WHEREAS the Joint Appropriations Committee has received and reviewed testimony demonstrating the necessity of clarifying securities registration modernisation;

WHEREAS the public health, safety, and welfare of the citizens of this Commonwealth requires legislative action with respect to securities registration modernisation;

WHEREAS the legislative record clearly reflects a substantial need for the modernisation of securities registration modernisation;

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE COMMONWEALTH OF KENTUCKY:

SECTION 1. Legislative Findings and Declarations of Policy.

The General Assembly hereby finds that the securities registration modernisation in the Commonwealth requires responsive and efficient statutory governance. It is the declared policy of this Commonwealth to ensure that the regulatory framework governing said securities registration modernisation is modern, equitable, and aligned with current best practices.

SECTION 2. Procedural Safeguards.

In the event any provision of this Act, or the application thereof to any person or set of circumstances, is held to be invalid, such invalidity shall not affect other provisions or applications of this Act which can be given effect without the invalid provision or application, and to this end the provisions of this Act are declared to be severable.
The Agency is hereby authorised and directed to promulgate administrative regulations in accordance with KRS Chapter 13A to implement the provisions of this Act, including but not limited to regulations establishing application procedures, eligibility criteria, and reporting requirements.

SECTION 3. Scope and Application.

Nothing in this Act shall be construed to limit, abridge, or otherwise affect the rights, privileges, or immunities of any person protected under the Constitution of the United States or the Constitution of the Commonwealth of Kentucky.

SECTION 4. Annual Review and Sunset Provision.

This Act shall be interpreted and construed in a manner consistent with the legislative intent to promote fiscal responsibility, governmental efficiency, and the welfare of all citizens of the Commonwealth, and shall be liberally construed to effectuate its remedial purposes.
Nothing in this Act shall be construed to limit, abridge, or otherwise affect the rights, privileges, or immunities of any person protected under the Constitution of the United States or the Constitution of the Commonwealth of Kentucky.

SECTION 5. Penalties for Noncompliance.

To the extent practicable and consistent with applicable civil rights laws, the Agency shall endeavour to ensure that the benefits and services authorised under this Act are administered in an equitable and nondiscriminatory manner across all regions and demographic groups within the Commonwealth.
Notwithstanding any provision of law to the contrary, any funds appropriated pursuant to this Act shall remain available for expenditure until the conclusion of the fiscal biennium in which they were appropriated, subject to the standard allotment and encumbrance procedures of the Finance and Administration Cabinet.

SECTION 6. Definitions.

"Qualified Entity" means any person or organisation that meets the eligibility criteria established pursuant to Section 3 of this Act.
"Commissioner" means the duly appointed and confirmed Commissioner of the relevant Department as established pursuant to KRS Chapter 12.
"Permit" means any licence, certificate, registration, approval, or other authorisation issued pursuant to this Act or the administrative regulations promulgated thereunder.

SECTION 7. Effective Date.

This Act shall take effect ninety (90) days following its enactment into law.

SECTION 8. Severability.

In the event any provision of this Act, or the application thereof to any person or set of circumstances, is held to be invalid, such invalidity shall not affect other provisions or applications of this Act which can be given effect without the invalid provision or application, and to this end the provisions of this Act are declared to be severable.