Not-for-Profit Securities

PURPOSE: This rule adopts a new rule that complies with the Missouri Securities Act of 2003 and that describes the terms and conditions of the request for exemption authorization under section 409.2-201(7)(B) of the Missouri Securities Act of 2003 that became effective September 1, 2003. PUBLISHER’S NOTE: The secretary of state has determined that the publication of the entire text of the material which is incorporated by reference as a portion of this rule would be unduly cumbersome or expensive. This material as incorporated by reference in this rule shall be maintained by the agency at its headquarters and shall be made available to the public for inspection and copying at no more than the actual cost of reproduction. This note applies only to the reference material. The entire text of the rule is printed here. (1) The Securities Division will apply the applicable statement of policy adopted by the North American Securities Administrators Association, Inc. (NASAA) as listed in section (2) below when reviewing requests for exemption authorization pursuant to section 409.2-201(7)(B) of the Missouri Securities Act of 2003 (the Act). (2) The following statements of policy are hereby incorporated by reference: (A) Church Bonds as adopted by NASAA on April 14, 2002; and (B) Church Extension Fund Securities as amended and published by NASAA on April 18, 2004. A copy of this policy can be obtained from NASAA, 750 First Street, NE, Suite 1140, Washington, DC 20002, and is available online at http://www. nasaa.org/wp-content/uploads/2011/07/39-Church_Extension_ Fund_Securities.pdf. This rule does not incorporate any subsequent amendments or additions. (3) Cross-Reference Sheet. If requested by the Securities Division, a request for exemption authorization shall include a cross-reference table to indicate compliance with, or deviation from, the various sections of the applicable NASAA statement of policy. (4) Documents. The request for exemption shall include the documents listed in section II.A.3, of the NASAA Statement of Policy Regarding Church Bonds. (5) Sales Literature. All sales and advertising literature shall be filed with the Securities Division prior to use and shall comply with the applicable NASAA statement of policy. (6) Filing Fee. Each request for exemption under section 409.2– 201(7)(B), RSMo shall include a filing fee of one hundred dollars ($100) as specified in Missouri regulation 15 CSR 30-50.030. (7) Effective Period. The securities that qualify for the exemption under section 409.2-201(7)(B), RSMo are exempt when ordered by the commissioner. The exemption is effective for one (1) year from the date that the securities were ordered to be exempt by the commissioner. (8) Renewal. If the securities offering is not completed during the effective period, an issuer can renew the exemption by submitting to the commissioner a written request for renewal that includes any amendments to any documents filed with the request for the exemption and a fee of one hundred dollars ($100). The renewal must be filed with the commissioner within thirty (30) days before the end of the one (1) year effective date. With each renewal, the commissioner may require a cross-reference sheet to demonstrate compliance with the applicable NASAA statement of policy. AUTHORITY: sections 409.2-201(7)(B) and 409.6-605, RSMo Supp. 2013.* Original rule filed June 25, 1968, effective Aug. 1, 1968. Amended: Filed May 21, 1969, effective Aug. 1, 1969. Amended: Filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed March 21, 1974, effective April 1, 1974. Amended: Filed June 3, 1974, effective June 17, 1974. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. Amended: Filed Dec. 19, 1975, effective Dec. 31, 1975. Amended: Filed Oct. 15, 1987, effective Jan. 29, 1988. Rescinded and readopted: Filed Feb. 18, 2003, effective Aug. 30, 2003. Emergency rescission and rule filed Aug. 26, 2003, effective Sept. 12, 2003, expired March 9, 2004. Rescinded and readopted: Filed Aug. 26, 2003, effective Feb. 29, 2004. Amended: Filed March 27, 2006, effective Sept. 30, 2006. Amended: Filed Dec. 3, 2013, effective July 30, 2014. *Original authority: 409.2-201, RSMo 2003; 409.6-605, RSMo 2003.