October 30, 1989
TO: UNIT INVESTMENT TRUST COMMITTEE NO. 72-89
RE: PROPOSED VIRGINIA LEGISLATION
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Over the past several months, the Institute has been
working with the Virginia Division of Securities to resolve
issues concerning the resale of units of unit trusts which were
raised by the repeal of Section 13.1-514(b)(2) of the Virginia
Securities Act effective July 1, 1989.
Attached is a copy of proposed draft legislation which has
been worked out with Lewis Brothers, the Virginia Securities
Commissioner. The legislation would increase the initial
registration fee paid by unit investment trusts and would
eliminate the requirement that unit investment trusts annually
amend the registration statement and pay annual fees thereafter.
Please contact me by Thursday, November 2, 1989 if you have
any comments to the proposed legislation. The Institute
anticipates finding a sponsor for the legislation and pre-filing
a bill by mid-November.
We will keep you informed of further developments.
Patricia Louie
Assistant General Counsel
Attachment