The Texas Securities Act is the state law regarding the regulation of the securities industry in Texas. The Act provides for the registration of securities offered or sold in Texas, and of firms and individuals who sell securities or render investment advice in the state.
In certain circumstances a particular security, transaction, or person may be exempt from the registration requirements of the Act. Even when an exemption from the registration provisions is available, the Act prohibits fraud in the offer or sale of securities in Texas and in the rendering of investment advice. The Act provides for administrative, civil, and criminal sanctions for violations of its provisions.
Board Rules
The five-member State Securities Board periodically updates Board Rules for the administration and enforcement of the Texas Securities Act.
After Rules are adopted by the Board and published in the Texas Register, they become part of the Texas Administrative Code, Title 7 (Banking and Securities), Chapter 7 (State Securities Board). The Agency also maintains a Rulebook (Rules and Regulations of the State Securities Board) consisting solely of the Board Rules.
Recent Changes to Board Rules
Approval of new or amended Board Rules is a two-step process: proposal and adoption. The Recent Changes to Board Rules on this website include both proposed rules and recently adopted Rules.