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SPONSOR McSorley DATE TYPED 02/09/99 HB
SHORT TITLE Amend New Mexico Securities Act of 1986 SB 198/aSCORC
ANALYST Eaton
Estimated
Appropriation Contained Additional Impact Recurring Fund
FY99 FY2000 FY99 FY2000 or Non-Rec Affected
$ . $ NFI $ . $ .
(Parenthesis ( ) Indicate Expenditure Decreases)
Duplicates/Conflicts with/Companion to/Relates to
SOURCES OF INFORMATION
Regulation and Licensing Department
SUMMARY
Synopsis of SCORC Amendment
The amendment by the Senate Corporations Committee was a minor technical correction of language changing the words: "investment adviser" to "investment adviser representative."
Synopsis of Bill
This bill is designed to bring the New Mexico Securities Act of 1986 into conformity to changes that occurred at the federal level (National Securities Improvements Act of 1996). The bill also clarifies the application of certain state law provisions to federally registered investment advisers and their representatives.
TECHNICAL ISSUES
Page 7, line 12 may read "investment advisor representative" to be consistent with the definition set forth in Section 58-13B-2N of the Securities Act.
JBE/gm