Statutes, codes, and regulations
Wyoming Administrative Code
Agency 085 - Business CouncilSmall Business Investment Credit Program, Wyoming
Chapter 1 - WYOMING SMALL BUSINESS INVESTMENT CREDIT PROGRAM
Section 1-4 - Application and certification as a Wyoming small business investment company

085-1 Wyo. Code R. § 1-4

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Current through April 27, 2019
Section 1-4 - Application and certification as a Wyoming small business investment company

(a) The Council shall provide a form for applying for certification as a Wyoming small business investment company. The form shall include a complete list of required documentation from an applicant, as outlined in the article, along with the following additional required documentation:

  • (i) The applicant shall submit a nonrefundable application fee as set forth by rule in the fee schedule.
  • (ii) The applicant shall submit with the application copies of all organizational documents including articles of incorporation or organization, bylaws or operating agreements and a commitment that if certified, the Wyoming small business investment company will establish in Wyoming its headquarters within 60 days of certification.
  • (iii) The applicant shall submit biographical, personal, financial, investment and historical data for each manager, principal, and the entity itself that provides the following, as applicable:
    • (A) Prior venture capital firms with which the manager or principal was employed that specifically includes details on:
      • (I) the valuation of portfolio investments, including the manager or principal's ability to structure and execute timely and effective exits from portfolio investments;
      • (II) historical investment performance of prior firms managed by the same managers or principals;
      • (III) the investment philosophy of the firm;
      • (IV) the history and strategy of the firm and its managers or principals for obtaining investors and making investments;
      • (V) disclosure of any fines, penalties, or other sanctions or actions by any state federal, or other regulatory entity, including the Securities and Exchange Commission against the firm or its managers or principals, relating to violations of any type; and
      • (VI) a five-year business plan, which shall include the applicant's investment strategy and investment criteria. If the Council determines that an applicant's investment strategy or investment criteria would not effectively further economic development in Wyoming the applicant's certification may be denied.

(b) Any other documents deemed necessary by the Council to determine the quality of the firm's management, reputation, code of ethics, investment strategy and practices and to ensure that the applicant is acquainted with requirements of this article.

(c) Any false, inaccurate or misleading information provided in the application may be grounds for rejection of the application and denial of further consideration, as well as decertification, if the information, discovered at a subsequent date, would have resulted in the denial of the certification. If an applicant discovers that any information provided to the Council is inaccurate or because business conditions have changed, they shall notify the Council within ten (10) business days and submit updated information within an additional ten (10) business days. The applicant shall also notify the Council as soon as possible or within ten (10) business days when the applicant is unable to continue as a viable going concern and when the applicant is subject to litigation that may affect its viability as a going concern.

(d) The date of receipt of an application is the postmark date of the date of the independent delivery. Incomplete applications shall be treated as not received. All submissions to the Council may be either by hand delivery or via overnight common carrier. The delivery address shall be noted on the application.

(e) After an application and supporting documents are received, the Council shall consult with the Wyoming state banking commissioner if an applicant is a commercial bank or bank holding company so that the principals' experience as an officer and business qualifications can be determined as described in the article.

(f) Council staff shall determine if an applicant is eligible and if the application is complete. If an application is determined to be incomplete, staff shall notify the applicant within 10 business days, where practical, of deficiencies and a deadline for submitting additional information.

(g) The Council reserves the right to contract with an independent party to review, investigate and certify that the applications received meet the requirements of statute. The cost for such review shall be paid for by the applicant according to a fee schedule adopted by the Council sufficient to cover actual direct and indirect costs of the review.

(h) Once applications are complete, they shall be forwarded to the board of directors of the council for their review and evaluation.

(j) The board of directors of the Council shall review applications and approve the issuance of a certification as a Wyoming small business investment company or provide the grounds for the refusal.

(k) Any offering material used by a Wyoming small business investment company shall include the following statement: BY AUTHORIZING THE FORMATION OF A WYOMING SMALL BUSINESS INVESTMENT COMPANY, THE STATE OF WYOMING DOES NOT ENDORSE THE QUALITY OF MANAGEMENT OR THE POTENTIAL FOR EARNINGS OF THE COMPANY AND IS NOT LIABLE FOR DAMAGES OR LOSSES TO A PARTICIPATING INVESTOR IN THE COMPANY. USE OF THE WORD "QUALIFIED" IN AN OFFERING DOES NOT CONSTITUTE A RECOMMENDATION OR ENDORSEMENT OF THE INVESTMENT BY THE WYOMING BUSINESS COUNCIL. IF APPLICABLE PROVISIONS OF LAW ARE VIOLATED, THE STATE OF WYOMING MAY REQUIRE FORFEITURE OF UNUSED PREMIUM TAX CREDITS AND REPAYMENTS OF USED PREMIUM TAX CREDITS.

085-1 Wyo. Code R. § 1-4