Section 113.14 - [Effective 11/14/2024] Statements of Policy(a) The Securities Commissioner, where applicable, will utilize the criteria contained in the NASAA Statements of Policy set forth in subsection (b) of this section for offerings registering pursuant to the Registration Sections. While applications not conforming to a statement of policy shall be looked upon with disfavor, where good cause is shown or to protect investors, certain provisions may be modified or waived by the Commissioner.(b) In order to promote uniform regulation, the following NASAA Statements of Policy shall apply to the registration of securities:(1) Corporate Securities Definitions, as amended by NASAA on May 6, 2018;(2) Impoundment of Proceeds, as amended by NASAA on September 12, 2023;(3) Loans and Other Material Affiliated Transactions, as amended by NASAA on May 6, 2018;(4) Options and Warrants, as amended by NASAA on September 12, 2023;(5) Preferred Stock, as amended by NASAA on September 11, 2016;(6) Promoters' Equity Investment, as amended by NASAA on September 11, 2016;(7) Promotional Shares, as amended by NASAA on September 12, 2023;(8) Specificity in Use of Proceeds, as amended by NASAA on September 11, 2016;(9) Underwriting and Selling Expenses, Underwriter's Warrants, and Selling Security Holders, as amended by NASAA on May 6, 2018;(10) Unsound Financial Condition, as amended by NASAA on May 6, 2018;(11) Unequal Voting Rights, as amended by NASAA on September 11, 2016;(12) Debt Securities, as amended by NASAA on September 12, 2023;(13) Real Estate Programs, as amended by NASAA on May 7, 2007;(14) Oil and Gas Programs, as amended by NASAA on May 6, 2012;(15) Asset-backed Securities, as amended by NASAA on May 6, 2012;(16) Equipment Programs, as amended by NASAA on May 6, 2012;(17) Real Estate Investment Trusts, as amended by NASAA on May 7, 2007;(18) Mortgage Program Guidelines, as amended by NASAA on May 7, 2007;(19) Omnibus Guidelines, as amended by NASAA on May 7, 2007;(20) Registration of Commodity Pool Programs, as amended by NASAA on May 6, 2012; and(21) Use of Electronic Offering Documents and Electronic Signatures, adopted by NASAA on May 8, 2017.(c) Copies of the NASAA Statements of Policy are available online at the NASAA web site (www.nasaa.org) and the Texas State Securities Board web site (www.ssb.texas.gov). Copies may be obtained by contacting the Texas State Securities Board, P.O. Box 13167, Austin, Texas 78711, or by calling (512) 305-8300.7 Tex. Admin. Code § 113.14
The provisions of this §113.14 adopted to be effective January 7, 2009, 34 TexReg 44; amended to be effective August 18, 2011, 36 TexReg 5093; amended to be effective May 15, 2014, 39 TexReg 3704; Amended by Texas Register, Volume 43, Number 23, June 8, 2018, TexReg 3779, eff. 6/12/2018; Amended by Texas Register, Volume 44, Number 33, August 16, 2019, TexReg 4310, eff. 8/25/2019; Amended by Texas Register, Volume 49, Number 13, March 29, 2024, TexReg 2062, eff. 4/7/2024; Amended by Texas Register, Volume 49, Number 45, November 8, 2024, TexReg 8874, eff. 11/14/2024