Alaska State Legislature

News from the House Majority

Jerry Ritter, House Majority Press Secretary
State Capitol
Juneau, AK 99801
Phone: (907) 465-3804
web site: http://www.akrepublicans.org
Actuality line: 1-800-478-6540

House Amends Alaska Securities Act

Conforms to Federal Changes and with Other States

For Immediate Release April 30, 1998 Contact: Rep. Norman Rokeberg at (907) 465-4968.

Juneau -- The Alaska House of Representatives Thursday passed amendments to the Alaska Securities Act designed to bring the law into compliance with recently enacted federal securities laws. These new federal laws have a direct effect on the securities laws and regulations of Alaska and other states.

"It is essential that we amend the Alaska Securities Act to conform to the new federal provisions," said Representative Norman Rokeberg (R-Anchorage), Chairman of the House Labor and Commerce Committee, which sponsors House Bill 486. "Another primary issue is to preserve Alaska's ability to collected designated revenues in excess of $3 million that funds investor protection programs," Rokeberg said.

Forty other states have already passed this legislation preserving their fees and regulatory authority.

"Investors are protected by improved language regulating those investment advisors who are regulated by the state and not by the Securities Exchange Commission," Rokeberg said. "In addition, it provides more time for an investor who has been a victim of fraud to sue to recover damages."

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