A meeting of the State Securities Board was held on August 26, 2021, in Room 320, Thomas Jefferson Rusk State Office Building, at 10:00 a.m.
Those present were: E. Wally Kinney, Chair; Member; Robert Belt, Member; Melissa Tyroch, Member; Ejike E. Opka II, Member; Travis J. Iles, Securities Commissioner; Clinton Edgar, Deputy Commissioner; Tommy Green, Director, Inspections and Compliance Division; Derek Lauterjung, Director, Staff Services Division; Joseph J. Rotunda, Director, Enforcement Division; Marlene K. Sparkman, General Counsel; Emily Diaz, Assistant Director, Registration Division; Cheryn Netz, Assistant General Counsel; and Sonia Fergerson, Executive Assistant.
Chair Kenny called the meeting to order at 10:02 a.m.
Minutes of the June 24, 2021, meeting were approved.
The Board voted to excuse Member Koncaba’s absence from the meeting.
The Board voted to publish for public comment the following new rule proposals:
- Adding new §101.7, concerning references to the Texas Securities Act in Board Rules.
- Adding new §101.8, concerning employee leave pools.
- Amending subsections (a) and (h) of §115.18, concerning special provisions relating to military applicants, to implement House Bill 139, to add Space Force to the definition of “armed forces of the United States” and allow the spouse of an active military service member to submit a permanent change of station (PCS) order as proof of residency.
- Amending subsections (a) and (h) of §116.18, concerning special provisions relating to military applicants, to implement House Bill 139, to add Space Force to the definition of “armed forces of the United States” and allow the spouse of an active military service member to submit a permanent change of station (PCS) order as proof of residency.
The Commissioner provided an update on the conclusion of the First Special Session of the 87th Legislative Session and on bills from the Second Special Session that directly affect the Agency.
The Commissioner gave a report on the Agency’s budget and performance measures.
The Commissioner gave a general update on Agency operations.
A draft resolution honoring Miguel Romano, Jr., former Board member, was provided to the Board. The Board voted to adopt the resolution and directed that the resolution be included in the minutes and that a formal version of the resolution be prepared and presented to Mr. Romano. The resolution reads as follows:
WHEREAS, THE HONORABLE MIGUEL ROMANO, JR., of Austin, Texas, served the public of Texas with honor and distinction as a Member of the Texas State Securities Board from September 3, 2015, until his retirement on May 4, 2021; and
WHEREAS, Mr. Romano, an exceptional citizen of the State of Texas, has provided insight to the Texas State Securities Board through his leadership in private business, serving diligently in his Board position to foster the public trust and confidence; and
WHEREAS, Mr. Romano has contributed many hours of his valuable time and his sound knowledge and sympathetic understanding of the issues facing both investors and the business community has given service of the highest quality to this Agency; and
WHEREAS, He has been a consistent supporter of the Agency as an institution and an advocate for measures that would preserve and enhance the reputation of the Agency and his wise counsel, unfailing devotion to duty and fairness to the investing public and industry alike have led to the maintenance of confidence of public investors in Texas securities markets; and
WHEREAS, All who have known Mr. Romano at the Texas State Securities Board know him as a gentleman and a friend, a man of keen insight, kindness, and compassion and are proud to have his friendship; and
WHEREAS, His high standards of personal and professional conduct will continue to serve as an inspiration and guide to all who were privileged to serve with him; and
WHEREAS, Mr. Romano has left an indelible impression upon the Board and Agency Staff through his insistence upon integrity and honesty in the Agency, the vigorous enforcement of The Texas Securities Act to protect the investing public, and his insistence upon and personal example of integrity, fairness, and impartiality; and
WHEREAS, Texas is a better place for businesses, investors, and entrepreneurs as a result of his service on the Board;
NOW, THEREFORE, BE IT RESOLVED That the Board Members, his successor in office, and all personnel of the Texas State Securities Board hereby acknowledge the lasting debt of gratitude the citizens of this State owe to Miguel Romano, Jr., for his outstanding and distinguished service to the State of Texas as a Member of this Board.
AND BE IT FURTHER RESOLVED that this Resolution be included in the official minutes of the August 26, 2021, meeting of the State Securities Board.
The Board retired to executive session at 11:25 a.m. to discuss the performance review of the Securities Commissioner pursuant to the exemption granted by Section 551.074 of the Texas Government Code, Open Meetings Act.
Following the executive session, the Board reconvened the open meeting at 12:04 p.m. and noted approval of the Commissioner’s job performance and recommended that the salary of the Securities Commissioner be increased to $172,087 a year.
The meeting was then adjourned at 12:16 p.m.