reglab/statecodes huggingface dataset:
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 6 - Consumer Loans › Section 808 KAR 6:095 - Mandatory availability for repayment

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				286.4-460,
				286.4-490
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				286.4-610(1) authorizes the
				commissioner to promulgate administrative regulations to enforce the provisions
				of KRS Chapter 286.4. This administrative regulation promotes the proper
				conduct of business pursuant to KRS Chapter 286.4 by requiring minimum time
				frames during which the general public shall have access to consumer loan
				company licensee places of business.
Section
			 1.
(1) Every licensee shall
			 maintain a place of business to which the general public shall have free access
			 and where all obligations entered into shall be payable.
(2) For the purposes of doing business with
			 the general public, the acceptance of payments from borrowers, and to permit
			 the commissioner or any person designated by the commissioner to examine the
			 books, accounts, records and files of licensees and to enter complaints, each
			 licensed office shall be open not less than four (4) consecutive hours between
			 8 a.m. and 6 p.m. on any four (4) days of each week, except legal holidays
			 generally observed in the community in which the licensed office is
			 located.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 6 - Consumer Loans › Section 808 KAR 6:125 - Monetary inducements prohibited

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO: KRS Chapter 286.4
NECESSITY, FUNCTION, AND CONFORMITY: To promote the proper
				conduct by licensees of the consumer loan business.
Section 1. No licensee shall pay or offer to
			 pay any borrower or any prospective borrower any monetary inducement by means
			 of which any person will be encouraged to become a borrower. No licensee shall
			 endeavor to solicit any business through any person, firm, or corporation,
			 other than a regular salaried employee of the licensee, by paying or offering
			 to pay such business recommended to the licensee by any such person, firm or
			 corporation.
STATUTORY AUTHORITY:
				  KRS
				  286.4-610
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 9 - Check Cashing › Section 808 KAR 9:010 - Deferred deposit database compliance

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				286.9-010(6),
				286.9-075,
				286.9-100(1),
				(7), (9), (10), (18), (19),
				286.9-140
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				286.9-100(9) prohibits
				licensees from having more than two (2) deferred deposit transactions from any
				one (1) customer at any one (1) time and limits the total proceeds received by
				a customer from all deferred deposit transactions to $500.
				KRS
				286.9-140(1) requires the
				commissioner to implement a common database with real-time access through an
				internet connection accessible to the department and licensees to verify
				whether any deferred deposit transactions are outstanding for a particular
				person and authorizes the commissioner to adopt rules to administer and enforce
				KRS
				286.9-140. This administrative regulation
				establishes requirements for licensee use of the database established pursuant
				to
				KRS
				286.9-140.
Section
			 1. Definitions. The following shall be additional definitions of
			 "closed" or "close" under
			 KRS
			 286.9-010(6)(e):
(1) The customer's payment instrument was
			 unpaid and the licensee has sold the underlying debt to a non-affiliated third
			 party without recourse;
(2) The
			 underlying debt represented by the customer's payment instrument has been
			 discharged in bankruptcy;
(3) The
			 database provider has designated the deferred deposit transaction concerning
			 the customer's payment instrument as closed pursuant to
			 KRS
			 286.9-140(7); or
(4) The licensee has reported to the database
			 provider that the deferred deposit transaction concerning the customer's
			 payment instrument is closed following being held open pursuant to
			 KRS
			 286.9-140(7).
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 9 - Check Cashing › Section 808 KAR 9:040 - Customer account transfers

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				286.9-010,
				286.9-100
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				286.9-090 authorizes the commissioner to
				promulgate administrative regulations for the enforcement of subtitle KRS
				286.9. This administrative regulation establishes that licensees may only use
				electronic debits of customer accounts in collection efforts if there is
				nonpayment by the customer's bank or other financial institution of the
				customer's check.
Section 1. In
			 connection with a deferred deposit transaction, a licensee shall deposit or
			 present for payment a customer's actual check to the customer's bank or other
			 financial institution unless that check is redeemed or bought back by the
			 customer.
Section 2. Upon
			 nonpayment by the customer's bank or other financial institution of the
			 customer's actual check, a licensee may use electronic debits of customer
			 accounts in its collection efforts.
STATUTORY AUTHORITY:
				  KRS
				  286.9-090
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:020 - Capital, records and reporting requirements of broker-dealers

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.330,
				292.460,
				15 U.S.C.
				78o(h)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				executive director to promulgate administrative regulations necessary to carry
				out the provisions of KRS Chapter 292.
				15 USC
				78o(h) prohibits a state
				from establishing capital, custody, margin, financial responsibility, making
				and keeping records, bonding, or financial or operational reporting
				requirements for a broker, dealer, municipal dealer, government security
				broker, or government security dealer that differs from, or are in addition to,
				the federal requirements. This administrative regulation establishes the state
				requirements for a person registered pursuant to the federal requirements
				established in
				15 USC
				78o.
Section
			 1. A broker-dealer, municipal security dealer, government security
			 broker, or government security dealer shall:
(1) Be deemed to have complied with the
			 requirements established in
			 KRS
			 292.330 relating to capital, custody, margin,
			 financial responsibility, making and keeping records, bonding, or financial or
			 operational reporting if:
(a) The person is:
1. Registered with the United States
			 Securities and Exchange Commission pursuant to
			 15 USC
			 78o; and
2. In compliance with the rules and
			 regulations enacted by the United States Securities and Exchange Commission
			 pursuant thereto;
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:030 - Conduct of broker-dealers, agents, and employees; investment advisers and representatives

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.330
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292.
				KRS
				292.336(6) authorizes the
				commissioner to promulgate administrative regulations regulating the conduct of
				business by broker-dealers and investment advisers. This administrative
				regulation establishes requirements relating to the conduct of a broker-dealer,
				agent, investment adviser, or representative.
Section 1. Definitions.
(1) "Current brochure" or "current brochure
			 supplement" means the most recent revision of the brochure or brochure
			 supplement, including all amendments to date.
(2) "Sponsor of a wrap fee program" means an
			 investment adviser that is compensated under a wrap fee program for:
(a) Sponsoring, organizing, or administering
			 the program; or
(b) Selecting, or
			 providing advice to clients regarding the selection of, other investment
			 advisers in the program.
(3) "Wrap fee program" means an advisory
			 program under which a specified fee or fees not based directly upon
			 transactions in a client's account is charged for:
(a) Investment advisory services, which may
			 include portfolio management or advice concerning the selection of other
			 investment advisers; and
(b) The
			 execution of client transactions.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:042 - Use of Senior Certifications and Designations

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.320(1)(c),
				292.320(2)(b),
				292.337(2)(h),
				292.470,
				292.530(1)(a)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292. KRS 229.336(6) authorizes the commissioner
				to promulgate administrative regulations for the conduct of business by
				broker-dealers and investment advisors.
				KRS
				292.337(2)(h) authorizes the
				commissioner to take legal action against an applicant or registrant if the
				person has engaged in dishonest or unethical practices in the securities
				business. This administrative regulation sets forth practices that are
				fraudulent or deceptive within the meaning of
				KRS
				292.320 or dishonest and unethical within the
				meaning of
				KRS
				292.337(2)(h).
Section 1. Definition. "Financial Services
			 Regulatory Agency" means an agency that regulates broker-dealers, investment
			 advisors, or investment companies as defined under the Investment Company Act
			 of 1940, 15 U.S.C. 80a.
Section 2.
			 Misleading Use of Certification of Designation is Prohibited. As set forth in
			 Section 2 of this administrative regulation, the use of a senior specific
			 certification or designation that indicates or implies that the user has
			 special certification or training in advising or servicing senior citizens or
			 retirees shall be a fraudulent, deceptive, dishonest, or unethical practice in
			 the securities business within the meaning of
			 KRS
			 292.320(1)(c),
			 292.320(2)(b),
			 or
			 292.337(2)(h),
			 if used by any person in connection with:
(1)
			 The offer, sale, or purchase of securities; or
(2) The provision of advice:
(a) As to the value of or the advisability of
			 investing in, purchasing, or selling securities, either directly or indirectly
			 or through publications or writings; or
(b) By issuing or promulgating analyses or
			 reports relating to securities.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:050 - Application withdrawal

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.331
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.331(6) authorizes the
				commissioner to promulgate administrative regulations that impose conditions on
				the registration of broker-dealers, investment advisers, investment adviser
				representatives, or agents. This administrative regulation establishes
				application withdrawal procedures for applicants for registration as agents,
				broker-dealers, investment advisers, and investment adviser
				representatives.
Section 1. An
			 application for registration as agent, broker-dealer, investment adviser, or
			 investment adviser representative shall be presumed to have been withdrawn if
			 the applicant takes no affirmative action to consummate the registration for a
			 period in excess of ninety (90) days from the date the application is received
			 by the commissioner.
STATUTORY AUTHORITY:
				  KRS
				  292.331(6),
				  292.500(3)
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:060 - Abandoned applications

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO: KRS Chapter 292
NECESSITY, FUNCTION, AND CONFORMITY: To permit the office to
				insure that all applications for registration are being actively pursued and to
				provide administrative due process of law when applicants encounter legitimate
				unavoidable delay.
Section 1. When a
			 registration statement, or a preeffective amendment to such a statement, has
			 been on file with the commissioner for a period of nine (9) months and has not
			 become effective, the commissioner may, in his discretion proceed in the
			 following manner to determine whether such registration statement or amendment
			 has been abandoned by the registrant:
(1) A
			 notice will be sent to the registrant and to the agent for service named in the
			 registration statement by registered or certified mail, return receipt
			 requested, addressed to the most recent address for the registrant and the
			 agent for service reflected in the registration statement. Such notice will
			 inform the registrant and the agent for service that the registration statement
			 or amendment is out of date and must be either amended to comply with the
			 applicable requirements of the Act and the rules and regulations thereto, or be
			 withdrawn within thirty (30) days after the date of such notice.
(2) If the registrant or the agent for
			 service fails to respond to such notice by filing a substantive amendment or
			 withdrawing the registration statement or does not furnish a satisfactory
			 explanation as to why he has not done so within such thirty (30) days, the
			 commissioner may, declare the registration statement or amendment abandoned.
			 Fees will be deemed to be forfeited and will not be returned.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:090 - Issuer's reports

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.360,
				15 U.S.C.
				78m,
				78o(d)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292.
				KRS
				292.360 establishes procedures by which a
				security for which a federal registration statement has been filed in
				connection with the same offering to register by coordination. This
				administrative regulation establishes a procedure for an issuer to keep the
				registration statement current beyond the one (1) year period of
				registration.
Section 1. The person who
			 files a registration statement pursuant to
			 KRS
			 292.360 shall keep the registration statement
			 current by filing the following:
(1) A copy
			 of the issuer's annual report on Form 10-K as filed with the Securities and
			 Exchange Commission pursuant to
			 15 U.S.C.
			 78m or
			 78o(d),
			 or a document containing the information required by
			 15 U.S.C.
			 78m or
			 78o(d);
(2) A statement of the aggregate amount of
			 securities sold in the state of Kentucky during the preceding twelve (12) month
			 period; and
(3) A posteffective
			 amendment to the issuer's federal registration statement not already on file
			 with the office.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:110 - Records of investment advisers

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.336(1)(a),
				17 C.F.R.
				275.204-2,
				15 U.S.C.
				80b-3
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292.
				KRS
				292.336(1)(a) requires an
				investment adviser who maintains his principal place of business in Kentucky to
				make and keep records required by the commissioner.
				KRS
				292.336(1)(d)establishes
				separate requirements for an investment adviser who maintains his principal
				place of business in a state other than Kentucky. This administrative
				regulation establishes the recordkeeping requirements for an investment adviser
				who maintains his principal place of business in Kentucky.
Section 1.
(1) Pursuant to
			 KRS
			 292.336(1)(a), an investment
			 adviser who maintains his principal place of business in Kentucky shall:
(a) Meet the recordkeeping requirements
			 established in
			 15 U.S.C.
			 80b-3; and
(b) Maintain his books and records in
			 accordance with the applicable federal regulations, including
			 17 C.F.R.
			 275.204-2.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:120 - Registration files

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO: KRS Chapter 292
NECESSITY, FUNCTION, AND CONFORMITY: To require that
				broker-dealer registration files are kept current.
Section 1. Every registered broker-dealer and
			 investment adviser shall promptly amend its registration file upon the
			 happenings of any of the following events:
(1)
			 Any change in the registrant's certifying accountant and a detailed statement
			 of the reasons therefor.
(2) Any
			 change in the registrant's net capital position which would result in a
			 violation of the minimum net capital requirements.
(3) Any change in the control of the
			 registrant.
(4) The institution of
			 any material legal proceeding to which the registrant is a party.
(5) Any change in the address of the
			 registrant or of any branch offices to the registrant.
(6) Any material change on the operations of
			 the registrant.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:130 - Amendments to registration statement

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.360,
				292.370
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292.
				KRS
				292.360 and
				292.370
				establish requirements for filing a registration statement. This administrative
				regulation establishes requirements for an amendment to a registration
				statement filed pursuant to
				KRS
				292.360 or
				292.370.
Section 1. An amendment to a registration
			 statement filed pursuant to
			 KRS
			 292.360 or
			 292.370
			 shall be marked in a manner to show each change from the last amendment
			 filed.
STATUTORY AUTHORITY:
				  KRS
				  292.500(3)
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:150 - Registration exemptions

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.410(1)(q)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292.
				KRS
				292.410(1)(q) authorizes the
				commissioner to exempt from
				KRS
				292.330 to
				292.390
				a transaction for which the commissioner finds that registration is not
				necessary or appropriate in the public interest or for the protection of an
				investor. This administrative regulation establishes an exemption for a
				qualified professional service corporation from the requirements established in
				KRS
				292.340 to
				292.390.
Section 1.
(1) Pursuant to
			 KRS
			 292.410(1)(q), a security
			 that is issued by a professional service corporation, a professional limited
			 liability company, or a professional limited liability partnership and that
			 meets the requirements established in subsection (3) of this section shall:
(a) Be exempt from
			 KRS
			 292.340 to
			 292.390;
			 and
(b) Not be required to file a
			 claim of exemption with the office.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:160 - Definitions for 808 KAR Chapter 10

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO: KRS Chapter 292
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292. This administrative regulation establishes
				the definitions for terms used in 808 KAR Chapter 10.
Section 1. Definitions.
(1) "Current financial statement" means:
(a) A balance sheet of the issuer as of a
			 date within four (4) months prior to the filing of the claim of
			 exemption;
(b) A profit and loss
			 statement audited by an independent, certified public accountant for the latest
			 fiscal year presented for:
1. The three (3)
			 fiscal years preceding the date of the balance sheet;
2. The period between the close of the last
			 fiscal year and the date of the balance sheet; or
3. The period of the issuer's and its
			 predecessor's existence if less than three (3) years; or
(c) If a part of the proceeds of the offering
			 is to be applied to the purchase of a business, the same financial statements
			 that would be required if that business were the issuer.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:170 - Exemption claims from securities registration; form

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS 292.400(9),
				(12),
				292.415(1),
				292.420(3)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292.
				KRS
				292.415(1) requires that
				before a security may be issued as an exempt security under
				KRS 292.400(9) or
				(12), a claim of exemption shall be filed
				with the commissioner in the form prescribed by the commissioner. This
				administrative regulation establishes the form and content of the claim of
				exemption that shall be filed in order to claim an exemption under
				KRS 292.400(9) or
				(12).
Section
			 1. The provisions of this section shall apply to a matter relating
			 to an exemption from registration pursuant to
			 KRS
			 292.400(9).
(1) The claim of exemption required to be
			 filed pursuant to
			 KRS
			 292.415(1) shall contain the
			 following:
(a) A declaration that the
			 KRS
			 292.400(9) exemption shall
			 be relied upon;
(b) A sample copy
			 of the security that will be issued;
(c) A copy of the articles of incorporation
			 and bylaws of the issuer or the equivalent governing instruments;
(d) A prospectus, offering circular, or
			 memorandum making full disclosure of material facts, including a discussion of
			 all salient risk factors;
(e) A
			 representation that an offeree or purchaser shall have access to information
			 concerning the issuer;
(f) Copies
			 of all advertising or other material to be distributed in connection with the
			 offering;
(g) A copy of the
			 subscription agreement or other similar agreement;
(h) A copy of a proposed agreement or
			 proposed form of agreement with a securities broker-dealer or
			 underwriter;
(i) A copy of the
			 preliminary or definitive Trust Indenture or trust agreement, if any;
(j)
1.
			 Attesting to the authority of the issuer to offer and sell the security;
			 and
2. Stating that after the sale
			 the security shall be a valid, binding obligation of the issuer in accordance
			 with the issuer's governing documents; and
(k) A representation that a commission or
			 other remuneration to be paid in connection with the offer or sale of the
			 security shall be paid to a person licensed pursuant to
			 KRS
			 292.330.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:225 - Administrative hearing procedures

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO: KRS Chapter 13B, 292.330, 292.460, 292.470,
				292.500(1), (3), (9)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.337(1),
				292.390(3),
				and
				292.410(2)
				authorize the commissioner to order the denial, suspension, or revocation of a
				registration or registration exemption of a broker-dealer, agent, investment
				adviser, investment adviser representative, or issuer agent for a violation of
				KRS Chapter 292.
				KRS
				292.500(9) requires that an
				administrative hearing be conducted in accordance with KRS Chapters 13B and
				292.
				KRS
				292.500(3) authorizes the
				commissioner of the office to promulgate administrative regulations to
				implement the provisions of KRS Chapter 292. This administrative regulation
				establishes supplemental administrative hearing procedures for matters relating
				to a broker-dealer, agent, investment adviser, investment adviser
				representative, issuer agent, or security.
Section
			 1. Definitions.
(1)
			 "Administrative hearing" is defined by
			 KRS
			 13B.010(2).
(2) "Commissioner" is defined by
			 KRS
			 292.310(4).
(3) "Department" means the Department of
			 Financial Institutions.
(4)
			 "Hearing officer" is defined by
			 KRS
			 13B.010(7).
(5) "Party" is defined by
			 KRS
			 13B.010(3).
(6) "Person" is defined by
			 KRS
			 292.310(10).
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:240 - Registration exemptions - sale of business

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.410(1)(q)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292.
				KRS
				292.410(1)(q) authorizes the
				commissioner to exempt from
				KRS
				292.330 to
				292.390
				a transaction for which the commissioner finds that registration is not
				necessary or appropriate in the public interest or for the protection of an
				investor. This administrative regulation establishes an exemption for a sale of
				a business that meets the specified requirements.
Section 1. Definition. "Legal entity" means a
			 business organization of any type, such as a corporation, a partnership, a
			 limited partnership, an association, or a limited liability company.
Section 2. Pursuant to
			 KRS
			 292.410(1)(q), the offer or
			 sale of 100 percent of the ownership interest in a legal entity shall be exempt
			 from the requirements established in
			 KRS
			 292.330 to
			 292.390
			 if:
(1) 100 percent of the ownership interest
			 in the legal entity is either offered or sold; and
(2) The ownership interest is sold to one (1)
			 individual or preexisting legal entity.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:260 - Examination requirement for individuals advising the public on securities, broker-dealers, and agents

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.310,
				292.331(3),
				292.337,
				292.500(3)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.331(3) authorizes the
				commissioner to require an examination as evidence of knowledge of the
				securities business as a condition of registration. This administrative
				regulation requires an individual who advises the public regarding securities
				to successfully complete a written examination that demonstrates knowledge of
				the requirements of the securities laws and exempts certain individuals from
				the examination requirement.
Section 1.
			 Except as provided in Section 2 of this administrative regulation, an
			 individual, including an investment adviser or an investment adviser
			 representative, who advises the public regarding the value of a security or the
			 advisability of investing in, purchasing, or selling a security shall
			 demonstrate competence in the law of securities by providing the commissioner
			 with proof of obtaining a passing score, as determined by the Financial
			 Industry Regulatory Authority (FINRA), on one (1) of the following
			 examinations:
(1) The Uniform Investment
			 Advisor Law Examination (Series 65 examination); or
(2)
(a) The
			 General Securities Representative Examination (Series 7 examination);
			 and
(b) The Uniform Combined State
			 Law Examination (Series 66 examination).
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:300 - Registration exemptions - pension plans

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO: KRS 292.330-292.390, 292.395,
				292.400(11),
				292.410(1)(q),
				17
				C.F.R. 230.701
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.400(11) exempts from the
				registration requirements of
				KRS
				292.340 to
				292.390
				an investment contract issued in connection with certain employee benefit
				plans, but not the securities in the plan.
				KRS
				292.410(1)(q) exempts from
				the registration requirements of
				KRS
				292.330 to
				292.390
				a transaction for which the commissioner finds registration is not necessary or
				appropriate in the public interest or for the protection of investors. This
				administrative regulation exempts an offer or sale of a security within the
				above-referenced employee benefit plans from the registration
				requirements.
Section 1.
(1) The registration provisions of
			 KRS
			 292.330 to
			 292.390
			 and the notice filing provisions of KRS 292.395 shall not apply to an offer or
			 sale of a security by an issuer pursuant to a written compensatory benefit plan
			 including, without limitation, a purchase, savings, option, bonus, stock
			 appreciation, profit sharing, thrift, incentive, pension or similar plan, or an
			 interest in a plan, if the offer or sale qualifies for the registration
			 exemption of
			 17
			 C.F.R. 230.701.
(2) In order to provide an exemption from the
			 registration requirements of
			 KRS
			 292.330 to
			 292.390
			 and from the notice filing provisions of KRS 292.395 for a security issued in
			 an employee compensatory circumstance, this exemption shall not apply to a plan
			 or scheme to circumvent that purpose, including one to raise capital. In those
			 cases, registration or another exemption from registration shall be
			 required.
(3) A filing with the
			 office shall not be necessary to claim the exemption.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:320 - Broker-dealer books and records requirements

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.336(1)(a), 17 C.F.R.
				240.17a-3, 240.17 -a-4,
				15 U.S.C. 78q
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292.
				KRS
				292.336(1)(a) requires a
				registered broker-dealer to make and keep records required by the commissioner.
				This administrative regulation establishes the recordkeeping requirements for a
				broker-dealer.
Section 1.
(1) Pursuant to
			 KRS
			 292.336(1)(a), a
			 broker-dealer shall:
(a) Meet the
			 recordkeeping requirements established in
			 15 U.S.C.
			 78q; and
(b) Maintain his books and records in
			 accordance with the applicable federal regulations, including
			 17
			 C.F.R. 240.17a-3 and
			 17
			 C.F.R. 240.17a-4.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:360 - Safe harbor for limited liability company membership interests

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.310(19)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292. This administrative regulation establishes a
				safe harbor for membership interests in a limited liability company. If a
				membership interest meets the criteria of the safe harbor, the interest shall
				not be considered an investment contract within the definition of security, and
				therefore, shall not be subject to the provisions of the Securities Act of
				Kentucky, KRS Chapter 292.
Section 1. A
			 membership interest in a limited liability company shall not be considered an
			 investment contract, if the aggregate number of members of the limited
			 liability company, after all membership interests are sold, does not exceed
			 thirty-five (35) and at least one (1) of the following requirements are met:
(1) Each member of the limited liability
			 company is actively engaged in the management of the limited liability
			 company;
(2) The articles of
			 organization or operating agreement of the limited liability company vest
			 management of the limited liability company in a manager who is a member and
			 the articles or operating agreement provide that the managing member may be
			 replaced by any other member, by an affirmative vote of a simple majority of
			 all members; or
(3) Each member is
			 authorized to act for and bind the limited liability company under applicable
			 law or under the articles of organization or operating agreement of the limited
			 liability company.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:370 - Securities offered on the Internet but not sold in Kentucky

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.410(1)(q)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292.
				KRS
				292.340 requires registration for a nonexempt
				security.
				KRS
				292.410(1)(q) authorizes the
				commissioner to create exemptions from the registration requirements
				established in
				KRS
				292.340. This administrative regulation
				establishes requirements for determining if the transmission of information via
				the Internet concerning a security offering requires registration pursuant to
				KRS
				292.340.
Section
			 1. An attempt to offer or dispose of, or a solicitation of an
			 offer to purchase, a security, or an interest in a security for value, made via
			 the Internet, including a communication on a proprietary or "common carrier"
			 electronic delivery system, the World Wide Web or the Internet, shall be
			 considered an "offer" of a security under KRS Chapter 292.
Section 2. Registration shall not be required
			 for a security that will be:
(1) Offered by
			 an issuer on the Internet; and
(2)
			 Not sold in Kentucky.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:380 - Solicitations of interest prior to the filing of a registration statement

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.330,
				292.340,
				292.410(1)(i),
				(q),
				292.470
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292.
				KRS
				292.330 requires registration for a nonexempt
				security.
				KRS
				292.410(1)(q) authorizes the
				commissioner to create exemptions from the registration requirements
				established in
				KRS
				292.330. This administrative regulation
				establishes requirements for determining if a solicitation of interest prior to
				the filing of a registration statement requires registration pursuant to
				KRS
				292.330.
Section
			 1.
(1) Pursuant to
			 KRS
			 292.410(1)(q), a written
			 document, oral communication, Internet communication, or the dissemination of a
			 scripted radio or television broadcast, made by or on behalf of an issuer for
			 the sole purpose of soliciting an indication of interest in receiving an
			 offering circular (or its equivalent) for an offering of a security in this
			 state shall be exempt from the requirements established in
			 KRS
			 292.330 to
			 292.390
			 if:
(a) The issuer:
1. Is or will be a business entity organized
			 under the laws of one (1) of the states or possessions of the United States or
			 one (1) of the provinces or territories of Canada;
2. Is engaged in or proposes to engage in a
			 business other than petroleum or natural gas exploration or production or
			 mining or other extractive industries; and
3. Is not a development stage company that
			 either has:
a. No specific business plan or
			 purpose; or
b. Indicated that its
			 business plan is to merge with an unidentified company or companies;
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:390 - Confidentially disclosed documents

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.500(17)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner to promulgate administrative regulations necessary to carry out
				the provisions of KRS Chapter 292.
				KRS
				292.500(18) authorizes the
				commissioner to share information gained pursuant to an examination,
				investigation, filing, or other source, with a governmental agency,
				jurisdiction, or governmental or self-regulating organization or entity to the
				extent the commissioner determines that the sharing of information is or will
				be reasonably necessary or useful to the office or agency in carrying out its
				regulatory responsibilities. This administrative regulation establishes the
				requirements for release of confidential information pursuant to
				KRS
				292.500(17).
Section 1. Pursuant to
			 KRS
			 292.500(18), the
			 commissioner may disclose confidential information if the requirements
			 established in this section are met.
(1) The
			 commissioner may disclose the content of an investigation, examination report,
			 preliminary examination report or results, or other matter relating to the
			 preceding, to another governmental or regulatory authority, including the U.S.
			 Securities and Exchange Commission, the NASD, a state securities regulator, a
			 state or federal criminal agency, or a criminal prosecutorial body, if:
(a) The agency receiving the information
			 agrees in writing to hold it confidential; or
(b) The commissioner reasonably believes a
			 legitimate governmental purpose is served by the disclosure regardless of the
			 ability of the other agency to ensure the confidentiality of the disclosed
			 material.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:400 - Examination fees and criteria

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.336(4),
				15
				U.S.C. 78s(b),
				15 U.S.C.
				78w
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.336(4)(b) provides that
				the commissioner may make periodic examinations of broker-dealers, firms
				employing issuer agents, and investment advisers and may charge a reasonable
				fee for the examination. This administrative regulation establishes the
				schedule of fees.
Section 1. Investment
			 Adviser. The fee for an examination of an investment adviser shall be:
(1) Seventy-five (75) dollars for an
			 investment adviser with assets under management of one (1) million dollars or
			 less;
(2) $150 for an investment
			 adviser with assets under management of more than one (1) million dollars but
			 not more than five (5) million dollars;
(3) $250 for an investment adviser with
			 assets under management of more than five (5) million dollars but not more than
			 ten (10) million dollars;
(4) $300
			 for an investment adviser with assets under management of more than ten (10)
			 million dollars but not more than twenty (20) million dollars;
(5) $350 for an investment adviser with
			 assets under management of more than twenty (20) million dollars but not more
			 than thirty (30) million dollars;
(6) $450 for an investment adviser with
			 assets under management of more than thirty (30) million dollars but not more
			 than forty-five (45) million dollars;
(7) $550 for an investment adviser with
			 assets under management of more than forty-five (45) million dollars but not
			 more than sixty (60) million dollars;
(8) $650 for an investment adviser with
			 assets under management of more than sixty (60) million dollars but not more
			 than seventy-five (75) million dollars; and
(9) $750 for an investment adviser with
			 assets under management of more than seventy-five (75) million
			 dollars.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:430 - Required filing for oil, gas, and mineral securities offerings relying upon the registration exemption in KRS 292.410(1)(i)

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				292.410(1)(i)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.410(1)(i) 5 authorizes
				the commissioner to impose additional conditions and requirements for a
				particular class of issuers if appropriate in furtherance of the intent of KRS
				Chapter 292. The Commissioner of the Department of Financial Institutions has
				found that securities evidencing interests in oil, gas, and other minerals have
				resulted in numerous losses for investors and a significant rise in enforcement
				actions. The requirement of a filing to claim an exemption from registration
				will allow the Commissioner of the Department of Financial Institutions to
				become aware of offerings of securities of oil, gas, and minerals and provide
				investor protection by becoming involved earlier in the process. This
				administrative regulation establishes the filing requirements for a
				registration exemption for oil, gas, and mineral securities.
Section 1. Notice of Claim of Registration
			 Exemption; Filing Requirements. To claim a registration exemption pursuant to
			 KRS
			 292.410(1)(i) for any
			 security that otherwise has available the securities registration exemption in
			 KRS
			 292.410(1)(i) and evidences
			 an oil, gas, or mineral interest, a person shall file a Notice of Claim of
			 Exemption with the Office of Financial Institutions. The Notice of Claim of
			 Exemption shall include the following:
(1) A
			 letter containing:
(a) A declaration that the
			 KRS
			 292.410(1)(i) exemption will
			 be relied upon;
(b) A statement as
			 to which condition in
			 KRS
			 292.410(1)(i) 3 is
			 satisfied;
(c) A representation
			 that persons who receive commissions, finders fees, or other remuneration in
			 connection with sales of securities are in compliance with
			 KRS
			 292.330;
(d) A representation that the seller believes
			 that all the buyers are purchasing for investment;
(e) A representation that each buyer will
			 sign an appropriate "investment intent" letter, a copy of which shall be
			 included with the claim of exemption, stating in part that the buyer is not
			 taking with a view to distribution;
(f) A representation that the securities to
			 be issued will bear an appropriate restrictive legend, a copy of which shall be
			 submitted with the claim of exemption;
(g) A representation that the offerees and
			 purchasers shall have access to information concerning the issuer and any
			 persons significant to the success of the undertaking; and
(h) A representation that public advertising
			 or solicitation shall not be employed in effecting the proposed
			 transaction.
Kentucky Administrative Regulations › Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS › Chapter 10 - Securities › Section 808 KAR 10:450 - Examples of dishonest or unethical practice for investment advisers and investment adviser representatives

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO: KRS Chapter 292,
				17 C.F.R.
				275.206(4),
				15 U.S.C.
				78,
				80b
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				292.500(3) authorizes the
				commissioner of the Department of Financial Institutions to promulgate
				administrative regulations necessary to carry out the provisions of KRS Chapter
				292. KRS
				292.336(7) and (8) authorize
				the commissioner to promulgate administrative regulations prohibiting
				unreasonable charges or other compensation of investment advisers and
				prescribing standards for the conduct of business by investment advisers and
				investment adviser representatives which the commissioner finds appropriate in
				the public interest and for the protection of investors. This administrative
				regulation establishes requirements concerning dishonest and unethical
				practices by investment advisers and investment adviser representatives and
				clarifies the consequences of engaging in unacceptable conduct or
				practices.
Section 1. Definitions.
(1) "Advertisement" means any notice,
			 circular, letter, or other written communication addressed to more than one (1)
			 person, or any notice or other announcement in any electronic or paper
			 publication, by radio or television, or by any other medium, that offers any
			 one (1) of the following:
(a) Any analysis,
			 report, or publication concerning securities;
(b) Any analysis, report, or publication that
			 is to be used in making any determination as to when to buy or sell any
			 security or which security to buy or sell;
(c) Any graph, chart, formula, or other
			 device to be used in making any determination as to when to buy or sell any
			 security, or which security to buy or sell; or
(d) Any other advisory service regarding
			 securities.