SCS HCS HB 380 -- SECURITIES REGULATION

This bill substantially revises and modernizes the securities
regulation laws, incorporating many provisions of the Uniform
Securities Act.  In its main provisions, the bill:

(1)  Authorizes the Secretary of State to seek court orders
requiring violators to disgorge illicit profits, pay restitution,
and pay into the Investor Education and Protection Fund, which
the bill establishes;

(2)  Increases criminal fines to $1 million;

(3)  Requires banks with on-premises brokerage firms to comply
with federal rules;

(4)  Modernizes, simplifies, and broadens exemptions from
securities registration with the state;

(5)  Promotes consistency with other states and the Securities
and Exchange Commission in the definition of "security";

(6)  Authorizes civil prosecution of individuals who materially
aid in violations; and

(7)  Adds civil penalties of $10,000 for one violation and up to
$1 million for more than one violation.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:11 am