Kentucky HB807 amends securities regulations to clarify the commissioner's authority over exemptions and exceptions.

Kentucky HB807 amends the state's securities regulations to specify that the burden of proving an exemption or exception from a definition lies with the person claiming it. The commissioner is granted authority to require individuals selling securities to submit verified statements of material facts. If the commissioner deems the submitted information misleading or incorrect, they may request additional information. The commissioner can also suspend or cancel the registration of brokers, dealers, agents, or investment advisers if they fail to comply with these requirements.

Kentucky HB807 amends securities regulations to clarify the commissioner's authority over exemptions and exceptions.

Kentucky HB807 amends the state's securities regulations to specify that the burden of proving an exemption or exception from a definition lies with the person claiming it. The commissioner is granted authority to require individuals selling securities to submit verified statements of material facts. If the commissioner deems the submitted information misleading or incorrect, they may request additional information. The commissioner can also suspend or cancel the registration of brokers, dealers, agents, or investment advisers if they fail to comply with these requirements.