02/11/2016 01:30 PM Senate LABOR & COMMERCE
| Audio | Topic |
|---|---|
| Start | |
| Crowdinvesting and Economic Development in Alaska | |
| SB126 | |
| SB108 | |
| Adjourn |
+ teleconferenced
= bill was previously heard/scheduled
| *+ | SB 126 | TELECONFERENCED | |
| *+ | SB 165 | TELECONFERENCED | |
| + | TELECONFERENCED | ||
| += | SB 108 | TELECONFERENCED | |
ALASKA STATE LEGISLATURE
SENATE LABOR AND COMMERCE STANDING COMMITTEE
February 11, 2016
1:33 p.m.
MEMBERS PRESENT
Senator Mia Costello, Chair
Senator Cathy Giessel, Vice Chair
Senator Kevin Meyer
Senator Gary Stevens
MEMBERS ABSENT
Senator Johnny Ellis
COMMITTEE CALENDAR
PRESENTATION: CROWDINVESTING AND ECONOMIC DEVELOPMENT IN ALASKA
- HEARD
SENATE BILL NO. 126
"An Act establishing an exemption for the offering and sale of
certain securities."
- HEARD & HELD
SENATE BILL NO. 108
"An Act repealing and reenacting the Alaska Securities Act,
including provisions relating to exempt securities and
transactions; relating to registration of securities, firms, and
agents that offer or sell securities and investment advice;
relating to administrative, civil, and criminal enforcement
provisions, including restitution and civil penalties for
violations; allowing certain civil penalties to be used for an
investor training fund; establishing increased civil penalties
for harming older Alaskans; retaining provisions concerning
corporations organized under the Alaska Native Claims Settlement
Act; amending Rules 4, 5, 54, 65, and 90, Alaska Rules of Civil
Procedure; and providing for an effective date."
- HEARD AND HELD
SENATE BILL NO. 165
"An Act relating to the presence of minors in the licensed
premises of manufacturers, wholesalers, and retailers of
alcoholic beverages; relating to the Alcoholic Beverage Control
Board; relating to the offense of minor consuming; relating to
revocation of a driver's license for a minor consuming offense;
relating to the effect of the revocation of a driver's license
for a minor consuming offense on a motor vehicle liability
insurance policy; and amending Rule 17, Alaska Rules of Minor
Offense Procedure."
- SCHEDULED BUT NOT HEARD
PREVIOUS COMMITTEE ACTION
BILL: SB 126
SHORT TITLE: SMALL SECURITY OFFERINGS
SPONSOR(s): SENATOR(s) COSTELLO
01/19/16 (S) PREFILE RELEASED 1/15/16
01/19/16 (S) READ THE FIRST TIME - REFERRALS
01/19/16 (S) L&C, FIN
02/11/16 (S) L&C AT 1:30 PM BELTZ 105 (TSBldg)
BILL: SB 108
SHORT TITLE: AK SECURITIES ACT; PENALTIES; CRT. RULES
SPONSOR(s): RULES BY REQUEST OF THE GOVERNOR
04/13/15 (S) READ THE FIRST TIME - REFERRALS
04/13/15 (S) L&C, JUD, FIN
02/09/16 (S) L&C AT 1:30 PM BELTZ 105 (TSBldg)
02/09/16 (S) Scheduled but Not Heard
02/11/16 (S) L&C AT 1:30 PM BELTZ 105 (TSBldg)
WITNESS REGISTER
MICHAEL SHUMAN, Community Economist and Director
Research and Public Policy for the Business Alliance for Local
Living Economies
Silver Spring, MD
POSITION STATEMENT: Presented "Why Crowdfunding Matters -
Unlocking the Economic Power of Small Business in Alaska."
WESTON EILER, Staff
Senator Mia Costello
Alaska State Legislature
Juneau, Alaska
POSITION STATEMENT: Presented information on SB 126 on behalf of
the sponsor.
KEVIN ANSELM, Director
Division of Banking and Securities, Department of Commerce,
Community and Economic Development (DCCED)
Anchorage, Alaska
POSITION STATEMENT: Provided information related to SB 126 and
SB 108.
THOMAS DALY, Owner
HiSpeed Gear
Kenai, Alaska
POSITION STATEMENT: Testified in support of SB 126.
JASON HOKE, Executive Director
Copper Valley Development Association
Glennallen, Alaska
POSITION STATEMENT: Testified in support of SB 126.
ACTION NARRATIVE
1:33:30 PM
CHAIR MIA COSTELLO called the Senate Labor and Commerce Standing
Committee meeting to order at 1:33 p.m. Present at the call to
order were Senators Meyer, Giessel, Stevens, and Chair Costello.
She reviewed the agenda.
^Crowdinvesting and Economic Development in Alaska
Crowdinvesting and Economic Development in Alaska
1:34:31 PM
CHAIR COSTELLO announced the first order of business would be a
presentation on why crowdfunding matters in Alaska. She
introduced Michael Shuman, who is in Juneau at the invitation of
the Juneau Economic Development Council (JEDC).
1:36:00 PM
MICHAEL SHUMAN, Community Economist and Director, Research and
Public Policy for the Business Alliance for Local Living
Economies, presented "Why Crowdfunding Matters - Unlocking the
Economic Power of Small Business in Alaska." He referred to a
book he wrote called Local Dollars, Local Sense and a website
called YourEconomy.org where economic information can be found.
He began by sharing information he found on the website
regarding Alaska's economy. He showed a graph of business
categories in Alaska, noting that 65 percent of jobs are in
locally-owned businesses, 12 percent are in company-owned
businesses, and about 20 percent are found in non-commercial
businesses, both public and non-profit sectors. He emphasized
that the local business piece in Alaska is considerable.
Also on the website, YourEconomy.org, is information about job
growth in Alaska between 2008 and 2013. Local businesses and the
non-commercial sectors each added 4 percent to their total
number of jobs. Non-local businesses lost a little more than 4
percent of their jobs. The conclusion is that local businesses
are the most important contributor related to employment and
economic growth in the state.
1:38:35 PM
MR. SHUMAN referred to a regression analysis in the Harvard
Business Review - July-August 2010 that was titled, "More Small
Firms Means More Jobs." There is a correlation between the
density of small and local businesses and per capita job growth.
A study for the Federal Reserve Bank of Atlanta also showed
local businesses have positive effects on income growth and
employment.
He discussed the profitability of local businesses in the U.S.
in 2008. The profit rates of sole proprietorships were eleven
times greater than profit rates for C corporations. He said
Canada's profit rates in 2009 showed that the highest profit
rates were in businesses with between 10 and 20 employees and
the lowest profit rates, where most of the money was invested,
were in firms with more than 500 employees.
1:41:23 PM
MR. SHUMAN addressed current investment trends. He shared
investment questions he asks audiences and how their answers
show lack of investing in local businesses. This information
highlights the failure of capital markets to allocate resources
toward local and smaller businesses. If it was working
effectively, a properly functioning capital market would invest
about 65 percent of the capital into those businesses. Almost no
long-term capital funds - stocks, bonds, mutual funds, pension
funds, and insurance funds totaling about $30 trillion - are
going to local businesses because of securities laws passed in
the 1930s. He termed it "investor apartheid" with two classes of
freedoms of investment; one for high wealth individuals who can
invest freely, and one for 98 percent of the people who must
provide a very expensive fixed disclosure document from an
attorney. If this situation could be fixed, at least half of
long-term capital in Wall Street - about $15 trillion - would
move to small businesses. It would mean about $35 billion of
additional money for Alaska. The issue is how to overcome the
difficulty of helping small businesses deal with the significant
legal costs of a fixed disclosure document.
1:45:07 PM
CHAIR COSTELLO asked what assumptions he was making about the
$15 trillion.
MR. SHUMAN clarified that half of long-term capital in
securities would be $15 trillion. That assumes that, nationally
half of the economy is local business. If the capital markets
worked properly, $15 trillion would be transferred to local
businesses. Alaska's share on a per capita basis would be $35
billion.
1:46:18 PM
SENATOR MEYER asked for a definition of "local business."
MR. SHUMAN said YourEconomy.org defines it by whether the
establishment has a headquarters in your state.
SENATOR MEYER cited Native corporations as an example of a
global company with a local headquarters.
MR. SHUMAN said a successful local business will market its
goods worldwide, not just focus on local markets.
MR. SHUMAN maintained that a large shift of resources is not
needed in order to make a big difference in a state's economy.
He reported on a study he did in Cleveland in 2010 on the
impacts of a 25 percent shift in food purchasing toward local
food. He calculated that the shift would create about 27,000 new
jobs and add $126 million to the tax base. The cost of doing
this would be about three-quarters of a billion dollars - which
is only 1 percent of what the people of Cleveland have in their
bank accounts and short-term savings. He concluded that even a
modest shift of capital to smaller businesses could have an
enormous impact on Alaska's economy.
1:49:38 PM
MR. SHUMAN pointed out that the securities law made it difficult
for businesses to get capital for a very good reason, to prevent
fraud. He referred to the Bernie Madoff pyramid scheme as an
example. He told a story about his mother's penchant for casinos
to show that there are two systems of risk management in the
U.S. One system is called gambling and one is called investing.
He said in 2009 he wrote a piece for a journal of the Federal
Reserve Bank in San Francisco pointing out the contradictions in
systems and suggesting a $100 exemption in the law so anyone
could make a $100 investment with no lawyers involved. A law
firm in San Francisco filed a rule-making petition to the
Securities and Exchange Commission (SEC), who did nothing about
it. Two years later, before the Government Operations Committee
(GOC), Mary Schapiro, then head of the SEC, also discounted the
proposal. He explained that in 2011 the unemployment rate in the
U.S. was 10 percent and it appeared that the SEC did not care
about small business. The result was that the GOC agreed
unanimously to do a $10,000 exemption, the Senate reduced it to
$2,000, and President Obama signed the Jobs Act in 2012. The
Jobs Act makes it easier for small businesses to raise up to a
million dollars and allows every American to contribute up to
$2,000 per year. It requires people to go to a community portal
licensed by the SEC and overseen by the Financial Industry
Regulatory Authority (FINRA.)
1:55:28 PM
MR. SHUMAN, in response to a question from Senator Costello,
explained that FINRA is a private sector policing office to keep
standards high. He continued to say that the Jobs Act envisioned
preemption of contradictory state rules to facilitate national
issues of securities. He said the SEC still did nothing for
three years in spite of the mandate to implement the Jobs Act by
2012. As a result, states created their own versions of the Jobs
Act. Today, 30 states have done so. The federal government did
finally implement the Jobs Act with new conditions two months
ago, but it will not be available until late spring of 2016.
Alaska and several other states have their own Jobs Act
legislation pending.
1:58:08 PM
MR. SHUMAN addressed the advantages and disadvantages of small
businesses following the state law and the federal law. He
predicted that state options will have less fraud than federal
option because there are more personal connections to local
businesses.
1:59:06 PM
CHAIR COSTELLO noted that the securities bill has not been
introduced in the committee yet.
MR. SHUMAN related that like the federal law, the Alaska law
envisions $1 million as a limit on what small businesses can
take in in investment. Unlike the federal law which limits
people to $2,000 per company, per year, it envisions up to
$7,500 per person, per company, per year. State law also allows
solicitation. Within the state of Alaska, companies can
advertise and encourage people to buy their securities. The
federal law requires a web-based intermediary; the state law
allows a web-based intermediary.
He offered to answer questions.
2:00:52 PM
CHAIR COSTELLO asked if other countries have used the model.
MR. SHUMAN replied that the Canadians are moving at a similar
pace, and like the U.S., give some authority to their provinces
to enact laws for local transactions. Some provinces have done
crowdfunding reform and reform related to investment companies,
co-ops, and tax credits that encourage local investing. In
Australia a national commission is going to do a big
crowdfunding reform shortly. The Germans and British have some
crowdfunding reforms.
2:02:32 PM
CHAIR COSTELLO requested the difference between Kick Starter and
this model.
MR. SHUMAN defined a security as an agreement that states you
will get some sort of significant rate of return. Some forms of
crowdfunding relate to securities and some do not. Crowdfunding
comes in four flavors. One is Kick Starter, which is donation
crowdfunding. He gave an example of a brewery start up that
hands out gifts or tokens and is outside of SEC's domain. He
said KIVA, the electronic version of the Green Bank, is another
kind of crowdfunding. He gave an example of how $100 might be
lent to a cause and then paid back without interest. This type
of crowdfunding is also not covered by SEC laws.
The third type of crowdfunding relates to lending where the
principal, plus interest, are paid back. They qualify as
securities and unaccredited investors can participate with some
rules. The Jobs Act allowed for the fourth type of crowdfunding,
equity crowdfunding, and it comes in a variety of models, such
as equity, royalty, or a combination. Currently, 30 states have
implemented the law, but there is not much activity yet. He
stressed a need for educating investors and businesses on how to
take advantage of this legal opportunity.
2:07:18 PM
CHAIR COSTELLO asked, of the 30 states, which ones are doing it
correctly and how do they communicate this type of opportunity.
MR. SHUMAN opined that Oregon is implementing its securities
plan well. He said Amy Pearl worked with the State Department of
Securities to facilitate a change in regulations. She also took
the initiative to educate communities about the opportunity. The
state has been very supportive, as have private foundations. He
said almost all states implemented their laws before the Jobs
Act. Alaska is the first state that is thinking about passing
legislation with a clear federal structure in place.
2:09:47 PM
CHAIR COSTELLO said it is important to wait and time Alaska's
law after the passage of the Jobs Act. She asked for information
about how to prevent fraud.
2:10:43 PM
MR. SHUMAN opined that state laws have better protection than a
national law because the citizens and investors know their local
businesses better. Securities laws are an added layer of
protection on top of fraud laws. He said Alaska law and federal
law both require filings. He suggested unifying regulatory
requirements with those in the Jobs Act. He also suggested
paying attention to federal rules regarding the operation of a
portal and to get licensed under the federal system and then
list Alaska securities on it.
CHAIR COSTELLO thanked Mr. Shuman, Brian Holst and AGDC.
2:14:28 PM
SENATOR MEYER asked if people can invest in the state's new
marijuana business.
MR. SHUMAN replied it's not his area of expertise but "I would
say that any educational campaign around crowdfunding would
discourage people from investing in new businesses. Rather, you
would want to encourage people to invest in expanded businesses
with a good track record, and to recognize that any new
business-whether it is in a new field like marijuana or in a
well-established field like a truck restaurant-those are going
to be the riskiest things to put your money into."
2:15:49 PM
At ease
SB 126-SMALL SECURITY OFFERINGS
2:18:29 PM
CHAIR COSTELLO reconvened the meeting and announced the
consideration of SB 126.
2:18:43 PM
WESTON EILER, Staff, Senator Mia Costello, Alaska State
Legislature, introduced SB 126 on behalf of the sponsor,
paraphrasing the following sponsor statement:
Senate Bill 126, the Innovating Alaska Act, helps
Alaskans start and invest in local businesses by
enacting a new finance mechanism in state law.
Crowdinvesting, sometimes known as "equity
crowdfunding," is a new concept with a simple premise.
Instead of receiving large investments from a few
traditional investors, Alaskans starting a business
receive small investments from a potentially a large
group of investors. The approach lets broad groups of
people invest in small businesses in return for equity
ownership. This makes it easier for business start-ups
to get capital to grow, and allows average Alaskans to
invest in businesses being started in their
communities.
The federal Jumpstart Our Business Start-Ups (JOBS)
Act of 2012 paved the way for this paradigm shift in
business creation. It refines some of the more onerous
regulations that have historically made it difficult
for average Americans to directly invest in private
companies. Since then over 12 states have enacted
intra-state crowdinvesting laws.
Crowdinvesting usually works through young companies
selling equity shares, often through an on line
portal, to a wide group of investors. Senate Bill 126
would regulate the sale of these types of securities
separately from the Alaska Securities Act (AS
45.55.010) and adds several safeguards to protect
investors.
Under Senate Bill 126, businesses seeking to raise
capital through crowdfunding would apply to the Alaska
Division of Banking & Securities and hold investor
funds in escrow in an Alaskan bank.
Investments made through crowdinvesting are limited to
$7,500 for investors and $1,000,000 for businesses
raising capital. Both the investor and business owner
must be Alaska residents at the time of sale. In
addition to the cap, an escrow deposit is required, as
is an agreement acknowledging high risk investment.
Business start-ups are key to growing our state's
economy. Enacting crowdinvesting through Senate Bill
126 is an innovative way to give entrepreneurs easier
access to capital, and help Alaskans invest in local
businesses, and changes the paradigm for start-ups.
2:21:09 PM
MR. EILER addressed a question from Senator Meyer saying that SB
126 creates an exemption in statute and applicants would have to
go through the Division of Banking & Securities to access it. He
said there are a number of safeguards that protect state policy
and investors.
2:23:59 PM
SENATOR STEVENS voiced concern about investor safety and asked
if the process has worked in Oregon.
2:24:35 PM
MR. EILER offered to get that information. He noted an update in
members' packets from The National Council on State Legislatures
(NCSL) and a spreadsheet of intrastate crowdfunding legislation.
He said it is a new area and there are a variety of success
stories and challenges.
2:25:51 PM
CHAIR COSTELLO stated her intention to hold the bill in
committee.
2:26:34 PM
KEVIN ANSELM, Director, Division of Banking and Securities,
Department of Commerce, Community and Economic Development
(DCCED), provided information related to SB 126. She reported
that there are a number of states that have crowdfunding
statutes or regulations on their books. While there have not
been many losses relating to crowdfunding, there have been some
securities losses, which is why the enforcement provisions are
important and the division will be watching closely.
2:27:32 PM
SENATOR STEVENS asked what the director's responsibility is
regarding crowdfunding.
MS. ANSELM explained the department's role is receiving simple
crowdfunding applications. She related that Alabama has been
successful for several years with its application process and
crowdfunding offerings. They have very simple application
requirements which Alaska is hoping to copy. She added that most
of the details would be listed in regulations due to things
changing quickly, such as the delivery method and the financial
market. She noted it is difficult to change the law.
SENATOR STEVENS asked whether the department would analyze the
merits of a proposed business.
MS. ANSELM explained that Alaska is not a "merit review state,"
it is a "disclosure state," so the department would look for
proper disclosures.
2:29:50 PM
SENATOR MEYER gave an example of investing $5,000 in a startup
company such as a brewery, and having a beer named after the
investor. He asked what the equity ownership would be.
MS. ANSELM clarified that it is considered crowdfunding if there
is some potential for profit and the investor is expecting a
return. There would not be potential for profit in the previous
example.
2:31:12 PM
SENATOR GIESSEL noted crowdfunding can't exceed $1 million and
$7,500 per person so it could not be used for the Alaska LNG
Project.
MR. EILER agreed. He said the Department of Revenue is exploring
how average Alaskans could invest in a large diameter AK LNG
pipeline.
2:32:10 PM
CHAIR COSTELLO opened public testimony.
2:32:20 PM
THOMAS DALY, Owner, HiSpeed Gear, testified in support of SB
126. He said the bill provides opportunities for Alaskans during
a time of financial challenges. He shared a story from his
youth. He maintained that SB 126 will help Alaskan businesses by
allowing Alaskans to invest in them. He testified that large
corporations do not last in Alaska and are not the answer. He
described how clusters of businesses could be developed and how
profits could remain in the state. He concluded that the bill
will provide Alaska with a sustainable future.
2:34:54 PM
JASON HOKE, Executive Director, Copper Valley Development
Association, testified in support of SB 126. He said the bill is
an opportunity for small businesses in a difficult financing
climate. It could allow urban investors to invest in businesses
in rural areas and elsewhere in the state. He offered to assist
in the filing of applications.
2:37:17 PM
CHAIR COSTELLO held SB 126 in committee with public testimony
open.
SB 108-AK SECURITIES ACT; PENALTIES; CRT. RULES
2:37:56 PM
CHAIR COSTELLO announced the consideration of SB 108.
2:38:28 PM
At ease
2:39:04 PM
KEVIN ANSELM, Director, Division of Banking and Securities,
Department of Commerce, Community and Economic Development
(DCCED), provided information related to SB 108. She suggested
seeking information from two documents: a table of contents with
major points, and a document that compares the bill to the
changes made from the old bill.
2:40:45 PM
MS. ANSELM explained that SB 108 recognizes and incorporates
current securities industry terms and standards. She pointed out
that these have not been updated since the Model Act was
originally adopted in 1959. In 2014 several requirements for
filing for exemptions for friends and family investments were
deleted. The other big change was in 1999 after the 1996
National Securities Market Improvement Act.
She said the bill synthesizes with other states' laws to make it
easier for businesses, entrepreneurs, and investors to
understand their rights and responsibilities, and to expand
opportunities in Alaska. It opens crowdfunding opportunities to
Alaskans and deters investment scams. It enhances penalties
against those who harm older Alaskans, and it will separate
securities statutes from the Alaska Native Claims Settlement Act
(ANCSA) related statutes to reduce confusion and improve
understanding of both Acts.
MS. ANSELM addressed what the Alaska Securities Act does now. It
allows for the registration of securities, for the registration
of persons and firms that sell securities, and allows for
actions and penalties against those who would violate the law or
defraud Alaskans, or both.
She related that ANCSA provisions remain unchanged in AS 45.55,
including the enforcement and administration of related
securities laws. The securities provisions would move to AS
45.56. There are still references to exempt ANCSA securities
transactions included in AS 45.56.210(27).
She described the new logical, topical format of SB 108. It
outlines securities registration requirements, generally, covers
exemptions from the registration requirement, licenses firms and
salespersons, includes enforcement provisions, and adds new
definitions. She said it also eliminates filings for all
exemptions from registration, except rescission offers and
crowdfunding. It updates entity and law references, includes
"bad actor" disqualifiers, and improves enforcement and investor
education provisions and a way for funding them.
2:45:11 PM
MS. ANSELM said the bill has seven articles that related to the
Alaska Securities Act. Article 1 updates securities registration
requirements in language only. Article 2 deals with securities
exempt from registration and adds the crowdfunding provision -
small intrastate securities offerings. She related that the bill
contains language proposed by Senator Costello in House Bill 303
in 2013.
MS. ANSELM reported that Article 4 contains licensing
requirements for broker-dealers, agents, investment advisers,
investment adviser representatives, and federally covered
investment advisers. It also contains new registration
exemptions for mergers and acquisition brokers and "snow birds."
She related that Article 5 contains fraud and liability
provisions. The fraud provisions generally remain the same,
however, a qualified immunity clause has been added to protect
brokers from liability for defamation when they report true
information to the administrator regarding another person's
activities. She described it as a whistleblower protection.
2:48:15 PM
MS. ANSELM said Article 6 deals with the administration of the
Act. It allows for development and implementation of investor
education initiatives through collaboration and the legal
ability to accept grants or donations for that specific purpose.
It sets up an investor education fund with one-third of the
money received through civil penalties. The legislature may
appropriate the funds to support investor education and
training. Article 6 also provides for variable annuity
transactions with investors, subject to applicable provisions of
the Securities Act. She noted the department is in discussion
with insurance industry representatives to resolve their
concerns.
2:50:02 PM
MS. ANSELM turned to administrative, civil, and criminal
enforcement also contained in Article 6. The basic provisions
remain the same, although they are significantly reorganized and
expanded from current law, primarily in the area of increasing
civil penalties. Civil penalties are currently limited to $2,500
per violation and $25,000 per group. The bill proposes that
civil penalties be increased to $100,000 per violation with no
maximum limit per case. There would be treble damages when the
victim is an older Alaskan - a person 60 or older. Restitution
may be ordered by the administrator, and the superior court can
hold a person in violation of a final administrative order in
civil contempt, subject to a potential $100,000 fine per
violation.
2:51:32 PM
MS. ANSELM discussed civil enforcement and liability. She said
civil liability is separated from rescission (undoing a
transaction) and she described liability circumstances and
remedies. Salespeople who violate the Act are liable to their
clients, who may recover damages. The statute of limitations is
generally three years from the date of sale, unless there is
fraud, which extends it to five years.
2:52:08 PM
MS. ANSELM reported on rescission offers updates. The aggrieved
party has 30 days to accept a rescission offer. The offeror must
demonstrate the ability to pay. The rescission offer must be
delivered in a way that ensures receipt, and the offeror must
actually pay as promised.
She pointed out that criminal enforcement has increased
penalties. There is a five-year statute of limitations. For
certain provisions, "willful violation" is changed to "knowing
violations," which are Class C felonies, and the fine increases
from $5,000 to $100,000. She added that altering or destroying
evidence is a class C felony.
2:53:06 PM
MS. ANSELM highlighted the size of the securities industry in
Alaska. There are over 1,200 broker-dealers, about 765
investment advisers, and over 90,000 salespersons. There are
over 6,000 mutual fund/unit investment trust filings and 599
securities registrations filings. Alaska is a target state due
to its high per capita income.
2:54:53 PM
MS. ANSELM reported that there were 35 securities enforcement
actions in FY2015, 17 of which were securities related. She
provided an example of fraud totaling $3.2 million by a Texas
company. She noted that securities cases are posted on the
division's web page.
She said Article 7 adds new and updated definitions.
2:56:19 PM
MS. ANSELM concluded with the Division of Banking and
Securities' mission statement: "Protect consumers of financial
service and promote safe and sound financial systems." This
supports the department's mission: "Promote a healthy economy,
support strong communities, and protect consumers in Alaska."
CHAIR COSTELLO thanked Ms. Anselm and held SB 108 in committee.
2:58:27 PM
There being no further business to come before the committee,
Chair Costello adjourned the Senate Labor & Commerce Committee
at 2:58 p.m.
| Document Name | Date/Time | Subjects |
|---|---|---|
| SB 126.PDF |
SL&C 2/11/2016 1:30:00 PM |
SB 126 |
| SB 126 Sectional Analysis.pdf |
SL&C 2/11/2016 1:30:00 PM |
SB 126 |
| SB 126 - Fiscal Note.pdf |
SL&C 2/11/2016 1:30:00 PM |
SB 126 |
| 2015.10.07 DCCED Background Document - Essence of Crowdfunding.pdf |
SL&C 2/11/2016 1:30:00 PM |
|
| SB 126 - Background Document - NASAA State Crowdfunding Legislation Index.pdf |
SL&C 2/11/2016 1:30:00 PM |
SB 126 |
| SB 126 - Background Document - NCSL Intrastate Crowdfunding Update 2015.pdf |
SL&C 2/11/2016 1:30:00 PM |
SB 126 |
| SB 126 - Background Document - Pew Charitable Trust Article - States Clear Way for Crowdfunding.pdf |
SL&C 2/11/2016 1:30:00 PM |
SB 126 |
| SB 108 - Testimony - R. Banks - Alaska Securitites Act Reform-Crowdinvesting.pdf |
SL&C 2/11/2016 1:30:00 PM |
SB 108 |
| SB 126 - Sponsor Statement.pdf |
SL&C 2/11/2016 1:30:00 PM |
SB 126 |
| 2016.02.11 - Why Crowdfunding Matters Presenation – Michael Shuman.pdf |
SL&C 2/11/2016 1:30:00 PM |