BIL:4795
TYP:General Bill GB
INB:House
IND:20020226
PSP:Klauber
SPO:Klauber
DDN:l:\council\bills\skb\18240zcw02.doc
RBY:Senate
COM:Banking and Insurance Committee 02 SBI
SUB:Investment advisors, investment advisor representatives, and federal covered advisors; registration requirements and filing fees for
HST:
BodyDateAction DescriptionComLeg Involved
______
Senate20020305Introduced, read first time,02 SBI
referred to Committee
House20020301Read third time, sent to Senate
House20020228Read second time, unanimous consent
for third reading on the next
Legislative day
House20020226Introduced, read first time,
placed on Calendar without reference
Versions of This Bill
Revised on 20020226
TXT:
Indicates Matter Stricken
Indicates New Matter
INTRODUCED
February 26, 2002
H.4795
Introduced by Rep.Klauber
S. Printed 2/26/02--H.
Read the first time February 26, 2002.
[4795-1]
A BILL
TO AMEND SECTION 351430, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DURATION OF VARIOUS SECURITIES REGISTRATIONS, SO AS TO PROVIDE THAT INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED ADVISERS ARE SUBJECT TO THE SAME REGISTRATION REQUIREMENTS AS BROKERDEALERS AND BROKERDEALER AGENTS; TO AMEND SECTION 351480, AS AMENDED, RELATING TO VARIOUS SECURITIES FILING FEES, SO AS TO INCREASE THE FILING FEE FOR INVESTMENT ADVISERS AND FEDERAL COVERED ADVISERS FROM FOUR HUNDRED DOLLARS BIENNIALLY TO THREE HUNDRED DOLLARS ANNUALLY, AND TO INCREASE THE FILING FEE FOR INVESTMENT ADVISER REPRESENTATIVES FROM ONE HUNDRED DOLLARS BIENNIALLY TO ONE HUNDRED DOLLARS ANNUALLY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION1.Section 351430 of the 1976 Code, as last amended by Act 134 of 1997, is further amended to read:
“Section 35-1-430.Every brokerdealer,and brokerdealer agent,registrationinvestment adviser, and investment adviser representative registration, and every federal covered adviser notice filing expires at midnight on the last day of the calendar year in which it became effective unless renewed. Every investment adviser registration and federal covered adviser notice filing expires two years from its effective date unless renewed and, unless renewed prior to expiration, every investment adviser representative registration expires at the same time the registration or notice filing of the associated investment adviser or federal covered adviser would expire if not renewed.”
SECTION 2.Section 35-1-480(C) of the 1976 Code, as last amended by Act 134 of 1997, is further amended to read:
“(C)The following filing fees shall remain in effect for all initial, renewal, and notice filings described in subsections (A) and (B) of this section unless and until the securities commissioner promulgates a rule or order establishing different fees:
(1)brokerdealer: three hundred dollars;
(2)agent: one hundred dollars;
(3)investment adviser and federal covered adviser: fourthree hundred dollars;
(4)investment adviser representative: one hundred dollars.”
SECTION3.This act takes effect upon approval by the Governor.
XX
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