Connecticut House Bill HB06285

Connecticut 2011 Regular Session

• Introduced: 2/4/11
• Refer: 2/4/11

Caption

An Act Concerning The Connecticut Uniform Securities Act.

Impact

This change is expected to enhance regulatory efficiency within the state’s financial services industry by reducing the number of advisers required to navigate the state's registration process. Following the amendment, only advisers who do not qualify for the exemptions must register, which could lead to a more streamlined approach in overseeing investment activities. Proponents argue that this fosters a conducive environment for businesses while still maintaining necessary oversight.

Summary

House Bill 6285 aims to amend the Connecticut Uniform Securities Act, specifically focusing on the registration requirements for investment advisers. The primary intention of this legislation is to align state laws with federal regulations, thereby simplifying the process for certain investment advisers who meet specific conditions. The bill proposes to exempt advisers that fall under federal exceptions from the requirement to file a notice of exemption with the Banking Commissioner, easing the administrative burden on these professionals.

Contention

Discussions around HB 6285 may center on concerns about the balance between regulatory oversight and ease of business operations. While proponents claim that the bill facilitates business, opponents might raise questions regarding investor protections given that some advisers could operate without the customary oversight. The implications of this legislation may stir debates concerning the state's ability to effectively regulate the investment advisory landscape while conforming to federal standards.