The Vermont Department of Financial Regulation Securities Division has issued notice of rulemaking. The Vermont Securities Regulations set out requirements for issuing securities in Vermont and regulating those who provide investment advice and offer and sell securities to the public. The primary changes include: for investment companies offering federally covered securities in Vermont, the revised Rule mandates electronic filings through a system to be designated by the Commissioner (allowed but not required under the current Rule); adding a requirement that Vermont domiciled investment advisers controlling client funds carry errors and omissions insurance; clarifying provisions for administering restitution assistance for victims of securities violations, including the application process; adding into regulation a current Department policy governing the privacy of client financial information held by broker-dealers and investment advisers; updating certain provisions to match national model rules from North American Securities Administrators Association; and drafting changes for clarity.
A complete copy of the hearing notice, proposed rules, and fiscal impact statement is located on the Department’s website: https://dfr.vermont.gov/about-us/legal-general-counsel/proposed-rules-and-public-comment
The deadline for public comments is December 8, 2025.
The hearing date is scheduled for December 1, 2025, at 1 p.m. (EST), virtual.
