Bill > SF4264

This bill modifies various provisions governing securities broker-dealers and their agents, aiming to enhance investor protection and clarify regulatory requirements. Key changes include the addition of notice filing requirements for federal crowdfunding offerings, which are offerings made under specific federal regulations (Regulation Crowdfunding) and federal securities laws, requiring issuers with a principal place of business in Minnesota or those selling a significant portion of their offering to Minnesota residents to file specific forms with the state. The bill also introduces new requirements for investment advisers, mandating them to establish and maintain written policies and procedures for business continuity, succession planning, and cybersecurity, and prohibits them from accessing client accounts using client login information. Furthermore, it expands the list of dishonest or unethical business practices for broker-dealers and their agents, including specific prohibitions against excessive trading, unauthorized transactions, and certain forms of deceptive advertising, and clarifies grounds for denying, suspending, or revoking registrations related to franchise sales. Finally, the bill authorizes the commissioner of commerce to use expedited rulemaking to update accounting principles for other real estate.

Business and Industry

https://www.revisor.mn.gov/bills/94/2026/0/SF/4264/