Legislature(1999 - 2000)
1999-03-31 House Journal
Full Journal pdf1999-03-31 House Journal Page 0634 HB 83 The following, which had been read a second time and moved to the bottom of the calendar (page 631), was again before the House: CS FOR HOUSE BILL NO. 83(JUD) "An Act relating to the licensing of and revocation of licenses of, acts and practices of, notice filings required of, duties of, registration of, capitalization of, financial requirements for, bonding of, coordinated securities examinations of, recordkeeping by, and documents filed by certain securities occupations; relating to public entity investment pools; relating to investment advisory contracts; relating to the examination of records of certain securities occupations; relating to federal covered securities; relating to the registration of securities; relating to the general exemptions for securities and transactions; relating to offers of securities on the Internet; relating to the confidentiality of investigative files under the Alaska Securities Act; relating to the payment by certain securities occupations of expenses and fees of investigations and examinations; relating to petitions to superior court by the administrator to reduce civil penalties to judgment; exempting certain violations of the Alaska Securities Act from criminal penalties; relating to time limitations in bringing court actions for violations of the Alaska Securities Act; relating to the affirmative defense of timeliness in court actions relating to securities; prohibiting certain lawsuits involving buyers of securities; relating to time limitations for bringing court actions involving the receipt of a written offer related to securities; relating to offers to repay buyers of securities; relating to notification of certain securities occupations regarding 1999-03-31 House Journal Page 0635 HB 83 administrative hearings; relating to fees established by the administrator; relating to a sale, a purchase, or an offer to sell or purchase under the Alaska Securities Act; relating to the locations of offers to buy or sell; relating to consent to service; amending the Alaska Securities Act definitions of 'agent,' 'broker-dealer,' 'person,' 'Securities Act of 1933,' and 'security;' defining for purposes of the Alaska Securities Act 'advisory client,' 'advisory fee,' 'advisory services,' 'Bank Holding Company Act of 1956,' 'clients who are natural persons,' 'federal covered adviser,' 'federal covered security,' 'Federal Deposit Insurance Act,' 'Home Owners' Loan Act,' 'investment adviser representative,' 'Investment Advisers Act of 1940,' 'investment advisory business,' 'investment advisory contract,' 'Investment Company Act of 1940,' 'NASDAQ,' 'National Securities Markets Improvement Act of 1996,' 'notice filing,' 'place of business,' 'principal place of business,' 'Securities Exchange Act of 1934,' 'securities business,' 'state investment adviser,' 'substantial portion of the business,' and 'supervised person'; relating to the title of the Alaska Securities Act; relating to the definitions in the Alaska Securities Act of 'assignment' and 'investment adviser'; relating to implementation of the changes to the Alaska Securities Act; and providing for an effective date." Amendment No. 1 was offered by Representative Rokeberg: Page 1, line 1, through page 3, line 1 (title amendment): Delete all material. Insert ""An Act relating to certain securities occupations and investment pools; relating, with regard to the Alaska Securities Act, to federal covered securities, the registration of securities, the general exemptions for securities and transactions, Internet offers of securities and transactions, file confidentiality, court petitions for civil penalty judgments, penalties for wilful violations, time limits for bringing court actions for violations, administrator-established fees and administrator-required reimbursements, consent to service, title, sales, purchases, offers to sell, and offers to purchase; exempting certain violations of the Alaska Securities Act from certain penalties; amending or repealing certain current definitions in the Alaska Securities Act; providing new Alaska Securities Act definitions for certain securities occupations, for certain federal statutes, 1999-03-31 House Journal Page 0636 HB 83 and for the terms 'advisory client,' 'advisory fee,' 'advisory services,' 'clients who are natural persons,' 'federal covered security,' 'investment advisory business,' 'investment advisory contract,' 'NASDAQ,' 'notice filing,' 'place of business,' 'principal place of business,' 'securities business,' 'substantial portion of the business,' and 'supervised person'; and providing for an effective date."" Representative Rokeberg moved and asked unanimous consent that Amendment No. 1 be adopted. Representative Croft objected. The question being: "Shall Amendment No. 1 be adopted?" The roll was taken with the following result: CSHB 83(JUD) Second Reading Amendment No. 1 YEAS: 20 NAYS: 19 EXCUSED: 1 ABSENT: 0 Yeas: Austerman, Barnes, Coghill, Davis, Dyson, Foster, Green, Harris, James, Kohring, Kott, Masek, Mulder, Ogan, Porter, Rokeberg, Sanders, Therriault, Whitaker, Williams Nays: Berkowitz, Brice, Bunde, Cissna, Cowdery, Croft, Davies, Grussendorf, Halcro, Hudson, Joule, Kapsner, Kemplen, Kerttula, Kookesh, Morgan, Murkowski, Phillips, Smalley Excused: Moses And so, Amendment No. 1 was adopted and the new title appears below: CS FOR HOUSE BILL NO. 83(JUD)(title am) "An Act relating to certain securities occupations and investment pools; relating, with regard to the Alaska Securities Act, to federal covered securities, the registration of securities, the general exemptions for securities and transactions, Internet offers of securities and transactions, file confidentiality, court petitions for civil penalty judgments, penalties for wilful violations, time limits 1999-03-31 House Journal Page 0637 HB 83 for bringing court actions for violations, administrator-established fees and administrator-required reimbursements, consent to service, title, sales, purchases, offers to sell, and offers to purchase; exempting certain violations of the Alaska Securities Act from certain penalties; amending or repealing certain current definitions in the Alaska Securities Act; providing new Alaska Securities Act definitions for certain securities occupations, for certain federal statutes, and for the terms 'advisory client,' 'advisory fee,' 'advisory services,' 'clients who are natural persons,' 'federal covered security,' 'investment advisory business,' 'investment advisory contract,' 'NASDAQ,' 'notice filing,' 'place of business,' 'principal place of business,' 'securities business,' 'substantial portion of the business,' and 'supervised person'; and providing for an effective date." Representative Green moved and asked unanimous consent that CSHB 83(JUD)(title am) be considered engrossed, advanced to third reading and placed on final passage. Representative Berkowitz objected. The Speaker stated that CSHB 83(JUD)(title am) will be in third reading on the April 7, 1999, calendar.