NOTE: As provided in LFC policy, this report is intended for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used in any other situation.





F I S C A L I M P A C T R E P O R T





SPONSOR   McSorley           DATE TYPED 02/09/99 HB           



SHORT TITLE Amend New Mexico Securities Act of 1986   SB  198/aSCORC     



                                                   ANALYST  Eaton      



APPROPRIATION



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.



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