December 22, 1989
TO: UNIT INVESTMENT TRUST COMMITTEE NO. 86-89
RE: VIRGINIA LEGISLATIVE UPDATE
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As we have previously informed you, the Institute is
seeking legislation in Virginia which would eliminate the
requirement that unit investment trusts annually amend their
registration statements and pay annual fees. We have reached an
agreement with Lewis Brothers, Director of the Virginia
Securities Division as to the language of the proposed
legislation; however, we are at an impasse as to the fee amount.
The Division has proposed a minimum fee of $500.00 and a maximum
fee of $1,000.00 for registration of unit trusts. We have
informed the Division that a minimum fee of $500.00 is
unacceptable.
In order to continue negotiations with the Division and to
effectively lobby the Virginia Assembly, we need the following
information:
1. a list of each unit trust registered in Virginia
since 1985;
2. the registration fee paid for each trust;
3. the total sales in each trust;
4. whether or not the trust is currently registered in
Virginia, or if it has been withdrawn; and
5. whether or not the annual registration fee pursuant to
Section 512 of the Virginia Securities Act has ever
been paid, and if so, for what year(s). If the annual
fee has been paid, also indicate whether or not you
will continue to amend the registration statement and
pay the $300 fee.
Please submit this information to me by Friday, December
29, 1989. Thank you for your assistance and we will keep you
informed of future developments.
Patricia Louie
Assistant General Counsel