June 14, 1989
TO: STATE SECURITIES MEMBERS NO. 21-89
BLUE SKY GUIDE RECIPIENTS
RE: INDEFINITE REGISTRATION IN NEBRASKA
__________________________________________________________
As you may remember, effective August 1, 1988, Nebraska
adopted a provision that allows indefinite registration of mutual
fund shares. (See Memorandum to State Securities Members No. 12-
88, dated April 26, 1988). Due to the unique structure of the
indefinite registration provisions, the Institute and the State
Liaison Committee developed a sales report on which mutual funds
that register an indefinite amount of securities in Nebraska can
report sales. (See Memorandum to State Securities Members No.
11-89, dated April 12, 1989).
The Nebraska Bureau of Securities has recently informed the
Institute that the minimum fee of $100 must be submitted at the
time of renewal, regardless of whether a credit is due.
Therefore, we have amended the sales report form to remind filers
of this fee.
In addition, the Bureau has indicated that a separate check
must be submitted for each year's fee. This would apply only in
the instance of a fund that owes fees for the preceding year
(sales in excess of the fee paid) and fees for the coming year.
For example, a fund that registered an indefinite amount last
year and paid a fee of $1,000, but sold securities that would
represent a fee of $1,200, would submit a check for $200 for the
prior year and a separate check for $1,200 for the coming year.
We have also amended the sales report to remind filers of this
policy. Attached is a copy of the amended form.
Natalie Shirley
Associate General Counsel
Attachment