Louisiana House Bill HB144

Louisiana 2012 Regular Session

• Introduced: 3/12/12
• Refer: 3/12/12
• Report Pass: 3/19/12
• Engrossed: 3/26/12
• Refer: 3/27/12
• Report Pass: 4/25/12
• Enrolled: 5/7/12
• Chaptered: 5/11/12
• Passed: 5/11/12

Caption

Corrects a reference in the Louisiana Securities Law

Impact

The passage of HB 144 is expected to streamline securities regulation in Louisiana by clarifying the authority overseeing securities transactions involving national exchanges. This change is significant for investors and companies involved in the sale and trading of securities, as it aligns state regulations with federal standards and practices. By ensuring that Louisiana's laws reference the current operational framework of major stock exchanges, the legislation aims to promote more consistent regulatory practices within the state.

Summary

House Bill 144 is a legislative act that amends the Louisiana Securities Law by changing the reference from the Financial Industry Regulatory Authority (FINRA) to the NASDAQ Stock Market, LLC. This modification is aimed at updating the regulatory framework governing securities to reflect current market structures and entities that play a significant role in the trading of stocks. This bill, which is relatively straightforward, primarily focuses on ensuring that legal references in state law are accurate and in line with modern practices.

Sentiment

The sentiment surrounding House Bill 144 appears to be largely positive, with support from both legislative members and financial industry stakeholders who recognize the necessity of updating outdated references within the law. Since the bill was passed with a unanimous vote in the Senate, it suggests that the legislators view the amendment as beneficial for both regulatory clarity and the integrity of Louisiana's investment landscape.

Contention

Notably, there appears to be minimal contention regarding HB 144, as the changes are largely technical in nature and do not introduce new regulatory frameworks or burdens for businesses or investors. The unanimous support in voting illustrates a consensus among lawmakers about the importance of keeping state laws relevant and aligned with national standards in the securities market.