NDBF 2018 Rules Updates - For Hearing 2018/07/25

 

NOTICE OF RULEMAKING HEARING

NEBRASKA DEPARTMENT OF BANKING AND FINANCE

Notice is hereby given that the Nebraska Department of Banking and Finance will hold a rulemaking hearing on July 25, 2018, commencing at 9:30 a.m., at the offices of the Department of Banking and Finance, 1526 K Street, Suite 300, Lincoln, Nebraska 68508.

The purpose of the hearing is to take testimony and evidence concerning the following changes to the Rules and Regulations of the Department:

1) The proposed repeal of Title 45, Chapters 1-5, 10, 13-14, 22, and 29.

2) The proposed repeal of Title 46, Chapters 1-6, 9 and 12.

3) The proposed repeal of Title 47, Chapters 1-11.

4) The proposed revisions to Title 48, Chapters 6, 13, 16, 38, and 39.

5) The proposed repeal of Title 48, Chapter 35.

45 NAC—Banking Rules: Chapters 1-5, 10, 13-14, 22, and 29, are proposed for repeal as such rules are obsolete.

46 NAC—Industrial, Savings & Loan, Credit Union Rules: Chapters 1-6, 9, and 12 are proposed for repeal as such rules are obsolete.

47 NAC—Electronic Transmission Terminal Rules: Chapters 1-11 are proposed for repeal as such rules are obsolete.

48 NAC—Securities Rules: The following amendments are proposed for Title 48:

48 NAC 6—Agents of Broker-Dealers: The purpose of the proposed revision of 48 NAC 6 is to update provisions governing broker-dealer agents. The proposal adjusts examination requirements for agents to correspond to new examination requirements established by the Financial Industry Regulatory Authority.

48 NAC 13—Information Requirements for the Section 8-1110(5) Exchange Exemption: The purpose of the proposed revision of 48 NAC 13 is to eliminate an obsolete notice filing requirement and to designate approved exchanges for the exchange exemption.

48 NAC 16—Information Requirements for the Section 8-1111(15) Agricultural Cooperative Exemption: The purpose of the proposed revision of 48 NAC 16 is to clarify that the filing requirements apply to all cooperatives and limited cooperative associations.

48 NAC 35—Repealed. This chapter is proposed for a complete repeal as such rule is obsolete.

48 NAC 38—Information Requirements for the Section 8-1111(23) Notice: The purpose of the proposed revision of 48 NAC 38 is to increase the amount that can be raised from $250,000 to $750,000, and to authorize issuers to rely upon the federal "Intrastate Offering Exemption", 17 CFR 230.147A.

48 NAC 39—Conditions and Information Requirements for the Section 8-1111(24) Crowdfunding Exemption: The purpose of the proposed revision of 48 NAC 39 is to eliminate certain restrictions on advertising. Issuers will be allowed to advertise across state lines as long as the advertising states that the offering is limited to Nebraska residents.

The rulemaking hearing is being conducted under and by virtue of the provisions of Section 84-907, R.R.S 1943, as amended, which provides that COPIES OF THE PROPOSED RULES ARE AVAILABLE FOR PUBLIC EXAMINATION at the Office of the Department of Banking and Finance, 1526 K Street, Suite 300, Lincoln, Nebraska 68508, and at the Office of the Secretary of State, 1201 N Street, Suite 120, Lincoln, Nebraska 68508. In addition, the proposed rules are available on the Department of Banking and Finance’s website at https://ndbf.nebraska.gov, and the Secretary of State’s website www.sos.ne.gov.

A copy of the Fiscal Impact Statement is available at the Office of the Department of Banking and Finance and on the Department’s website.

All interested persons are invited to attend and testify at the hearing. Interested persons may also submit written comments to the Department of Banking and Finance prior to the hearing, which comments will be made part of the hearing record at the time of the hearing.

If auxiliary aids or reasonable accommodations are needed for attendance at this hearing, please call the Nebraska Department of Banking and Finance at (402) 471-2171, or, for persons with hearing impairments, please call the Nebraska Relay System, (800) 833-7352 TDD. This contact should be made at least seven (7) days prior to the hearing.

Dated at Lincoln, Nebraska, this 19th day of June, 2018.

Mark Quandahl, Director

Nebraska Department of Banking and Finance