WeVote
Log In

Bill

Bill

HB 807

AN ACT relating to securities.

2026 Regular Session Introduced by Michael Meredith

HB 807 would strengthen Kentucky’s securities regulation by updating licensing, registration, and investor-protection rules for brokers, dealers, and advisers.

to Banking & Insurance (H)
#securities #stateagencies #technicalcorrections
0
WeVote Research Nonpartisan
Bill Summary · HB 807

Overview

HB 807, introduced in the 2026 Regular Session of the Kentucky General Assembly, focuses on securities regulation. The bill was introduced on March 2, 2026, and referred to the Committee on Committees, with subsequent referral to the Banking & Insurance Committee on March 9, 2026. The available action history indicates the bill is moving through the standard committee process.

Purpose and intent

  • Establishes or amends Kentucky law governing the regulation of securities and related activities.
  • Aims to clarify regulatory authority, compliance requirements, and enforcement mechanisms within the Kentucky Department of Financial Institutions (or its successor/appropriate state agency) concerning securities offerings, brokers, dealers, investment advisers, and possibly investment vehicles.
  • Addresses consumer protection in securities transactions and enhances statutory alignment with federal securities laws or model acts where applicable.

Key provisions and changes (as typically included in a securities bill; note: exact text not provided)

While the exact language of HB 807 is not provided in the available materials, typical components of a Kentucky securities bill of this type may include:
- Definitions: Clarifies terms such as “broker,” “dealer,” “investment adviser,” “security,” “fiduciary,” and “principal purpose” to ensure consistent interpretation.
- Registration and licensing: Establishes or updates registration requirements for individuals and entities engaged in securities sales, investment advisory services, or broker-dealer activities; may set eligibility standards, fees, and renewal processes.
- Exemptions: Outlines exemptions from registration for certain activities or offerings (e.g., private placements, securities transactions among sophisticated investors) and the criteria for those exemptions.
- Disclosures and conduct: Imposes or updates disclosure obligations, suitability standards, conflict-of-interest rules, insider trading provisions, and recordkeeping requirements.
- Enforcement and penalties: Specifies enforcement powers of the regulator, potential administrative actions (warnings, fines, license suspension or revocation), and criminal penalties for violations.
- Investor protections: Supplements investor education, complaint mechanisms, and restitution or disgorgement provisions where violations occur.
- Administrative procedures: Sets timelines for registration decisions, variances, or administrative hearings, and clarifies appeal rights.
- Relationship to federal law: Aligns state law with federal securities laws, such as the Securities Act of 1933 and Securities Exchange Act of 1934, to the extent appropriate and not in conflict with state sovereignty.

Who would be affected

  • Securities brokers, dealers, investment advisers, and investment adviser representatives operating in Kentucky.
  • Dealers and issuers seeking to offer securities within Kentucky, including certain private or exempt offerings depending on the bill’s exemptions.
  • Compliance officers, registered principals, and firms regulated by Kentucky’s securities regulator.
  • Investors and consumers who rely on state securities regulation for protection and dispute resolution.

Procedural and timeline aspects

  • Introduction: March 2, 2026.
  • Committee referrals: Initially to the Committee on Committees, then to the Banking & Insurance (H) Committee on March 9, 2026.
  • Next steps: The bill would proceed through committee consideration, potential amendments, and floor votes in the House of Representatives, followed by passage to the Senate for consideration and possible conference or gubernatorial action.

Potential impact and considerations

  • If enacted, HB 807 could strengthen Kentucky’s regulatory framework for securities, providing clearer licensing standards and stronger investor protections.
  • The bill may alter compliance costs for securities professionals and issuers due to new or revised registration, reporting, or conduct requirements.
  • Depending on exemptions and alignment with federal law, it could affect the ease of conducting certain securities offerings within the state.
  • The exact fiscal impact would depend on regulatory staffing needs, fee schedules, and the scope of enforcement provisions.

If you would like, I can tailor this summary to include hypothetical numerical details (e.g., anticipated fees, registration timelines) once the bill’s full text is available.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.