Vermont Statutes Title 9 Sec. 5303
Terms Used In Vermont Statutes Title 9 Sec. 5303
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Commissioner: means the Commissioner of Financial Regulation. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Issuer: means a person that issues or proposes to issue a security, subject to the following:
- Price amendment: means the amendment to a registration statement filed under 15 U. See
- Securities and Exchange Commission: means the U. See
- Security: means a note; stock; treasury stock; security future; bond; debenture; evidence of indebtedness; certificate of interest or participation in a profit-sharing agreement; collateral trust certificate; preorganization certificate or subscription; transferable share; investment contract; voting trust certificate; certificate of deposit for a security; fractional undivided interest in oil, gas, or other mineral rights; put, call, straddle, option, or privilege on a security, certificate of deposit, or group or index of securities, including an interest therein or based on the value thereof; put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; or, in general, an interest or instrument commonly known as a "security"; or a certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. See
- Service of process: The service of writs or summonses to the appropriate party.
§ 5303. Securities registration by coordination
(a) A security for which a registration statement has been filed under 15 U.S.C. § 77a et seq. in connection with the same offering may be registered by coordination under this section.
(b) A registration statement and accompanying records under this section must contain or be accompanied by the following records in addition to the information specified in section 5305 of this chapter and a consent to service of process complying with section 5611 of this chapter:
(1) a copy of the latest form of prospectus filed under 15 U.S.C. § 77a et seq.;
(2) a copy of the articles of incorporation and bylaws or their substantial equivalents currently in effect; a copy of any agreement with or among underwriters; a copy of any indenture or other instrument governing the issuance of the security to be registered; and a specimen, copy, or description of the security that is required by rule adopted or order issued under this chapter;
(3) copies of any other information or any other records filed by the issuer under 15 U.S.C. § 77a et seq. requested by the Commissioner; and
(4) an undertaking to forward each amendment to the federal prospectus, other than an amendment that delays the effective date of the registration statement, promptly after it is filed with the Securities and Exchange Commission.
(c) A registration statement under this section becomes effective simultaneously with or subsequent to the federal registration statement when both the following conditions are satisfied:
(1) the issuer or applicant and the Commissioner or the Commissioner’s designee have not mutually agreed to delay effectiveness for a specified period of time, or a stop order issued under subsection (d) of this section or section 5306 of this chapter or by the Securities and Exchange Commission is not in effect and a proceeding is not pending against the issuer under section 5306 of this chapter; and
(2) the registration statement has been on file for at least 20 days or a shorter period provided by rule adopted or order issued under this chapter.
(d) The registrant shall promptly notify the Commissioner in a record of the date when the federal registration statement becomes effective and the content of any price amendment and shall promptly file a record containing the price amendment. If the notice is not timely received, the Commissioner may issue a stop order, without prior notice or hearing, retroactively denying effectiveness to the registration statement or suspending its effectiveness until compliance with this section. The Commissioner shall promptly notify the registrant of an order by telegram, telephone, or electronic means and promptly confirm this notice by a record. If the registrant subsequently complies with the notice requirements of this section, the stop order is void as of the date of its issuance.
(e) If the federal registration statement becomes effective before each of the conditions in this section is satisfied or is waived by the Commissioner, the registration statement is automatically effective under this chapter when all the conditions are satisfied or waived. If the registrant notifies the Commissioner of the date when the federal registration statement is expected to become effective, the Commissioner shall promptly notify the registrant by telegram, telephone, or electronic means and promptly confirm this notice by a record, indicating whether all the conditions are satisfied or waived and whether the Commissioner intends the institution of a proceeding under section 5306 of this chapter. The notice by the Commissioner does not preclude the institution of such a proceeding. (Added 2005, No. 11, § 1, eff. July 1, 2006.)