing for disqualification of offerings based on noncompliance; requiring issuer of securities to file notice; prescribing required content of notice; authorizing Oklahoma Securities Department to adopt rules; providing for termination of notice; imposing dollar limitation; prescribing time period; requiring disclosure of terms of issuance; imposing limitation on sale of certain securities within certain time period; providing exception for accredited investor; requiring annual report; providing for suspension of notice filing; providing for duration of suspension; prohibiting materially false statements; imposing restrictions based on materially false statements; defining term; requiring offering through Internet website; imposing restriction on communications; prescribing requirements for communication; providing for certain corrective actions; requiring disclosure statement; prescribing content; providing for exemption; prohibiting use of exemption under certain circumstances; prohibiting issuance of securities by certain issuers based on conduct; authorizing application for waiver; prescribing procedures for payments for purchase of securities; authorizing escrow account; prescribing procedures related to escrow accounts; providing for account administration; providing for codification; and declaring an emergency.
AI Summary
This bill exempts certain securities offerings from state registration requirements, provided they comply with federal exemptions for intrastate offerings. It limits the total amount that can be raised under this exemption to $5 million, with a $5,000 limit per investor unless they are an accredited investor. The bill requires issuers to file a notice with the Oklahoma Securities Department, provide a disclosure document to prospective investors, and hold funds in an escrow account until the minimum target offering amount is reached. It also imposes restrictions on issuers based on past conduct and allows the Department to withdraw or further condition the exemption.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Approved by Governor 04/19/2021 (on 04/19/2021)
Official Document
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