HB 491: "An Act relating to the Alaska Securities Act and adopting provisions of the Uniform Securities Act."

00 HOUSE BILL NO. 491 01 "An Act relating to the Alaska Securities Act and adopting provisions of the Uniform 02 Securities Act." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 45.55.050(d) is repealed and reenacted to read: 05 (d) The records referred to in this section are subject to the reasonable 06 periodic, special, or other audits or inspections by a representative of the 07 administrator, inside or outside this state, as the administrator considers necessary or 08 appropriate in the public interest and for the protection of investors. An audit or 09 inspection may be made at any time and without prior notice. The administrator may 10 copy and remove for audit or inspection copies of all records the administrator 11 reasonably considers necessary or appropriate to conduct the audit or inspection. The 12 administrator may assess a reasonable charge under AS 45.55.915 for conducting an 13 audit or inspection under this subsection. 14 * Sec. 2. AS 45.55.060(g) is repealed and reenacted to read:

01 (g) Withdrawal of registration by a broker-dealer, agent, state investment 02 adviser, or investment adviser representative becomes effective 60 days after the filing 03 of the application to withdraw or within a shorter period of time as provided by a 04 regulation adopted or an order issued under this chapter unless a revocation or 05 suspension proceeding is pending when the application is filed. If a proceeding is 06 pending, withdrawal becomes effective when and upon the conditions as required by 07 regulation adopted or order issued under this chapter. The administrator may institute 08 a revocation or suspension proceeding under this section within one year after the 09 withdrawal became effective automatically and issue a revocation or suspension order 10 as of the last date on which registration was effective if a proceeding is not pending.