June 29, 1990
TO: STATE SECURITIES MEMBERS NO. 19-90
UNIT INVESTMENT TRUST MEMBERS NO. 41-90
RE: SOUTH CAROLINA RAISES REGISTRATION FEES
__________________________________________________________
As we previously informed you, legislation revising the
current securities registration fee structure in South Carolina
was considered during the South Carolina legislative session
(S.1314). (See Memorandum to State Securities Members No. 6-90,
Unit Investment Trust Members No. 19-90, dated April 10, 1990).
Currently, South Carolina has a formula fee structure of one-
tenth of one percent of the aggregate amount of securities
registered in South Carolina, with a $50 minimum and a $300
maximum. S.1314 passed both houses of the legislature and has
been signed by the Governor.
Effective, July 1, 1990, the registration fee will be an
annual flat fee of $500 for mutual funds and unit investment
trusts, pursuant to Section 35-1-900 of the South Carolina
Securities Act.
A copy of S.1314 is attached.
Patricia Louie
Assistant General Counsel
Attachment