All Roll Calls
Yes: 195 • No: 0
ConnecticutHB 068752025 Regular SessionHouse
AN ACT CONCERNING THE CONNECTICUT UNIFORM SECURITIES ACT.
Sponsored By: Banking Committee
Signed by Governor
Summary
To: (1) Exempt merger and acquisition broker-dealers and certain individuals representing such broker-dealers from certain registration requirements; (2) provide that the Banking Commissioner may censure or impose a bar upon any registrant, any partner, officer or director of any registrant or any other person directly or indirectly controlling any registrant; and (3) establish various requirements for "Tier 2" offerings.
banking
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Stronger oversight of securities firms
Connecticut's securities commissioner can formally reprimand or bar registered securities firms and certain people connected to them. This includes partners, officers, directors, and people who directly or indirectly control a registered firm. The commissioner must find that the order serves the public interest and that a legal ground for action applies.
New filing fees for securities issuers
Issuers selling covered Regulation A Tier 2 securities in Connecticut must file a state notice and pay $250. The filing is due at least 21 calendar days before the first Connecticut sale. Issuers must include consent to receive legal papers and provide requested SEC documents. The notice lasts 12 months. Continuing offerings require renewal before expiration, with another $250 fee for each additional 12-month period.
Company-sale brokers get limited registration relief
Qualifying company-sale brokers and their representatives are exempt from Connecticut broker-dealer and branch-office registration. They must work only on transfers of eligible private companies with no federal securities-registration or periodic-reporting requirement. In the fiscal year before the broker is first hired, the company must meet either financial limit: less than $25 million in earnings before interest, taxes, depreciation, and amortization, or less than $250 million in revenue. The SEC can set different limits. Brokers must reasonably believe buyers will control and actively manage the business. Buyers offered securities must receive, or have reasonable access to, required financial and business information before becoming legally bound. This includes a balance sheet dated no more than 120 days before the offer. Brokers cannot handle deal money or securities, bind a party to the sale, or serve passive buyers. The exemption excludes specified public offerings, most shell-company deals, broker-assisted buyer groups, and brokers facing specified sanctions. Brokers cannot provide or arrange financing directly or through affiliates; help obtaining outside financing requires legal compliance and written disclosure of compensation. Representing both sides requires clear written disclosure and written consent from both parties.
Sponsors & Cosponsors
Sponsor
Banking Committee
Affiliation unavailable
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
Senate vote • 3/6/2025
Senate Roll Call Vote 372
Yes: 36 • No: 0
House vote • 3/6/2025
House Roll Call Vote 279
Yes: 147 • No: 0
House vote • 3/6/2025
BA Vote Tally Sheet (Joint Favorable)
Yes: 12 • No: 0
Actions Timeline
Signed by the Governor
6/23/2025legislatureTransmitted by Secretary of the State to Governor
6/16/2025legislatureTransmitted to the Secretary of State
6/16/2025legislaturePublic Act 25-85
6/10/2025legislatureOn Consent Calendar / In Concurrence
6/3/2025legislatureSenate Passed
6/3/2025SenateRules Suspended
6/3/2025legislatureSenate Calendar Number 597
6/3/2025SenateFavorable Report, Tabled for the Calendar, Senate
6/3/2025SenateTransmitted Pursuant To Joint Rule 17
6/2/2025legislatureHouse Passed
6/2/2025HouseFile Number 188
3/24/2025legislatureHouse Calendar Number 141
3/24/2025HouseFavorable Report, Tabled for the Calendar, House
3/24/2025HouseReported Out of Legislative Commissioners' Office
3/24/2025legislatureReferred to Office of Legislative Research and Office of Fiscal Analysis 03/24/25 12:00 PM
3/17/2025legislatureFiled with Legislative Commissioners' Office
3/6/2025legislatureJoint Favorable
3/6/2025legislaturePublic Hearing 02/13
2/7/2025legislatureReferred to Joint Committee on Banking
2/6/2025legislature
Bill Text
Public Act No. 25-85
6/2/2025
File No. 188
3/24/2025
BA Joint Favorable
3/6/2025
Raised Bill
2/6/2025
BA Joint Fav. Rpt
BA Vote Tally Sheet (Joint Favorable)
Bill Analysis For File Copy 188
Fiscal Note For File Copy 188
House Roll Call Vote 279
Senate Roll Call Vote 372
Summary for Public Act No. 25-85
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