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Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2013 - 2014 Regular Session


Posted: May 28, 2013 05:21 PM
From: Senator Donald C. White
To: All Senate members
Subject: Amendments to Pennsylvania Securities Act
In the near future, I plan to introduce legislation to amend the Pennsylvania Securities Act of 1972. The Act must be updated and clarified to reflect changes necessitated by the merger of the Securities Commission into the Department of Banking, and to be more consistent with appropriate sections of the Uniform Securities Act, federal securities law, and state regulations currently in place.

Key provisions reflect the federal Jumpstart Our Business Startups Act (JOBS Act) which changed federal securities law to make it easier for small companies to raise capital from multiple individuals. The bill will also add provisions to be consistent with the Uniform Securities Act and federal law, such as clarifying language relating to securities exempt from regulation and transactions, providing the Department with authority to require continuing education as a penalty for license violations, eliminating paper registration certificates and accepting of electronic payments, and many other updates to comply with laws currently in place.

Introduced as SB1045