April 10, 1990
TO: STATE SECURITIES MEMBERS NO. 6-90
UNIT INVESTMENT TRUST MEMBERS NO. 19-90
RE: COMMENTS ON SOUTH CAROLINA'S PROPOSED FEE CHANGED
__________________________________________________________
The South Carolina Securities Division recently asked for
input regarding proposed legislation that would revise their
current fee structure. The legislation would change the current
formula fee structure of 1/10th of 1% of the aggregate registered
in South Carolina ($50 minimum, $300 maximum) to an annual flat
fee of $500.00.
The Institute recommended that South Carolina retain its
current formula fee structure and increase the maximum fee to
$500 or adopt an initial registration fee of $300 - $400 for
mutual funds and $150 - $200 for unit trusts with a subsequent
renewal fee of $100.
Attached is a copy of the Institute's comment letter. We
will keep you informed of any developments.
Patricia Louie
Assistant General Counsel
Attachment