Texas State Library and Archives Commission

Texas State Securities Board:

An Inventory of State Securities Board Records at the Texas State Archives, 1933-2008



Overview

Creator: Texas. State Securities Board.
Title: State Securities Board records
Dates: 1933-2008
Abstract: The Texas State Securities Board, composed of the old Securities Divisions of the Texas Secretary of State and the Texas Board of Insurance Commissioners, was created by the Texas Securities Act of 1957 (Senate Bill 294, 55th Texas Legislature, Regular Session) to regulate securities sold publicly in Texas. The mission of the State Securities Board is to protect Texas investors and its goals are to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas. The regulation of securities involves the registration of stocks, bonds, and other securities sold in the state; the licensing of persons or firms selling securities; the investigation of alleged violations of the act; and the presentation of these violations to county and district attorneys for prosecution. Types of documents include correspondence and memoranda, press releases, agenda and minutes, summaries of board actions, notices of hearings, copies of board orders, reports, legislation, attorney general opinions, court documents, printed materials, budget materials, and notes. Records range in date from 1933 to 2008. Materials cover nearly all aspects of the regulation of securities, both by the Secretary of State (1933-1957) and by the Securities Board (1957-2008).
Quantity: 10.26 cubic ft.
Language These materials are written in English.

Agency History

The Texas State Securities Board was created by the Texas Securities Act of 1957 (Senate Bill 294, 55th Texas Legislature, Regular Session) to regulate securities sold publicly in Texas. The new agency was composed of the old Securities Divisions of the Texas Secretary of State and the Texas Board of Insurance Commissioners. The regulation of securities involves the registration of stocks, bonds, and other securities sold in the state; the licensing of persons or firms selling securities; the investigation of alleged violations of the act; and the presentation of these violations to county and district attorneys for prosecution. Besides the headquarters in Austin, the Board maintains enforcement field offices in Dallas, Houston, and Lubbock. The mission of the State Securities Board is to protect Texas investors. Consistent with that purpose, the agency seeks to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas.

In 1923, because Texas had "in recent years been flooded with worthless securities, issued and sold by irresponsible parties to the people of this State," the 38th Legislature (2nd Called Session) passed the "Blue Sky Law" (House Bill 177), regulating the sale of stocks and bonds. The law was to be administered by the newly-created Securities Division of the Secretary of State. The Securities Act of 1935 (House Bill 521, 44th Legislature, Regular Session) replaced the "Blue Sky Law." It also was administered by the Securities Division of the Secretary of State. In 1955, the Securities Division of the Board of Insurance Commissioners was created to regulate insurance securities (Insurance Securities Act of 1955, House Bill 39, 54th Legislature, Regular Session). The Securities Division of the Secretary of State continued to regulate other securities under the new Securities Act of 1955 (Senate Bill 149, 54th Legislature, Regular Session). The 1955 Securities Act provides for the registration of securities offered or sold in Texas and of firms and individuals who sell securities or render investment advice in the state. In certain circumstances, a particular security or transaction may be exempt from the registration requirements of the Act. Whether or not an exemption from the registration provisions is available, the Act prohibits fraud in the offer or sale of securities in Texas. The Act also provides for administrative, civil and criminal remedies and sanctions for violations of its provisions.

A major objective of the State Securities Board is to maintain a proper balance between the competing interests of the promoter and the investor to produce a healthy and productive capital market. Beginning in 2001, the agency has undertaken a series of investor education initiatives to assist all Texans in making informed investment decisions that affect their financial future. This effort has included the dissemination of teaching guides to educators throughout the state, distribution of financial planning guides for Texas families, and issuance of investor alerts and press releases describing recent enforcement actions and steps investors can take to identify and protect themselves from fraudulent schemes.

The Securities Board is governed by a three member board that appoints a securities commissioner to serve as the agency's chief administrative officer and to supervise the daily activities of the staff. Members of the governing board are appointed by the governor with the advice and consent of the Senate for overlapping six year terms. They are non-salaried and may not be licensed to deal in or to sell securities under any provisions of the securities laws. The board members approve and periodically update regulations to ensure that investors remain adequately protected and that unreasonable burdens on legitimate capital raising activities are avoided.

Texas has grown to become one of the major securities markets in the nation and is sought out by national and international securities issuers. As of June 1996, the dollar volume of securities applications processed in Texas exceeded all deposits in Texas banks, savings and loans, savings banks, and credit unions by $29 billion. By June of 1998, the securities applications processed exceeded deposits in these financial institutions by $85 billion. The dollar volume of securities registrations and filings processed in Texas in fiscal 1999 was nearly $308 billion. These filings represent only a fraction of the total volume of securities transactions conducted in the state since most transactions are made pursuant to exemptions from registration set forth in the Act, based on a legislative determination that certain securities and transactions have sufficient safeguards in place to protect the public without the necessity of registration.

As in every year since its creation, the State Securities Board remains a net contributor to the General Revenue Fund. The agency received appropriations of $5,712,676.00 in fiscal year 2008, while it deposited revenues, primarily from securities and dealer registration fees, totaling $177,468,503.34. The agency maintains a professional staff of attorneys, MBAs, CPAs and other college graduates with accounting or finance training. Approximately 53 percent of the agency staff is comprised of professionals. Each employee is covered by an honesty blanket position bond.

The State Securities Board maintains an Internet website ( http://www.ssb.state.tx.us) that is designed to provide information to the securities industry and the public regarding the operations of the agency. The website provides the text of the Securities Act, relevant regulations, and forms. Guides are also provided for registration, investor protection, and small businesses seeking to raise capital in Texas.

Divisions of the State Securities Board

Agency objectives and methods have not changed significantly since the creation of the agency in 1957. Through at least the mid-1960s, the Board does not appear to have had any specific divisions, simply the mandate to meet the requirements of the founding legislation. Through 1963 the board processed securities valued at more than $1.5 billion and, at the end of 1963, 7,000 people were licensed to sell securities. By 1970, however, the Board employed 50 people and had split into four divisions: Securities Registration, License, Enforcement, and Administrative Services. It is unclear whether the Commissioner and his staff were a part of Administrative Services or a separate section. By 1981, the Administrative Services Division had disappeared, apparently replaced by the Executive Division, and the License Division had been renamed the Dealer Registration Division. Other divisions remained the same. By at least the mid-1990s, the Executive Division had disappeared, the Staff Services Division had been created, and the General Counsel Division appeared for the first time. The other three divisions remained the same.

Enforcement Division:

The Enforcement Division is charged with detection and prevention of violations of the Act, including illegal sales of unregistered, nonexempt securities, sales of securities by unregistered dealers, and fraud committed in connection with the sale of securities. The Division is also charged with initiating appropriate administrative, civil or criminal action against firms or individuals who violate provisions of the Act.

The Enforcement Division places significant emphasis upon criminal prosecutions of individuals who fraudulently sell securities to Texas residents. Criminal referrals are made to district attorneys and United States attorneys throughout the state and the Division routinely assists prosecutors in the drafting of indictments, presentation of cases to grand juries, and in the trial of criminal cases. The Enforcement Division also assists prosecutors in the preparation of appellate briefs and the presentation of arguments to the appellate courts of Texas. During fiscal year 1999, the Enforcement Division referred cases to prosecutors in Texas which resulted in indictments for 141 transactions involving violations of the Act or related offenses. During the period, there were criminal convictions for 85 transactions. Sentences ranged from probation to 25 years in prison. For a number of years, the Texas State Securities Board has led all other securities regulatory agencies in the United States in the number of criminal proceedings initiated and criminal convictions obtained.

In other matters, the Enforcement Division uses investigative proceedings and administrative actions to detect and prevent violations of the Securities Act. In appropriate instances, the Division refers completed investigations to the Texas Attorney General's Office to obtain civil injunctions to halt illegal sales of securities and to secure restitution for investors. The Division also investigates suspected violations by registered dealers and agents and initiates administrative actions to deny, revoke or suspend the registration of firms or individuals found to have violated the Act or its regulations.

There has been a dramatic increase in the use of the Internet by securities issuers, dealers, and sales agents to widely disseminate information regarding investment opportunities and offer securities directly to the general public. The Enforcement Division, working closely with other state and federal agencies, has established a program to monitor these activities and to initiate enforcement proceedings against those found to be acting in violation of the Act.

During FY 1999, the Division helped secure restitution or rescission of $13,113,022.07 to investors, collected $404,028.55 in administrative sanctions for violations of the Act, and undertook 475 total actions. During the year, Enforcement Division investigations covered fraudulent investment schemes involving the Internet, public offerings of promissory notes, oil and gas ventures, foreign currency trading programs, bank trading schemes, and misuse of customer funds by registered securities dealers and agents. At the close of the fiscal year, the Division employed 12 attorneys, three investigative accountants, one investigator and 11 support personnel. In addition to the Austin office, the Enforcement Division maintains Dallas, Houston, Lubbock and South Texas branch offices.

Inspections and Compliance Division:

The Inspections and Compliance Division conducts periodic inspections of the books and records of registered entities. Primary subjects are dealers and investment advisers who have main offices in Texas and who are not members of the National Association of Securities Dealers; however, all registered firms may be subject to such inspections. At the close of the fiscal year 2003-2004, the Division employed three attorneys, thirteen financial examiners, and two administrative personnel. In addition to the Austin office, the Inspections and Compliance Division maintains personnel in the Dallas and Houston branch offices. During fiscal year 2003-2004, the Division inspected ten percent of those Texas Dealers not regulated by other authorities. The Division's activities resulted in nine referrals to the Administrative Litigation Section for administrative proceedings.

Securities Registration Division:

The Securities Registration Division reviews all applications to register securities for sale in Texas. The primary function of this review is to ensure investor access to full and fair disclosure of all relevant investment information and to ensure that the offering terms are "fair, just and equitable" for the investor in accordance with the criteria established by the Act and Rules. The review is designed to ensure that the promoter and investor will share in the results of the venture, whether the results be profits or losses, to ascertain that prices being asked for the securities are reasonable, that conflicts of interest are minimized, and that promotional expenses are reasonable. However, the approval of a registration application does not constitute a recommendation of the securities being registered, nor does it attempt to determine investment success. The Division also answers questions from the public concerning securities registration requirements, gives the status of securities registration applications, and provides assistance to entrepreneurs and small businesses regarding financing alternatives.

The number of applications received and processed, as well as the dollar volume of applications, result from numerous factors, including, but not limited to, prevailing interest rates, federal tax laws, capital needs of the economy, availability of capital from alternative sources, overall money supply, and investors' perception of the health of the securities markets.

In fiscal year 1969, the division processed $1.6 billion in securities registrations. In fiscal year 1971, it processed $1.2 billion. In fiscal year 1999, the Division processed 26,811 applications representing nearly $308 billion in securities.

Dealer Registration Division (formerly known as the License Division):

The Securities Act requires that, in most instances, firms or individuals selling securities or offering investment advice in Texas must register with the state. These registration functions are administered by the Dealer Registration Division, known as the License Division during the 1970s. The review process for registration includes a thorough examination of each applicant with an emphasis upon the proposed plan of business, financial condition and disciplinary history. Results of the review are sometimes coordinated with the Enforcement Division before a decision is made as to whether registration should be opposed or granted. Dealer and Investment Adviser registrants are required to maintain a registered officer or partner and must register branch offices in Texas locations where business is conducted. A manager must be designated for each such office. In order for the Dealer Registration Division to maintain proper oversight, each registrant is required to timely file amendments to the registration file when an event occurs that causes an answer to a question on the application to become incorrect. This ongoing reporting and review process, with attendant amendments to registration, constitutes a major portion of the workload in the Division. An additional aspect of application processing occurs at the end of the calendar year when dealers, investment advisers and agents file to renew their registration for the following year. Once renewal applications are complete, with requisite filings and fees, new certificates of registration are issued to the dealers and investment advisers and each is furnished a list of their agents who have qualified for renewal of registration. These certificates are required by statute to be posted in the principal place of business and each registered branch office. In fiscal 1999, the State Securities Board registered 162,854 individuals and businesses to sell securities or render investment advice in Texas; the total number of approved and renewed registrations came to 153,180.

The State Securities Board became a participant in the Central Registration Depository system (CRD) in 1983. This computer system, developed by the North American Securities Administrators Association and the National Association of Securities Dealers, allows dealers who are registered under federal law to apply for registration of their agents in all desired states via a single form filed at a central location. The computer system makes the application available electronically to every state. The CRD, along with the advent of uniform forms and uniform exams, has created a simplified avenue for dealers seeking registration of their agents. Amendments to dealer registration applications filed via the CRD system are also made available electronically to the state. Dealer and agent fees collected through the CRD are transmitted to the state daily via electronic funds transfer.

The Dealer Registration Division conducts periodic inspections of the books and records of registered entities. Primary subjects are dealers and investment advisers who have main offices in Texas and who are not members of the National Association of Securities Dealers. However, all registrants may be subject to such inspections. Serious violations noted during the course of an inspection are referred to the Enforcement Division for appropriate action. The Division also responds to numerous requests for forms and information regarding registration requirements. Additionally, with increased public awareness, there is a greater demand for information regarding agents and firms registered with the agency.

General Counsel Division:

The Division was created after the mid-1970s to provide formal and informal interpretive advice to help ensure that persons subject to regulation are fairly and adequately apprised of the provisions of the Securities Act and Board rules governing their activities. In fiscal year 1999, the agency issued 11 formal interpretive opinions addressing a wide variety of issues.

The General Counsel Division provides internal legal advice to the Board, Commissioner, and staff regarding correct interpretations of The Securities Act and Board Rules and compliance with other Texas laws, such as the Public Information Act and the Administrative Procedure Act, and certain federal laws, such as the Securities Act of 1933 and the Securities Exchange Act of 1934. The Division also works with the Board, Commissioner, staff and other interested parties in drafting securities-related legislation and Board rules to interpret the Act.

Administrative Services Division:

Since the late 1960s, the Division maintained personnel and accounting records, made purchases, and performed other services necessary for the physical operation of the agency. It is unclear whether the Commissioner and his staff were a part of Administrative Services or operated as a separate section. Sometime during the 1980s or 1990s, the Division seems to have evolved first into the Executive Division, and then into the Staff Services Division.

Executive Division:

The Division may have operated during the 1970s and 1980s. It contained the Commissioner, Deputy Commissioner, Assistant Commission, the Staff Legal Officer, and various support personnel. The members of the division oversaw the activities of the Securities Board and managed personnel, accounting, and all other general staff services. By the mid 1990s, the Division disappeared and seems to have been replaced by the Staff Services Division, which may or may not continue to contain the executive members of the Board.

Staff Services Division:

The Staff Services Division appears to have replaced the Executive Division sometime in the 1980s or early 1990s. It performs accounting, budgeting, inventory, personnel, employee benefits, data processing, and other essential administrative functions of the State Securities Board. The Division is also responsible for the preparation and distribution of reports required by state government. It is unclear whether the Commissioner and his staff are a part of Staff Services or operate as a separate section.

(Sources include: Guide to Texas State Agencies, 11th edition (2001); the Texas State Securities Board website, http://www.ssb.state.tx.us, accessed April 2, 2009; and the records themselves.)


Scope and Contents of the Records

The Texas State Securities Board, composed of the old Securities Divisions of the Secretary of State and the Board of Insurance Commissioners, was created by the Texas Securities Act of 1957 (Senate Bill 294, 55th Texas Legislature, Regular Session) to regulate securities sold publicly in Texas. The mission of the State Securities Board is to protect Texas investors and its goals are to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas. The regulation of securities involves the registration of stocks, bonds, and other securities sold in the state; the licensing of persons or firms selling securities; the investigation of alleged violations of the act; and the presentation of these violations to county and district attorneys for prosecution. Types of documents include correspondence and memoranda; press releases; agenda and minutes; requests for, notices of, and summaries of various board actions; notices of hearings and copies of board orders; reports of investigations, hearings, and examinations; legislation, attorney general opinions, and court documents; newspaper clippings, magazine articles, newsletters, prospectuses, and other publications; budget materials; and notes. Records range in date from 1933 to 2008.

Materials cover nearly all aspects of the regulation of securities, both by the Secretary of State (1933-1957) and by the Securities Board (1957-2008). Record series include minutes of meetings held from 1957-1976, 1979-2008; an apparently complete set of files on Securities Board meetings between November 18, 1959 and December 21, 1967, which may have been maintained by Deputy Securities Commissioner Truman G. Holladay; subject files documenting the transition of regulation duties from the Secretary of State to the Securities Board; Enforcement Division and Inspection and Compliance Division board orders and notices of hearings, subjects of which include revocations of exemptions and registrations, denials of applications, and prohibitions against individuals or firms publishing offers or operating in Texas; an apparently complete set of press releases issued by the Securities Board between July 1957 and December 1974 (and a much smaller, incomplete collection of press releases, 1964-1998) regarding securities registrations in Texas, filed and granted applications for permits to sell securities in Texas, and legal actions against violators of the Securities Act; and, finally, newspaper clippings (January 1973-May 1975) concerning the Sharpstown stock fraud scandal.

To prepare this inventory, the described materials were cursorily reviewed to delineate series, to confirm the accuracy of contents lists, to provide an estimate of dates covered, and to determine record types.


 

Organization of the Records

These records are organized by State Archives staff into seven series and two sub-series:
Minutes, 1957-1976, 1979-2008, 0.72 cubic ft.
Board meeting files, 1959-1967, 1 cubic ft.
Commissioner's files (William M. King), 1933-1960, 3.2 cubic ft.
Enforcement Division, Records, 1956-2006, 3.34 cubic ft.
  • Notices of hearings, 1959-2000, 2002-2006, 0.7 cubic ft.
  • Board orders, 1956-2006, 2.64 cubic ft.
Inspection and Compliance Division board orders, 2003-2005, 0.1 cubic ft.
Press releases, 1957-1998, 1.7 cubic ft.
Sharpstown scandal newspaper clippings, 1973-1975, 0.2 cubic ft.

Restrictions

Restrictions on Access

Materials do not circulate, but may be used in the State Archives search room. Materials will be retrieved from and returned to storage areas by staff members.

Restrictions on Use

Most records created by Texas state agencies are not copyrighted and may be freely used in any way. State records also include materials received by, not created by, state agencies. Copyright remains with the creator. The researcher is responsible for complying with U.S. Copyright Law (Title 17 U.S.C.).

Technical Requirements

None.


Index Terms

The terms listed here were used to catalog the records. The terms can be used to find similar or related records.
Corporate Names:
Texas. Secretary of State. Securities Division.
Subjects:
Securities--Texas.
Securities fraud--Texas.
Securities commissions--Texas.
Stockbrokers--Texas.
Sharpstown Scandal, Tex., 1971-1972.
Document Types:
Announcements--Texas--Securities--1959-2006.
Correspondence--Texas--Securities--1933-1967.
Press releases--Texas--Securities--1957-1998.
Agendas--Texas--Securities--1939-1967.
Minutes--Texas--Securities--1957-1976, 1979-2008.
Reports--Texas--Securities--1933-1960.
Legal documents--Texas--Securities--1933-1960.
Legislative records--Texas--Securities--1933-1967.
Clippings--Texas--Securities--1973-1975.
Publications--Texas--Securities--1959-1967.
Budgets--Texas--Securities--1959-1967.
Notes--Texas--Securities--1933-1967.
Functions:
Regulating securities.

Related Material

The following materials are offered as possible sources of further information on the agencies and subjects covered by the records. The listing is not exhaustive.

Texas State Archives
Texas Secretary of State, Register of blue sky permits, 1923-1934, 0.07 cubic ft.
Texas State Board of Insurance, Board orders, 1927-1981, 1989-1993, 120.52 cubic ft.
Texas State Board of Insurance, Charter files, 1873-1976, 222.87 cubic ft.
Texas State Board of Insurance, Insurance Board office records, 1938-1979, 51 cubic ft.
Texas State Board of Insurance, Records, 1927-1970, 24 cubic ft.
Texas State Board of Insurance, Office of the Commissioner, Commissioner of Insurance orders, 1957-1984, 50 cubic ft.
Texas State Board of Insurance, Office of the Commissioner, Commissioner's topical files, 1957-1989, bulk 1983-1989, 3.5 cubic ft.
Texas State Board of Insurance, Board of Insurance Commissioners, Minutes, 1950-1960, unknown

Administrative Information

Preferred Citation

(Identify the item and cite the series), Texas State Securities Board records. Archives and Information Services Division, Texas State Library and Archives Commission.

Accession Information

Accession numbers: 1991/155, 1992/038, 1993/105, 1994/054, 1995/050, 1996/040, 1997/061, 1998/059, 1998/196, 1999/044, 1999/098, 2000/098, 2000/141, 2001/080, 2001/088, 2002/095, 2002/108, 2003/069, 2003/107, 2004/078, 2005/106, 2005/115, 2006/041, 2006/043, 2006/095, 2006/305, 2007/045, 2007/090, 2007/162, 2008/164, 2009/039

These records were transferred to the Archives and Information Services Division of the Texas State Library and Archives Commission by the State Securities Board, Enforcement Division, on May 15, 1991; November 25, 1991; January 6, 1993; January 5, 1994; January 10, 1995; January 3, 1996; January 6, 1997; January 9, 1998; June 26, 1998; October 30, 1998; January 26, l999; January 18, 2000; April 21, 2000; March 8, 2001; January 8, 2001; January 23, 2002; February 25, 2002, October 23, 2002; January 24, 2003; January 4, 2004; January 31, 2005; February 28, 2005; November 2, 2005; January 9, 2006; October 18, 2006; January 25, 2007; July 1, 2008; and October 16, 2008; and by the Texas Legislative Reference Library on November 3, 2005; January 26, 2006; and March 22, 2007.

Processing Information

Board meeting files, commissioner's files, press releases, and Sharpstown Scandal newspaper clippings processed by Tony Black, May 1992

Board orders and notices of hearings processed by Tonia Carlisle, February 1993

Additions to board orders and notices of hearings made by Paul Beck, January 1994, January 1995

Additions to board orders and notices of hearings made by Lisa M. Hendricks, January 1996, January 1997, January 1998, January 1999

Unprocessed minutes added, and additions to board orders and notices of hearings made by Nancy Enneking, January 2000

Additions to unprocessed minutes made by Nancy Enneking, October 2000

Additions to board orders and notices of hearings made by Nancy Enneking, August 2001

Additions to board orders and unprocessed minutes made by Nancy Enneking, July 2002

Finding aid converted from EAD 1.0 to 2002 by TARO using the conversion stylesheet v1to02.xsl, May 5, 2003

Minutes processed, and additions to board orders and notices of hearings made by Rebecca Romanchuk, February 2005

Corrections made to encoding to conform to DACS, and additions to minutes and board orders made by Rebecca Romanchuk, November 2005

Additions to minutes, board orders, notices of hearings, and press releases made by Rebecca Romanchuk, April 2009


Detailed Description of the Records

 

Minutes, 1957-1976, 1979-2008,
0.72 cubic ft.

These records document the work of the Texas State Securities Board which regulates securities sold publicly in Texas. The mission of the State Securities Board is to protect Texas investors and its goals are to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas. Minutes of the Texas State Securities Board are created to document in a thorough, but summary, fashion the official actions of the board in its meetings. Records date 1957-1976, 1979-2008. The next series, Board meeting files, contains drafts of minutes and meeting supporting documentation from 1959-1967. The bulk of the Board's business concerns actions regarding rule proposals, including approval of rules for adoption or for publication and public comment. Also recorded in the minutes are directions to staff to study securities-related issues and draft rule proposals for presentation to the Board.
Arrangement
These records are arranged by the creating agency in chronological order.
Preferred Citation
(Identify the item), Minutes, Texas State Securities Board records. Archives and Information Services Division, Texas State Library and Archives Commission.
Accession Information
Accession numbers: 1998/196, 1999/044, 2000/141, 2001/080, 2002/095, 2003/069, 2004/078, 2005/115, 2006/041, 2006/043, 2007/045, 2007/162, 2008/164, 2009/039
These records were transferred to the Archives and Information Services Division of the Texas State Library and Archives Commission by the Texas State Securities Board on June 26, 1998; October 30, 1998; April 21, 2000; March 8, 2001; January 23, 2002; October 23, 2002; January 4, 2004; February 28, 2005; November 2, 2005; October 18, 2006; July 1, 2008; and October 16, 2008; and by the Texas Legislative Reference Library on November 3, 2005; and March 22, 2007.
Processing Information
Unprocessed minutes added by Nancy Enneking, January 2000, October 2000, April 2001, July 2002
New accessions of minutes added by Rebecca Romanchuk, Feburary 2005, November 2005, April 2009
Box
2006/043 August 1957
September 1957
October 1957
December 1957
February 1958
June 1958
July 1958
September 1958
December 1958
March 1959
May 1959
July 1959
September 1959
November 1959
January 1960
March 1960
May 1960
June 1960
October 1960
November 1960
February 1961
April 1961
July 1961
September 1961
November 1961
March 1962
May 1962
July 1962
August 1962
September 1962
October 1962
December 1962
January 1963
February 1963
March 1963
May 1963
July 1963
September 1963
October 1963
November 1963
December 1963
January 1964
February 1964
April 1964
May 1964
August 1964
October 1964
November 1964
January 1965
February 1965
April 1965
May 1965
July 1965
August 1965
September 1965
November 1965
January 1966
March 1966
April 1966
June 1966
August 1966
September 1966
October 1966
November 1966
January 1967
February 1967
April 1967
June 1967
July 1967
September 1967
November 1967
December 1967
February 1968
May 1968
August 1968
October 1968
December 1968
January 1969
February 1969
March 1969
April 1969
June 1969
July 1969
September 1969
December 1969
February 1970
May 1970
July 1970
September 1970
November 1970
January 1971
February 1971
May 1971
June 1971
September 1971
November 1971
December 1971
April 1972
June 1972
September 1972
December 1972
February 1973
March 1973
May 1973
June 1973
September 1973
November 1973
January 1974
March 1974
May 1974
June 1974
August 1974
October 1974
January 1975
February 1975
May 1975
August 1975
October 1975
November 1975
February 1976
April 1976
May 1976
July 1976
October 1976
Box
1998/196 April 1979
August 1979
December 1979
[missing March 1980]
June 1980
[possibly missing one or more sets of meeting minutes between June 1980 and June 1981]
[missing June 1981]
October 1981
January 1982
May 1982
October 1982
January 1983
March 1983
May 1983
July 1983
September 1983
December 1983
February 1984
May 1984
July 1984
September 1984
December 1984
February 1985
May 1985
June 1985
July 1985
August 1985
September 1985
October 1985
November 1985
February 1986
April 1986
July 1986
September 1986
December 1986
January 1987
May 1987
July 1987
November 1987
February 1988
May 1988
September 1988
November 1988
January 1989
July 1989
October 1989
March 1990
June 1990
October 1990
January 1991
April 1991
July 1991
October 1991
January 1992
April 1992
July 1992
October 1992
January 1993
April 1993
July 1993
August 1993
November 1993
January 1994
April 1994
August 1994
November 1994
March 1995
July 1995
August 1995
November 1995
February 1996
May 1996
September 1996
December 1996
March 1997
July 1997
November 1997
March 1998
July 1998
October 1998
February 1999
June 1999
October 1999
December 1999
Box
2007 Accessions Box 1 (2007/162) March 2000
Box
1998/196 May 2000
July 2000
November 2000
February 2001
June 2001
October 2001
February 2002
May 2002
September 2002
February 2003
April 2003
June 2003
September 2003
October 2003
January 2004
April 2004
July 2004
September 2004
Box
2008 Accessions Box 2 (2008/164) February 2005
Box
1998/196 June 2005
September 9, 2005
September 28, 2005
Box
2007 Accessions Box 1 (2007/045) July 2006
October 2006
Box
2008 Accessions Box 2 (2008/164) October 2007
Box
2009 Accessions Box 1 (2009/039) January 2008
August 2008
October 2008



 

Board meeting files, 1959-1967,
1 cubic ft.

The Texas State Securities Board regulates securities sold publicly in Texas. The mission of the State Securities Board is to protect Texas investors and its goals are to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas. Board meeting files provide supplementary documentation to the Board's meeting minutes. Records include agenda, drafts of minutes, memoranda and correspondence, requests for (or notices of) withdrawals of applications, requests for waivers of the examination requirement, summaries of securities registrations, summary reports of investigations, proposed statements of policy, resolutions, legislation, budget materials, newspaper clippings and magazine articles, publications, press releases, and notes. These records consist of an apparently complete set of files on Texas State Securities Board meetings between November 18, 1959 and December 21, 1967, and as such document the full range of board functions. They may have been files maintained by Truman G. Holladay, deputy securities commissioner at the time (1957-1969). The researcher should note that meeting minutes from 1957 to 1976 and 1979 to 2004 may be found in the series Minutes.
Arrangement
These records are arranged by the creating agency in chronological order.
Preferred Citation
(Identify the item), Board meeting files, Texas State Securities Board records. Archives and Information Services Division, Texas State Library and Archives Commission.
Accession Information
Accession number: 1991/155
These records were transferred to the Archives and Information Services Division of the Texas State Library and Archives Commission by the State Securities Board on May 15, 1991.
Processing Information
Processed by Tony Black, May 1992
Box
1991/155-1 November 18, 1959
January 18 thru November 11, 1960
[5 folders]
February 17 thru November 8, 1961
[4 folders]
March 2 thru December 12, 1962
[6 folders]
January 14 thru December 17, 1963
[8 folders]
January 31 thru May 22, 1964
[4 folders]
Budget Estimate, Cost Basis
Budget Committee meetings
August 1 thru November 24, 1964
[3 folders]
January 4 thru November 19, 1965
[7 folders]
January 7 thru November 28, 1966
[9 folders]
February 27 thru December 21, 1967
[6 folders]



 

Commissioner's files (William M. King), 1933-1960,
3.2 cubic ft.

The Texas State Securities Board regulates securities sold publicly in Texas. The mission of the State Securities Board is to protect Texas investors and its goals are to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas. Types of documents include correspondence and memoranda, reports of hearings and examinations, newspaper clippings, newsletters, prospectuses, legislation and resolutions, attorney general opinions, court documents, and notes. The provenance of these subject files is uncertain, but the Texas State Securities Board gave them the general title "Commissioner's Files--William M. King." (William M. King was Securities Commissioner from 1957 to November 1969.) Some are alphabetical files dating mostly after the creation of a separate Securities Board (1955-1960). Others are labeled "Group of Old Files from Secretary of State's Office" (1933-1959), reflecting previous regulation of securities by the Securities Division of the Secretary of State. Still others appear to be personal files maintained by William M. King, who was an assistant attorney general in 1956 before he became securities commissioner; this prior connection may explain such files as the one on the "Webb County Election Fraud." These records document the transition of regulation duties from the Secretary of State to the Securities Board.
Arrangement
These records are arranged by the creating agency in somewhat random order, after the initial group of alphabetical subject files.
Preferred Citation
(Identify the item), Commissioner's files (William W. King), Texas State Securities Board records. Archives and Information Services Division, Texas State Library and Archives Commission.
Accession Information
Accession number: 1991/155
These records were transferred to the Archives and Information Services Division of the Texas State Library and Archives Commission by the State Securities Board on May 15, 1991.
Processing Information
Processed by Tony Black, May 1992
Alphabetical Files, 1955-1960
Box
1991/155-2 Bail Bond System, 1959-1960
Dallas County Grand Jury, 1957-1959
Investment Advisers, 1958
Investment Advisers: Advertising, etc., 1958-1959
Investment Advisers: Not Registered, 1959
IBA (Investment Bankers of America), Conference, 1958
Legislative Bills, Session 1959
Legislation Proposed, 1958
Monthly Mailing to Dealers, 1959
NASA (North American Securities Administrators): Washington Meeting, Executive Committee and with SEC and Investment Companies, May 11-12, 1959
NASD (National Association of Securities Dealers) Liaison Committee, 1958
Pending Investigations (Moss, Eason, Palmer, Martin, Castille, Jordin), 1957
Permanent University Fund, 1957
Personal: Forms, Bill King, 1957
Proposed Prospectuses, 1956-1957
Record Keeping: Dealer Responses To (Negative), 1959-1960
Securities Administrators, Other States, 1955
State Bar Committee on Securities and Investment Banking, 1957-1958
Statistics Pertaining to Work Load of Securities Division, 1957
Texas Society of Certified Public Accountants, 1957-1959
Notebook Used at Secretary of State (by King Under Steakley and Reavley), 1957
Group of Old Files from Secretary of State's Office, 1933-1959
Box
1991/155-3 Indenture of Mortgage between Western Foundry Company and Trustee, September 1, 1957
Securities Administrators, Other States (Correspondence), 1957-1959
Office Memo File, 1957-1958
North American Securities Administrators (Correspondence), 1957-1959
Gene Palmer's Report on Carrs Motor Sales, 1958-1959
King (King's Notes), 1959
Information re Securities Act, 1955-1958
[wallet]
Opinions (Attorney General) Pertaining to Securities (Art. 600A)
Forms: Securities Division (of Secretary of State), 1935-1942
Miscellaneous, 1955-1957
Securities (General Correspondence), 1954-1956
Securities Inquiries (Secretary of State), 1954-1956
Securities Division (Secretary of State), 1954-1957
Probably personal files of William W. King, 1933-1956
Box
1991/155-3 Associations of Securities Dealers, 1956
Blake, Will Mark: Refused, 1933-1953
Box
1991/155-4 Capital National Trust Co., Houston, 1956
Electrical & Mechanical Supply Company, Inc., 1953
First Colonial Investment Corporation, Dallas, 1955-1956
Attorney General Opinions on Securities Act, Rulings and Interpretations, etc., 1935-1953
Investment Bankers Association Committee, 1952-1954
King, Personal, 1950-1956
[3 wallets]
Rio Grande Democratic Club, McAllen, Texas, 1956
Webb County Election Fraud, 1956
Attorney General Opinions and Litigation, 1957
Miscellaneous, 1942
Box
1991/155-5 Brady Bombing of Sam McCollum; Attorney General Cooperation with Rangers and Brownwood District Attorney (King), 1956
Secretary of State, 1936-1948
Departmental Reports, 1941-1948
Office Policy Statement, 1956



 

Enforcement Division board orders and notices of hearings, 1956-2006,
3.34 cubic ft.

The Texas State Securities Board regulates securities sold publicly in Texas. The mission of the State Securities Board is to protect Texas investors and its goals are to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas. Records consist of photocopies of board orders from 1956 to 2006 and notices of hearings from 1959-2000 and 2002-2005. The originals are at the Texas State Securities Board. Subjects of the notices of hearings and board orders include revocations of exemptions and registrations, denials of applications, and prohibitions against individuals or firms publishing offers or operating in Texas.
Organization
These records are organized by State Archives staff into two sub-series:
Notices of hearings, 1959-2000, 2002-2006, 0.7 cubic ft.
Board orders, 1956-2006, 2.64 cubic ft.
Preferred Citation
(Identify the item and cite the sub-series), Enforcement Division board orders and notices of hearings, Texas State Securities Board records. Archives and Information Services Division, Texas State Library and Archives Commission.
Accession Information
Accession numbers: 1992/038, 1993/105, 1994/054, 1995/050, 1996/040, 1997/061, 1998/059, 1999/098, 2000/098, 2001/088, 2002/108, 2003/107, 2005/106, 2006/043, 2006/095, 2007/090
These records were transferred to the Archives and Information Services Division of the Texas State Library and Archives Commission by the State Securities Board, Enforcement Division, on November 25, 1991; January 6, 1993; January 5, 1994; January 10, 1995; January 3, 1996; January 6, 1997; January 9, 1998; January 26, l999; January 18, 2000; January 8, 2001; February 25, 2002; January 24, 2003; January 31, 2005; January 9, 2006; and January 27, 2007; and by the Texas Legislative Reference Library on November 3, 2005.
Processing Information
Processed by Tonia Carlisle, February 1993
New accessions of board orders and notices of hearings added by Paul Beck, January 1994, January 1995
New accessions of board orders and notices of hearings added by Lisa M. Hendricks, January 1996, January 1997, January 1998, January 1999
New accessions of board orders and notices of hearings added by Nancy Enneking, January 2000, August 2001
New accessions of board orders added by Nancy Enneking, July 2002
New accessions of board orders and notices of hearings added by Rebecca Romanchuk, February 2005
New accessions of board orders added by Rebecca Romanchuk, November 2005
New accessions of board orders and notices of hearings added by Rebecca Romanchuk, April 2009
Notices of hearings, 1959-2000, 2002-2006,
0.7 cubic ft.
The Texas State Securities Board regulates securities sold publicly in Texas. The mission of the State Securities Board is to protect Texas investors and its goals are to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas. Records consists of notices of hearings signed by the Securities Commissioner, Deputy Commissioner, or head of the Enforcement Division from 1959-2000 and 2002-2006. Notices are addressed to individuals or firms that the Texas State Securities Board was investigating to determine whether they were in violation of the Securities Act. If violations were found, a board order would be issued. Beginning in 1984, docket numbers were assigned to the notices of hearings. Board orders and notices of hearings are inter-filed from 1992 through 1999. Very few hearing notices are present in the records from 1992 through 1999.
Arrangement
These records are arranged by the creating agency in roughly chronological order up to 1984. From 1984, arrangement is by docket number.
Box
1992/038-1 Notices of hearings:
August 1959 - 1970
1971 - October 1991
Box
1992/038-2 1992 - 1998
1999
Box
2001/088 2000
2002
2003
2004
Box
2006 Accessions Box 1 (2006/095) February-March 2005
Box
2007 Accessions Box 1 (2007/090) July 2006
Board orders, 1956-2006,
2.64 cubic ft.
The Texas State Securities Board regulates securities sold publicly in Texas. The mission of the State Securities Board is to protect Texas investors and its goals are to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas. Records are photocopies of board orders signed by the Securities Commissioner or Deputy Commissioner of the Texas State Securities Board revoking exemptions or registrations, denying applications, or requiring individuals or firms to cease publication or operation in the state. Records range in date from 1956 to 2006. Orders from 1956 through August 1957 were created when the Securities Division was under the Secretary of State. Some board orders from the 1980s and 1990s have waivers of hearings and other documents filed with them. Board orders and notices of hearings are inter-filed from 1992 through 1999.
Arrangement
These records are arranged by the creating agency by board order number, which is somewhat chronological. Orders from 1956 to 1959 without numbers are arranged in reverse chronological order.
Box
1992/038-1 Orders without numbers, January 1956-July 1959
Numbered orders:
1-535, October 1957-February 1975
536-927, February 1975-October 1991
Box
1992/038-2 928-948, December 1991-December 1992
949-973, January-December 1993
974-1028, January-December 1994
1029-1077, January-December 1995
1078-1162, January-December 1996
1163-1248, January-December 1997
1249-1329, January-December 1998
1330-1380, January-December 1999
Box
2001/088 1382-1413, January-December 2000
1414-1445, January-December 2001
1446-1490, January-December 2002
[wallet]
1491-1550, January-December 2003
[wallet]
1551-1581, January-December 2004
[wallet]
Box
2006 Accessions Box 1 (2006/095) 1582-1599, February-November 2005
Box
2007 Accessions Box 1 (2007/090) 1600-1623, January-December 2006



 

Inspection and Compliance Division board orders, 2003-2005,
0.1 cubic ft.

The Texas State Securities Board regulates securities sold publicly in Texas. The mission of the State Securities Board is to protect Texas investors and its goals are to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas. Records are photocopies of board orders originating in the Inspections and Compliance Division and signed by the Securities Commissioner or Deputy Commissioner of the Texas State Securities Board revoking exemptions or registrations, denying applications, or requiring individuals or firms to cease publication or operation in the state. Records range in date from 2003 to 2005.
Arrangement
These records are arranged by State Archives staff in chronological order.
Preferred Citation
(Identify the item), Inspection and Compliance Division board orders, Texas State Security Board records. Archives and Information Services Division, Texas State Library and Archives Commission.
Accession Information
Accession number: 2005/106
These records were transferred to the Archives and Information Services Division of the Texas State Library and Archives Commission by the State Securities Board, Inspection and Compliance Division, on January 31, 2005.
Processing Information
Processed by Rebecca Romanchuk, February 2005
Box
2001/088 Board orders, 2003-2005



 

Press releases, 1957-1998,
1.7 cubic ft.

The Texas State Securities Board regulates securities sold publicly in Texas. The mission of the State Securities Board is to protect Texas investors and its goals are to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas. These records consist of an apparently complete set of press releases issued by the Texas State Securities Board between July 1957 and December 1974, and a final folder containing an incomplete run of press releases, 1964-1998, collected by the Texas Legislative Reference Library. The majority of the press releases are reports of securities registrations in Texas, listing the applications for permits to sell securities in Texas which were filed, and also those which were granted. These reports were monthly at first (1957-1961), then weekly (1961-1974). Another frequent type of press release (especially in the early 1970s) was the reporting of legal action against violators of the Securities Act.
Arrangement
The majority of these records are arranged by the creating agency in overall chronological order, although sometimes a given file is in reverse chronological order. Press releases collected by the Texas Legislative Reference Library are arranged by that agency in roughly chronological order.
Preferred Citation
(Identify the item), Press releases, Texas State Securities Board records. Archives and Information Services Division, Texas State Library and Archives Commission.
Accession Information
Accession number: 1991/155, 2006/305
These records were transferred to the Archives and Information Services Division of the Texas State Library and Archives Commission by the State Securities Board on May 15, 1991; and by the Texas Legislative Reference Library on January 26, 2006.
Processing Information
Processed by Tony Black, May 1992
Additional accession processed by Rebecca Romanchuk, April 2009
Box
1991/155-5 July 1957 thru December 1962
[wallet]
January 1963 thru March 1964
[wallet]
Box
1991/155-6 April 1964 thru December 1965
[wallet]
January 1966 thru December 1967
[wallet]
February 1967 thru December 1972
[wallet]:
1967
1968
January thru June 1969
July thru December 1969
1970
1971
1972
January thru December 1973
[wallet]
January thru December 1974
[wallet]
Box
2006 Accessions Box 5 (2006/305) 1964-1998



 

Sharpstown scandal newspaper clippings, 1973-1975,
0.2 cubic ft.

The Texas State Securities Board regulates securities sold publicly in Texas. The mission of the State Securities Board is to protect Texas investors and its goals are to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas. These records consist of one file of newspaper clippings from the Texas State Securities Board (January 1973-May 1975) concerning the Sharpstown stock fraud scandal. Most of these clippings report on the criminal trials (for conspiracy and embezzlement, and for mail fraud and wire fraud) of former attorney general Waggoner Carr, former state insurance commissioner John Osorio, and other state officials and former state officials, who, with Houston businessman Frank Sharp, had been accused of stock fraud by the federal Securities and Exchange Commission in January 1971.
Arrangement
These records are arranged by the creating agency in reverse chronological order.
Preferred Citation
(Identify the item), Sharpstown scandal newspaper clippings, Texas State Securities Board records. Archives and Information Services Division, Texas State Library and Archives Commission.
Accession Information
Accession number: 1991/155
These records were transferred to the Archives and Information Services Division of the Texas State Library and Archives Commission by the State Securities Board on May 15, 1991.
Processing Information
Processed by Tony Black, May 1992
Box
1991/155-5 January 1973 thru May 1975