Summaries of Proposed Rules

The following are summaries of proposed rules that the Missouri Secretary of State’s office has submitted for publication in the Missouri Register. These rules will not go into effect until the public has had an opportunity to submit written comments and to attend a public hearing if one is scheduled.

Any person may offer comments on a proposed rule. The instructions for submitting comments are located after the text of each rule. Please note that the official text of a proposed rule is the version that appears in the Missouri Register, not the draft copy on this site. Please refer to the official copy if you wish to submit comments.

Proposed Rules	Summary	Fiscal Note(s)	Small Business Impact Statement	Link to Missouri Register	Division
15 CSR 30-51.030 Examination Requirement	This amendment automatically waives the examination requirement for investment adviser representatives holding certain professional designations.	PUBLIC COST: This proposed amendment will not cost state agencies or political subdivisions more than five hundred dollars ($500) in the aggregate. PRIVATE COST: This proposed amendment will not cost private entities more than five hundred dollars ($500) in the aggregate.	This proposed amendment does not have an adverse impact on small business.	Missouri Register	Securities
15 CSR 30-51.040 Financial Statements	This amendment clarifies the form and content of financial statements filed by persons applying for registration and by persons registered as a broker-dealer or an investment adviser.	PUBLIC COST: This proposed amendment will not cost state agencies or political subdivisions more than five hundred dollars ($500) in the aggregate. PRIVATE COST: This proposed amendment will not cost private entities more than five hundred dollars ($500) in the aggregate.	This proposed amendment does not have an adverse impact on small business.	Missouri Register	Securities
15 CSR 30-51.055 Continuing Education Requirement for Certain Investment Adviser Representatives	This rule ensures that certain investment adviser representatives maintain the minimum level of knowledge necessary to competently provide investment advisory services by requiring those individuals to complete continuing education requirements.	PUBLIC COST: This proposed rule will not cost state agencies or political subdivisions more than five hundred dollars ($500) in the aggregate. PRIVATE COST: This proposed rule will not cost private entities more than five hundred dollars ($500) in the aggregate.	This proposed rule does not have an adverse impact on small business.	Missouri Register	Securities
15 CSR 30-51.070 Minimum Net Worth Requirements for Investment Advisers	This amendment gradually increases the minimum capital required of investment advisers over a ten-year period.	PUBLIC COST: This proposed amendment will not cost state agencies or political subdivisions more than five hundred dollars ($500) in the aggregate. PRIVATE COST: The Secretary of State’s Office estimates costs may range from $0 to $3,255,000.00 in the aggregate for investment advisers to comply with the increases in the net worth minimum requirement. Fiscal Note	This proposed amendment may adversely affect small investment adviser businesses that are already potentially closer to insolvency than larger investment adviser businesses over the ten years in which the minimum net worth requirement increases by causing a small percentage of existing small investment adviser businesses to cease operations in the state.	Missouri Register	Securities
15 CSR 30-51.155 Business Continuity and Succession Planning for Investment Advisers	This rule requires investment advisers to make and maintain a business continuity plan.	PUBLIC COST: This proposed rule will not cost state agencies or political subdivisions more than five hundred dollars ($500) in the aggregate. PRIVATE COST: This proposed rule will not cost private entities more than five hundred dollars ($500) in the aggregate.	This proposed rule does not have an adverse impact on small business.	Missouri Register	Securities
15 CSR 30-51.160 Effectiveness and Post-Effective Requirements	This amendment establishes conditions for termination of an investment adviser representative’s registration when the representative ceases providing any investment advisory services to a client.	PUBLIC COST: This proposed amendment will not cost state agencies or political subdivisions more than five hundred dollars ($500) in the aggregate. PRIVATE COST: This proposed amendment will not cost private entities more than five hundred dollars ($500) in the aggregate.	This proposed amendment does not have an adverse impact on small business.	Missouri Register	Securities
15 CSR 30-51.172 Dishonest or Unethical Business Practices by Investment Advisers and Investment Adviser Representatives	This amendment establishes as a dishonest or unethical practice an investment adviser’s access of a client’s account by using the client’s own unique identifying information.	PUBLIC COST: This proposed amendment will not cost state agencies or political subdivisions more than five hundred dollars ($500) in the aggregate. PRIVATE COST: This proposed amendment will not cost private entities more than five hundred dollars ($500) in the aggregate.	This proposed amendment does not have an adverse impact on small business.	Missouri Register	Securities
15 CSR 30-52.030 NASAA Statements of Policy	This amendment adjusts the investor suitability guidelines for direct participation programs registered under the Act.	PUBLIC COST: This proposed amendment will not cost state agencies or political subdivisions more than five hundred dollars ($500) in the aggregate. PRIVATE COST: This proposed amendment will not cost private entities more than five hundred dollars ($500) in the aggregate.	This proposed amendment does not have an adverse impact on small business.	Missouri Register	Securities

*These rules may vary slightly from those on the Missouri Secretary of State’s Administrative Rules website as Administrative Rules may make grammar, spelling, date and citation changes. The rules on the Administrative Rule’s website shall take precedent over the rules posted here.