Securities Division Regulations

Regulation Authority:

R.I. Gen. Laws § 7-11-705

Purpose and Reason:

As part of the reformatting process for codification into the RICR, the Department has decided to repeal this regulation and incorporate and reorganize almost all of its content into three new parts, which have been simultaneously noticed for adoption: •230-RICR-50-05-1 Pre-Licensing Requirements will contain: oSections 1, 2, 3, 204(3)-3(A)(1-5); 202(a)-2; 204(3)-1; 204(3)-2; 204(3)-3(Bthrough H); 205(a)-1; 208(d); 208(g); 207(a)-1; 209(a)-1; and 209(b)-1. •230-RICR-50-05-2 Post-Licensing Requirements will contain: oSections 1, 2, 3, 705(a)(2)(B); 208(b)-1; 209(c)-1; 209(d)-1; 210(a)-1; 211(c)-1;212(a)-1; 215(a)-1; 215(b)-1; 501-1; and 705(a)(2). •230-RICR-50-05-3 Issuance and Registration of Securities will contain: oSections 1, 2, 3, 304(c)-1; 307(a); 307(b); 402(2)-1; 402(3)-1; 402(4)-1; 402(18)-1; 403(C); 403(c)-1; 404; and 708(A)-1. Section 709(D)-1 is the only section being repealed and not incorporated into a new Part because it sets forth small $ 0.50 and $1.00 fees for documents and certifications that are no longer being charged. Any small business impact is positive. The repeal of the Securities Division Regulation and its adoption into three parts improves ease of compliance by reorganizing the rules into three more user-friendly parts, clarifying existing language, adding updated federal law citations, and eliminating non-essential content. No comments were received. Therefore, no changes were made and the regulation will be repealed. Date signed by agency head: July 30, 3018.