Bill > HF4071

This bill modifies various provisions related to securities broker-dealers and their agents, aiming to enhance investor protection and streamline regulatory processes. Key changes include the addition of notice filing requirements for federal crowdfunding offerings, requiring issuers to file specific forms and consents to service of process with the state administrator under certain conditions, and establishing renewal and amendment procedures for these filings. The bill also introduces new requirements for investment advisers, mandating written policies and procedures for business continuity and succession planning, as well as physical security and cybersecurity. Furthermore, it clarifies and expands the prohibited business practices for broker-dealers and their agents, detailing specific actions that are considered dishonest or unethical, such as excessive trading, unauthorized transactions, and misleading advertising. Additionally, the bill prohibits investment advisers from using client login information to access accounts and requires broker-dealers to provide customers with written confirmations of transactions and to avoid contracts that waive customer rights under securities laws. Finally, it allows for expedited rulemaking to update accounting principles for other real estate.

Business and Industry

https://www.revisor.mn.gov/bills/94/2026/0/HF/4071/