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Corporate & Securities Law

: Jim Hamilton's World of Securities Regulation

MONTANA Proposes Rules on Senior Specific Certifications and on Requesting a Transactional Exemption

By Jim Hamilton

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Rules making the use of senior specific certifications by securities industry persons an unethical practice, together with a rule setting forth the procedure for requesting a transactional exemption, were proposed by the Montana Securities Department. "FINRA" would replace "NASD" in a sales material, limited offering exemption and examination rule. Investment adviser representatives would be included with investment advisers and federal covered investment advisers as persons having a fiduciary duty to act for their clients' benefit.

Public comments and hearing. A hearing on the proposals will take place September 5, 2008 at 10:30 a.m. in the 2nd floor conference room of the State Auditor's Office in Helena, Montana. Persons may present their views of the proposed new rules & rule changes either orally or in writing at the hearing. Persons may also submit comments to Roberta Cross Guns, State Auditor's Office, 840 Helena Avenue, Helena, Montana 59601 -- Phone: (406) 444-5234; fax (406) 444-5558; email: rcrossguns@mt.gov. Comments must be received by no later than 5 p.m. on September 12, 2008.

Full post as published by Jim Hamilton's World of Securities Regulation on August 19, 2008 (boomark / email).