The State Securities Board is responsible for administering and enforcing the Texas Securities Act. The agency is overseen by a Board composed of five members appointed by the Governor, with the advice and consent of the Senate, for six-year overlapping terms.

The Board adopts and periodically updates rules to ensure that investors are adequately protected and that unreasonable burdens on legitimate capital-raising activities are avoided.

The Board appoints a Securities Commissioner who serves at its pleasure. The Securities Commissioner serves as the agency's chief administrative officer and supervises the day-to-day activities of the staff. John Morgan is the Securities Commissioner.

Agency Mission

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 addition to its main office located in Austin, the agency has branch offices in Corpus Christi, Dallas, Houston, Lubbock, and San Antonio. Find more information, including how to contact our staff, on our Offices page.

Read more about the Securities Board and the Agency's functions on our Agency Overview page.