July 31, 1989
TO: STATE SECURITIES MEMBERS NO. 29-89
UNIT INVESTMENT TRUST MEMBERS NO. 40-89
RE: ILLINOIS AMENDS REGISTRATION PROCEDURE
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The Institute has been actively working with the Illinois
Securities Department to amend the Department's registration
procedures for uniformity with the other states. We are pleased
to announce that payment of fees may now be made by check or
money order; a certified or cashier's check is no longer
required.
In addition, several other amendments to the Illinois
Securities Act were adopted. The following is a brief
description of the changes made.
GENERAL PROVISIONS
All applications for registration of securities or
exemption from registration and any documents required to be
submitted as part of the registration process, must be filed at
the Springfield Office located at 900 Spring Street, Springfield,
Illinois 62704.
Failure to file, or file timely, any required post-
registration document subjects the applicant to an additional
$50.00 fee.
INITIAL REGISTRATION
Applications for registration of securities must be on file
with the Department at least ten business days prior to
effectiveness. Previously, an application was required to be
filed at least seven days prior to effectiveness.
In addition, fees have been established for failure to
notify the Department within two days of SEC effectiveness. The
fee for notification of the Department between the third and
twelfth day is $10.00 per day, with a maximum of $50.00. If
notice is given after the thirteenth day, the fee is $10.00 per
day with a maximum of $2,500.00.
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The Department requires that a copy of the registration
statement (without exhibits), rather than the prospectus, and the
name of at least one registered dealer be submitted in the
initial filing in addition to Form U-1 and U-2 (or Illinois Form
10) and the filing fee.
AMENDMENTS
Amendments may be made during the registration period by
filing Illinois Form 7D-7E, and payment of $100.00. Attachment A
is a copy of revised Illinois Form 7D-7E. An amendment must be
made if there is a change in the applicant's name or address, if
additional classes of securities are elected to be registered, or
if there is a change in the applicant's plan of operation or
organization.
RENEWALS
Applications for renewal must be filed no later than ten
days prior to the expiration of the registration. Previously,
applications for renewal were required to be filed no later than
seven days prior to expiration. Fees have also been established
for failure to timely renew the registration. If the application
for renewal is submitted less than ten days prior to the
expiration of the registration, the applicant must pay an
additional fee of $200.00. If the application for renewal is
submitted after the expiration date of the registration, the
applicant must pay an additional fee of $200.00 plus $100.00 per
day until the application is filed (maximum $10,000.00).
Applications for renewal will not be accepted by the Department
more than one year after the most recent expiration of the
registration or renewal of registration.
In addition to the renewal application and fee, a copy of
the most current prospectus and Statement of Additional
Information and the name of at least one registered dealer
offering or selling the securities or the name of at least one
salesperson who has complied with the agent registration
provisions of the Department must be submitted.
The prior restriction on the number of times a registration
may renew has been deleted from the Securities Act.
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A copy of the pertinent provisions of the Emergency Rules
adopted on July 1, 1989 are attached as Attachment B.
Patricia Louie
Assistant General Counsel
Attachments