March 1, 1989
TO: STATE SECURITIES MEMBERS NO. 8-89
INVESTMENT ADVISER MEMBERS NO. 14-89
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 13-89
BLUE SKY GUIDE RECIPIENTS
INVESTMENT ADVISERS GUIDE RECIPIENTS
RE: MICHIGAN INCREASES BROKER-DEALER AND INVESTMENT ADVISER FEES
__________________________________________________________
The Michigan Corporation and Securities Bureau has issued
the attached release regarding amendments to the Michigan
Securities Act that increase registration and renewal fees for
broker-dealers and investment advisers. The fee for broker-
dealers remains $250; the fee for broker-dealer agents was raised
from $15 to $30 and for investment advisers, from $100 to $150.
These are the established annual registration and renewal fees
only until December 1, 1990, when the fees will revert back to
$15 for agents and $100 for investment advisers. These
amendments became effective December 27, 1988.
Because the effective date was so late in the year and
because all 1989 renewals are on the new fee schedule, the
increased payments must be paid directly to the Michigan
Securities Bureau, not to the CRD System. Registrants are given
until March 31, 1989 to pay the additional fees. Other related
questions are answered in the release.
Susan S. Burgess
Legal Assistant
Attachment