Legislature(1999 - 2000)
02/22/1999 03:16 PM House L&C
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* first hearing in first committee of referral
+ teleconferenced
= bill was previously heard/scheduled
+ teleconferenced
= bill was previously heard/scheduled
HOUSE LABOR AND COMMERCE STANDING COMMITTEE
February 22, 1999
3:16 p.m.
MEMBERS PRESENT
Representative Norman Rokeberg, Chairman
Representative Andrew Halcro, Vice Chairman
Representative Jerry Sanders
Representative Lisa Murkowski
Representative John Harris
Representative Tom Brice
Representative Sharon Cissna
MEMBERS ABSENT
All members present
COMMITTEE CALENDAR
HOUSE BILL NO. 83
"An Act relating to the licensing 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
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,' 'supervised person,' and
'viatical settlement'; 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."
- MOVED CSHB 83(L&C) OUT OF COMMITTEE
(* First public hearing)
PREVIOUS ACTION
BILL: HB 83
SHORT TITLE: ALASKA SECURITIES ACT
SPONSOR(S): LABOR & COMMERCE BY REQUEST
Jrn-Date Jrn-Page Action
2/08/99 163 (H) READ THE FIRST TIME - REFERRAL(S)
2/08/99 164 (H) L&C, JUD
2/17/99 (H) L&C AT 3:15 PM CAPITOL 17
2/17/99 (H) HEARD AND HELD
2/17/99 (H) MINUTE(L&C)
2/19/99 (H) L&C AT 3:15 PM CAPITOL 17
2/19/99 (H) HEARD AND HELD
2/19/99 (H) MINUTE(L&C)
2/22/99 (H) L&C AT 3:15 PM CAPITOL 17
WITNESS REGISTER
JANET SEITZ, Legislative Assistant
to Representative Norman Rokeberg
Alaska State Legislature
Capitol Building, Room 24
Juneau, Alaska 99801
Telephone: (907) 465-4968
POSITION STATEMENT: As committee aide for the House Labor and
Commerce Standing Committee, explained CSHB 83(L&C).
ACTION NARRATIVE
TAPE 99-12, SIDE A
Number 0001
CHAIRMAN NORMAN ROKEBERG called the House Labor and Commerce
Standing Committee meeting to order at 3:16 p.m. Members present
at the call to order were Representatives Rokeberg, Halcro,
Sanders, Murkowski, Harris, Brice and Cissna.
HB 83 - ALASKA SECURITIES ACT
CHAIRMAN ROKEBERG announced the committee would hear HB 83 [full
title not provided here due to length]. He advised members that
there was a proposed committee substitute [version 1-LS0253\G,
Bannister, 2/20/99], created to address problems brought up at the
last meeting.
Number 0259
JANET SEITZ, Legislative Assistant to Representative Norman
Rokeberg, Alaska State Legislature, serving as committee aide,
explained that the two changes in the proposed committee substitute
were in accordance with the two amendments adopted the previous
Friday [February 19, 1999]. First, all references to "viatical
settlements" have been removed. And second, on page 21, lines 2
and 3, reference to "dual agency capacity" has been deleted; the
new language is, "disclose to a customer that the broker-dealer or
agent is acting as an agent for both the customer and another
person".
CHAIRMAN ROKEBERG asked whether the drafter had decided to delete
the dual agency language to avoid confusion.
MS. SEITZ affirmed that.
Number 0330
REPRESENTATIVE HALCRO made a motion to move CSHB 83, version
1-LS0253\G, Bannister, 2/20/99, out of committee with the attached
zero fiscal note. There being no objection, CSHB 83(L&C) moved out
of the House Labor and Commerce Standing Committee.
Number 0366
CHAIRMAN ROKEBERG called a brief at-ease at 3:23 p.m. to prepare
for the Mental Health Parity Task Force Report. [The minutes for
that portion of the meeting are found in the 3:28 p.m. cover sheet
for this same date.]
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