Relating to the members of the State Securities Board.
Impact
The proposed changes to the Securities Act are significant as they redefine who can serve on the State Securities Board. By establishing stricter eligibility requirements for public members, the bill seeks to minimize conflicts of interest and enhance accountability in the regulation of securities and investment practices. Existing members appointed before September 1, 2011, will not be affected by these provisions, allowing them to continue their service without interruption.
Summary
House Bill 1592 aims to modify the composition and eligibility criteria for the members of the State Securities Board in Texas. The bill specifies that two members of the Board must be registered dealers, agents, investment advisers, or investment adviser representatives who are not affiliated with commercial banks. In contrast, three members must be from the general public. This dual requirement is intended to ensure that the Board maintains a balanced perspective between industry professionals and public interests.
Contention
Notable points of contention surrounding HB 1592 may arise from the differing viewpoints on the appropriateness of the new eligibility criteria for public members. Advocates support the legislation as a necessary reform to uphold integrity and public trust in financial regulation. Conversely, some critics may argue that the restrictions could limit diversity on the Board, potentially excluding individuals with valuable insights from outside the traditional finance sectors. As a consequence, the bill may stir debate regarding the balance between industry experience and public representation in financial oversight.
Relating to the fiduciary responsibility of the governing body of the public retirement systems in this state and the investment managers and proxy advisors acting on behalf of those systems.
Relating to the San Antonio River Authority, following recommendations of the Sunset Advisory Commission; altering the terms of office of the members of the board of directors of the authority.
Relating to the San Antonio River Authority, following recommendations of the Sunset Advisory Commission; altering the terms of office of the members of the board of directors of the authority.
Relating to a prohibition on the enactment of a law imposing an occupation tax on certain entities that enter into transactions conveying securities or imposing a tax on certain securities transactions.
Relating to eligibility for membership on and the regulation of horse racing by the Texas Racing Commission and a prohibition on the conduct of greyhound or other dog racing as live events in this state; creating a criminal offense; authorizing a fee.
Relating to measures to ensure the safety and welfare of the border region of this state, including protection from ongoing criminal activity and public health threats and the establishment of the Border Protection Unit; creating a criminal offense; creating a civil penalty.
Relating to the authorization, licensing, and regulation of casino gaming and sports wagering in this state, to the creation, powers, and duties of the Texas Gaming Commission, to the support of the horse racing industry and reform of horse racing and greyhound racing, and to other provisions related to gambling; imposing and authorizing administrative and civil penalties; imposing taxes; imposing and authorizing fees; requiring occupational licenses; creating criminal offenses.
Relating to measures to address public safety threats in this state presented by transnational criminal activity, including by establishing the Texas Homeland Security Division and the Border Security Advisory Council, and to compensate persons affected by those threats.