Legislature(2017 - 2018)BELTZ 105 (TSBldg)
04/18/2018 01:30 PM Senate JUDICIARY
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| Audio | Topic |
|---|---|
| Start | |
| SB81 | |
| HB355 | |
| HB170 | |
| Adjourn |
* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
| += | SB 81 | TELECONFERENCED | |
| + | HB 355 | TELECONFERENCED | |
| += | HB 170 | TELECONFERENCED | |
| += | HB 208 | TELECONFERENCED | |
| + | HB 216 | TELECONFERENCED | |
| + | HB 342 | TELECONFERENCED | |
| + | TELECONFERENCED |
HB 170-AK SECURITIES ACT; PENALTIES; CRT. RULES
2:46:23 PM
CHAIR COGHILL announced the consideration of HB 170. [SCS CSHB
170(L&C) was before the committee.] He asked if there were any
more questions for the committee to consider.
2:47:30 PM
SENATOR WIELECHOWSKI asked if HB 170 was the same or
substantially different than securities bills that have come
before the committee in years past.
2:47:49 PM
CRYSTAL KOENEMAN, Staff, Representative Sam Kito III, Alaska
State Legislature, Juneau, Alaska, said HB 170 has been around
since 2010. It was important to the former director of the
Division of Banking and Securities, Kevin Anselm, and her
predecessor.
CHAIR COGHILL added that the bill always gets caught up in the
end of session because it's so dense. The industry has had
significant input and the current division director wants to
testify today.
2:49:08 PM
KRISTY NAYLOR, Acting Director, Division of Banking and
Securities, Department of Commerce, Community and Economic
Development (DCCED), Anchorage, Alaska, said HB 170 is a
consumer protection bill that enhances the administrative civil
and criminal penalties. The hope is that the additional consumer
protections will benefit Alaskans as a whole. The bill looks
larger than it really is because it completely repeals and
reenacts the statutes. Most of the existing Securities Act
provisions remain in place but are reorganized.
CHAIR COGHILL asked her to discuss why the bill separates
securities from the Alaska Native Settlement Act (ANCSA).
MS. NAYLOR explained that the ANCSA was placed in the Securities
Act when it passed because the federal government directed ANCSA
corporation proxy solicitations to be regulated the way the FCC
regulates proxy solicitations of publicly traded corporations.
However, it doesn't make sense to have the same regulatory
procedures as for broker dealers and investment advisors when
ANCSA corporations are so unique and the proxy solicitation
regulation is so individualized. Rather, it makes more sense to
leave the ANCSA provisions where they are and move the
securities provisions to another chapter and regulate them
separately.
2:52:09 PM
CHAIR COGHILL said he wanted the members to understand that
history. He asked if there was any objection to moving the bill.
2:52:49 PM
SENATOR WIELECHOWSKI asked if the bill had any opposition.
MS. KOENEMAN replied none that they were aware of through prior
committee hearings.
2:53:23 PM
SENATOR COSTELLO moved to report the Senate CS for CS for HB
170(L&C), version R, from committee with individual
recommendations and attached fiscal note(s).
2:53:41 PM
CHAIR COGHILL found no objection and SCS CSHB 170(L&C) moved
from the Senate Judiciary Standing Committee