By law, public notice of proposed rules must be given by publication in newspapers of record. The purpose of these notices is to give the public a chance to respond to the proposals. The public notices for administrative rules are now also available online at https://secure.vermont.gov/SOS/rules/ . The law requires an agency to hold a public hearing on a proposed rule, if requested to do so in writing by 25 persons or an association having at least 25 members.

To make special arrangements for individuals with disabilities or special needs please call or write the contact person listed below as soon as possible.

To obtain further information concerning any scheduled hearing(s), obtain copies of proposed rule(s) or submit comments regarding proposed rule(s), please call or write the contact person listed below. You may also submit comments in writing to the Legislative Committee on Administrative Rules, State House, Montpelier, Vermont 05602 (802-828-2231).

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Vermont Securities Regulations

Vermont Proposed Rule: 25P038

AGENCY: Department of Financial Regulation

CONCISE SUMMARY: The Vermont Securities Regulations set out requirements for issuing securities in Vermont and regulating those who provide investment advice and offer and sell securities to the public. The primary changes include: for investment companies offering federally covered securities in Vermont, the revised Rule mandates electronic filings through a system to be designated by the Commissioner (allowed but not required under the current Rule); adding a requirement that Vermont domiciled investment advisers controlling client funds carry errors and omissions insurance; clarifying provisions for administering restitution assistance for victims of securities violations, including the application process; adding into regulation a current Department policy governing the privacy of client financial information held by broker-dealers and investment advisers; updating certain provisions to match national model rules from North American Securities Administrators Association; and drafting changes for clarity.

FOR FURTHER INFORMATION, CONTACT: Russ McCracken, Assistant General Counsel, Department of Financial Regulation, 89 Main Street, Montpelier, VT 05620 Tel: 802-828-3301 E-mail: russ.mccracken@vermont.gov

URL: https://dfr.vermont.gov/about-us/legal-general-counsel/proposed-rules-and-public-comment.

FOR COPIES: Amanda Smith, Deputy Commissioner, Department of Financial Regulation, 89 Main Street, Montpelier, VT 05620 Tel: 802-828-3420 E-mail: amanda.smith@vermont.gov