C.R.S. Section 11-51-702.5
Securities board

  • creation
  • duties
  • repeal

(1)

There is hereby created the securities board within the department of regulatory agencies which shall consist of five persons appointed by the governor, subject to the consent and approval of the senate, as follows:

(a)

Two persons who are licensed by the state supreme court to practice law in the state of Colorado and who are conversant in securities law;

(b)

One person certified as a certified public accountant pursuant to article 100 of title 12; and

(c)

Two persons who are members of the public at large.

(2)

Intentionally left blank —Ed.

(a)

One of the members of the securities board shall reside west of the continental divide.

(b)

The members shall serve terms of three years with each term ending on July 1 of the year in which the term expires.

(c)

Any vacancy on the securities board occurring before the expiration of the term shall be filled by the governor for the remainder of the term.

(d)

Securities board members may be removed for cause.

(e)

Securities board members shall be reimbursed for actual and necessary expenses, not to include out-of-state travel expenses.

(f)

Members of the board shall not serve more than two consecutive terms on the board.

(2.5)

The securities board is a
type 1
entity, as defined in section 24-1-105.

(3)

Securities board members shall be subject to the conflict of interest limitations placed on other employees of the division of securities pursuant to section 11-51-703 (2).

(4)

The securities board shall provide oversight to the securities commissioner and shall be available to advise the securities commissioner at the request of the securities commissioner on issues affecting the division of securities and securities regulations in the state.

(5)

The securities board shall meet as often as is necessary, but no less than quarterly. Meetings may be called by the chairperson of the securities board at the request of the securities commissioner or any member of the securities board.

(6)

Intentionally left blank —Ed.

(a)

The securities board shall aid and advise the securities commissioner at the request of the securities commissioner in connection with the duties of the securities commissioner under articles 51, 53, and 59 of this title and part 7 of article 75 of title 24, C.R.S., including but not limited to the promulgation of rules, issuance of orders, formulation of policies, and the setting of fees under such articles and other issues affecting the division of securities and securities regulation in the state.
(b)(Deleted by amendment, L. 2004, p. 15, § 1, effective July 1, 2004.)(c) The securities board shall hear the matters described in section 11-51-606 (1.5)(d), (3)(e), and (4)(d) and issue the initial decisions as provided therein. The chairperson of the securities board shall determine the date and place for such hearings and may appoint a panel of the securities board consisting of no less than three board members to conduct such hearings. Any hearing held regarding an order issued by the securities commissioner under section 11-51-606 (3) or (4) shall be heard by the securities board.

(7)

Intentionally left blank —Ed.

(a)

This section is repealed, effective September 1, 2026.

(b)

Prior to such repeal, the functions of the securities board shall be reviewed as provided for in section 24-34-104, C.R.S.

Source: Section 11-51-702.5 — Securities board - creation - duties - repeal, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-11.­pdf (accessed Oct. 20, 2023).

11‑51‑101
Short title and purpose 11‑51‑102
Scope of article 11‑51‑201
Definitions 11‑51‑201.5
Investment adviser registration depository - definition 11‑51‑202
References to federal statutes 11‑51‑301
Requirement for registration of securities 11‑51‑302
General registration provisions 11‑51‑303
Registration by coordination 11‑51‑304
Registration by qualification 11‑51‑304.5
Notice filing - investment companies 11‑51‑305
Filing of sales literature 11‑51‑306
Denial, suspension, or revocation of registration 11‑51‑307
Exempt securities 11‑51‑308
Exempt transactions 11‑51‑308.5
Crowdfunding - intrastate offering of securities - online intermediaries - rules - fees - short title - legislative declaration 11‑51‑308.7
Colorado digital token act - legislative declaration - exemptions - definitions - rules 11‑51‑309
Discretionary exemptions 11‑51‑310
Denial or revocation of exemptions 11‑51‑311
Coordination of exemptions 11‑51‑401
Licensing and notice filing requirements 11‑51‑402
Exempt broker-dealers, sales representatives - sanctions - exempt investment advisers and investment adviser representatives 11‑51‑403
Application for license - notice filing requirements 11‑51‑404
License and notice fees 11‑51‑405
Examinations and alternate qualifications 11‑51‑406
General provisions 11‑51‑407
Operating requirements 11‑51‑408
Licensing of successor firms 11‑51‑409
Access to records 11‑51‑409.5
Mandatory disclosure - investment advisers and investment adviser representatives 11‑51‑410
Denial, suspension, or revocation 11‑51‑411
Abandonment of license 11‑51‑412
Withdrawal 11‑51‑501
Fraud and other prohibited conduct 11‑51‑502
Misleading filings 11‑51‑503
Unlawful representation concerning a license, registration, or exemption 11‑51‑601
Investigations - subpoenas 11‑51‑602
Enforcement by injunction 11‑51‑603
Criminal penalties 11‑51‑603.5
Concurrent enforcement by attorney general - legislative declaration 11‑51‑604
Civil liabilities 11‑51‑605
Burden of proof 11‑51‑606
Conduct of proceedings - cease-and-desist orders - consent orders - summary orders - issued by securities commissioner - rules 11‑51‑607
Judicial review of orders 11‑51‑701
Division of securities - creation - powers and duties 11‑51‑702.5
Securities board - creation - duties - repeal 11‑51‑703
Administration of article 11‑51‑704
Rules, forms, and orders 11‑51‑705
Interpretive opinions 11‑51‑706
Consent to service of process 11‑51‑707
Collection of fees - division of securities cash fund created 11‑51‑708
Administrative files 11‑51‑801
Effective date of article 11‑51‑802
Savings provisions 11‑51‑803
Repeal of article 11‑51‑901
Short title 11‑51‑902
General powers of securities commissioner 11‑51‑903
Interests in local government investment pool trust fund 11‑51‑904
Requirement for registration of local government investment pools 11‑51‑905
General registration requirements 11‑51‑906
Reports to securities commissioner 11‑51‑907
Access to records 11‑51‑908
Confidentiality of information 11‑51‑1001
Short title 11‑51‑1002
Definitions 11‑51‑1003
Governmental disclosures - immunity 11‑51‑1004
Third-party disclosures - immunity 11‑51‑1005
Delaying disbursements - immunity 11‑51‑1006
Immunity for nondisclosure 11‑51‑1007
Records 11‑51‑1008
Multiple duties to report
Green check means up to date. Up to date

Current through Fall 2024

§ 11-51-702.5’s source at colorado​.gov