Alabama Administrative Code Title 830 - ALABAMA SECURITIES COMMISSION
Here’s an overview of Alabama Administrative Code – Title 830: Alabama Securities Commission, which governs securities regulation and the activities of the Alabama Securities Commission:
📘 Title Structure & Chapter Summaries
Chapter 830‑X‑1: Organization & General Operation
Defines the Commission’s structure, membership, meetings, and procedures. (regulations.justia.com)
Chapter 830‑X‑2: General Rules
Covers broad regulatory standards and administrative procedures. (regulations.justia.com)
Chapter 830‑X‑3: Registration of Dealers, Agents, Investment Advisers & Representatives
Details licensing, notice requirements (e.g. branch office notifications), and compliance guidelines. (regulations.justia.com)
Chapter 830‑X‑4: Registration of Securities
One of the most extensive chapters, covering:
Application procedures (Form U‑1 for Coordination, Form 33 for Qualification) (admincode.legislature.state.al.us, regulations.justia.com)
Prospectus requirements—content, form, statutory disclaimers
Financial statement disclosure standards (audits, interim statements)
Rules on dilution limits, promoters’ equity investment, expense caps (admincode.legislature.state.al.us)
Rules for escrow of proceeds or securities, options/warrants terms, and amendments (admincode.legislature.state.al.us)
Alignment with NASAA guidelines for various programs (admincode.legislature.state.al.us)
Chapter 830‑X‑5: Reserved
Currently has no active provisions. (regulations.justia.com)
Chapter 830‑X‑6: Exempt Securities & Exempt Transactions
Defines exemptions like limited offerings under SEC Regulation D, and includes "bad actor" provisions and filing/notice requirements (e.g., Form D) (law.cornell.edu)
Chapter 830‑X‑7: Sale of Checks Act
Establishes licensing forms and requirements for businesses issuing or selling checks under this Act. (regulations.justia.com)
Chapter 830‑X‑7A
Covers additional specific rule(s), e.g. certain licensing fee renewals. (regulations.justia.com)
Chapter 830‑X‑8: Industrial Revenue Bonds
Regulates issuance and requirements for industrial revenue bonds. (regulations.justia.com, asc.alabama.gov)
Why This Matters
Licensing rules ensure individuals and firms are properly qualified and monitored.
Registration of securities requires detailed disclosures—prospectuses, financials, caps on costs—to protect investors.
Exemptions and compliance via Regulation D and NASAA standards accommodate private placements while including safeguards (e.g., bad actor filtering).
Overlap with federal law—Title 830 chapters often reference SEC rules and NASAA guidelines, maintaining consistency with national frameworks.
✅ Need More Info?
Let me know if you'd like:
A deep dive into a specific chapter or rule (e.g., Chapter X‑4 prospectus content or Chapter X‑6 exemptions).
Direct links or PDFs of particular sections from the official Admin Code website.
An explanation of how these rules affect brokers, issuers, or investors in practical scenarios.
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