Source: https://www.ssb.texas.gov/texas-securities-act-board-rules/board-rules/recent-changes-board-rules/june-5-2015
Timestamp: 2019-04-24 00:39:20+00:00

Document:
The Texas State Securities Board proposes amendments to §104.4, concerning registration of securities--review of applications, and §104.5, concerning registration of dealers and investment advisers--review of applications. The amendments to §104.4 and §104.5 would allow modern communication alternatives such as email and facsimile for such communications that the rule requires be in writing (i.e., deficiency and comment letters) and is expected to help speed up the registration process.
(a) Within seven days of receipt by the Agency of an application to register securities, if the application does not contain all required information, the Registration Division will send a written [by United States mail at the Agency's expense a] deficiency letter to the applicant setting forth a list of items or exhibits that have not been filed and that, pursuant to requirements of the Texas Securities Act or Board rules, must be filed with the Agency.
(c) Written communications between the Registration Division and [Upon request of] the applicant[, comments] may be transmitted [at the applicant's expense] by [telephone,] facsimile, email, U.S. mail, or other more timely means of communication.
(g) Written communications between the Registration Division and the applicant may be transmitted by facsimile, email, U.S. mail, or other more timely means of communication.
The Texas State Securities Board proposes amendments to §115.2, concerning application requirements. The amendments to the application requirements for dealer registration would specify requirements for a balance sheet from an independent certified public accountant or independent public accountant and reference new Form 133.18, which is being concurrently proposed, to be used for certification of the applicant's balance sheet by its principal financial officer. Currently, the Staff provides a template with suggested language on its website, but applicants have some difficulty locating and completing the template. Staff feels this difficulty can be overcome if a specific form is provided and referenced in the rule.
(4) a balance sheet prepared in accordance with United States generally accepted accounting principles [practices ] reflecting the financial condition of the dealer as of a date not more than 90 days prior to the date of such filing. The balance sheet should becompiled, reviewed, or audited [prepared] by independent certified public accountants or independent public accountants, or must instead be attested by the sworn notarized statement of the applicant's principal financial officer. If attested by the principal financial officer of the applicant, such officer shall make the certification on Form 133.18, Certification of Balance Sheet by Principal Financial Officer [certify as follows: I am the principal financial officer of (name of dealer). The accompanying balance sheet has been prepared under my direction and control and presents fairly its financial position on the dates indicated to the best of my knowledge, belief, and ability. (Signature and Title)].
The Texas State Securities Board proposes amendments to §116.2, concerning application requirements. The amendments to the application requirements for investment adviser registration would specify requirements for a balance sheet from an independent certified public accountant or independent public accountant and reference new Form 133.18, which is being concurrently proposed, to be used for certification of the applicant's balance sheet by its principal financial officer. Currently, the Staff provides a template with suggested language on its website, but applicants have some difficulty locating and completing the template. Staff feels this difficulty can be overcome if a specific form is provided and referenced in the rule.
(B) a balance sheet prepared in accordance with United States generally accepted accounting principles [practices ] reflecting the financial condition of the investment adviser as of a date not more than 90 days prior to the date of such filing. The balance sheet should be compiled, reviewed, or audited [prepared] by independent certified public accountants or independent public accountants, or must instead be attested by the sworn notarized statement of the applicant's principal financial officer. If attested by the principal financial officer of the applicant, such officer shall make the certification on Form 133.18, Certification of Balance Sheet by Principal Financial Officer [certify as follows: I am the principal financial officer of (name of investment adviser). The accompanying balance sheet has been prepared under my direction and control and presents fairly its financial position on the dates indicated to the best of my knowledge, belief, and ability. (Signature and Title)].
The Texas State Securities Board proposes new §133.18, which adopts by reference a form concerning certification of balance sheet by principal financial officer. The form would be used for certification of an applicant 's balance sheet to be filed with their application for registration as a dealer or investment adviser.

References: §104
 §104
 §104
 §104
 §115
 §116
 §133