05/05/1998 03:07 PM Senate L&C

                                                                               
              CSHB 486(L&C) - ALASKA SECURITIES ACT                            
                                                                               
CHAIRMAN LEMAN brought CSHB 486(L&C) before the committee as the               
next order of business.                                                        
                                                                               
TERRY ELDER, Senior Securities Examiner, Division of Banking,                  
Securities and Corporations, Department of Commerce and Economic               
Development, stated the legislation will bring the Alaska                      
Securities Act into compliance with federal law that was changed in            
1996.  By doing so, it will preserve the state's ability to collect            
fees for federally covered securities, which currently amount to               
over $4 million a year, as well as preserve the state's ability to             
continue regulating large investment advisors and helping Alaskans             
in that regard.                                                                
                                                                               
CHAIRMAN LEMAN asked if there was any objection from the industry              
or the public to this bill.  MR. ELDER responded that he was not               
aware of any expressed opposition.                                             
                                                                               
SENATOR MACKIE asked if it was an accurate statement that failure              
to do this means a loss of revenue to the state, and MR. ELDER                 
acknowledged that was correct.  The informational fiscal note                  
provided to the committee shows the impact on state general fund               
revenues if the statute is not amended.                                        
                                                                               
Number 150                                                                     
                                                                               
There being no further testimony on HB 486, CHAIRMAN LEMAN asked               
for the pleasure of the committee.                                             
                                                                               
SENATOR KELLY moved CSHB 486(L&C) be passed out of committee with              
individual recommendations.  Hearing no objection, it was so                   
ordered.