A meeting of the State Securities Board was held on September 18, 2025, in Room 320, Thomas Jefferson Rusk State Office Building, at 10:00 a.m. Those present were: E. Wally Kinney, Chair; Robert Belt, Member; Melissa Tyroch, Member; Ejike E. Opka II, Member; David B. Montgomery, Member; Travis J. Iles, Securities Commissioner; Cristi Ramón Ochoa, Deputy Commissioner; Emily Diaz, Director, Registration Division; Tommy Green, Director, Inspections and Compliance Division; Cheryn Netz Howard, General Counsel; Derek Lauterjung, Director, Staff Services Division; Febe Collazo, Assistant Director, Registration Division; Jeramy Heintz, Assistant Director, Enforcement Division; Rani Sabban, Assistant Director, Enforcement Division; Misty Smith, Assistant Director, Staff Services Division; Brian Shepherd, Assistant General Counsel, General Counsel Division; Matthew Bacon, Staff Attorney, General Counsel Division; Sonia Fergerson, Executive Assistant; Kathryn Miner, Legal Assistant, Enforcement Division; Nadda Rungruangphol, Staff Attorney, Legal and Investigations Division; and Shaun Yarroll, Senior Investigator, Legal and Investigations Division. Also attending were Kim Lopez-Gonzales, Bill Lauderback, Dr. Charles Oyesile, and Mary Spio.
Chair Kinney called the meeting to order at 10:02 a.m.
Minutes of the May 15, 2025, meeting were approved.
Chair Kinney decided to take Item 8 on the Agenda next. The Commissioner presented an informational update regarding the application for approval of the Texas Stock Exchange, and the related public hearing held on August 28, 2025. Bill Lauderback, Strategic Advisor for TXSE Group, Inc., presented information regarding the Texas Stock Exchange to the Board.
A representative of Garza/Gonzalez & Associates provided the Board with the results of the Agency's Internal Audit Report for Fiscal Year 2025, and the Board reviewed and discussed the report.
Upon the recommendation of the Audit Committee, the Board voted to retain Garza/Gonzalez & Associates as the internal auditor for Fiscal Year 2026.
The Board voted to publish for public comment the following new rule proposals:
1. Amending §115.18(a), (b), (c), and (h), Special Provisions Relating to Military Applicants, to implement changes to Chapter 55 of the Occupations Code and make nonsubstantive changes to update and conform references and terminology.
2. Amending §116.18(a), (b), (c), and (h), Special Provisions Relating to Military Applicants, to implement changes to Chapter 55 of the Occupations Code and make nonsubstantive changes to update and conform references and terminology.
3. Creating new Form 133.19, Waiver or Refund Request by a Military Applicant and new Form 133.23, Request for Recognition of Out-Of-State License or Registration Pursuant to Occupations Code §55.0041.
4. Repealing of Form 133.19, Waiver or Refund Request by a Military Applicant and Form 133.23, Request for Recognition of Out-Of-State License or Registration Pursuant to Occupations Code §55.0041.
The Commissioner gave a report on the Agency’s budget and performance measures.
The Commissioner discussed certain Agency fees consistent with biennial review requirements (Texas Government Code 316.045).
The Commissioner gave a general update on Agency operations.
The Commissioner provided an update on the conclusion of the 89th Legislative Session, including an overview of several bills affecting the Agency. The Commissioner also reported on the Agency’s appropriations for the next biennium.
The Board retired to executive session at 12:54 p.m., to discuss the performance review of the Securities Commissioner pursuant to the exception granted by Section 551.074 of the Texas Government Code, Open Meetings Act.
Following the executive session, the Board reconvened the open meeting at 1:47 p.m. and noted their approval of the Commissioner’s job performance.
The Board then discussed possible times and dates for future Board Meetings and selected: February 19, 2026, May 14, 2026, and September 17, 2026.
The meeting was then adjourned at 1:55 p.m.