July 6, 1990
TO: UNIT INVESTMENT TRUST MEMBERS NO. 44-90
RE: VIRGINIA ADOPTS REFUND RULE
__________________________________________________________
As we previously informed you, the Institute has been
working with the Virginia Corporations Commission and the
Virginia Securities Division to institute a procedure for a
refund of a portion of the registration fees paid by a unit
trust. The Corporations Commission initially proposed a rule
that would require that the request for refund be submitted
within sixty days of the Virginia effective date of the
registration and that a shareholders list be submitted. In its
comments, the Institute recommended that the time period to file
the request for refund be extended and opposed the requirement
that a shareholders list be submitted. (See Memoranda to Unit
Trust Members Nos. 27-90, dated May 15, 1990 and 29-90, dated May
24, 1990).
We are pleased to inform you that the Corporations
Commission has adopted a rule incorporating the recommendations
of the Institute in its comment letter on the proposed rule. The
final rule provides that a unit investment trust may obtain a
refund of that portion of the registration fee paid in excess of
$400 if (1) a Request for Refund Affidavit is submitted within
six months of the Virginia effective date of the registration
statement, and (2) the amount of the refund is $25 or more. The
proposed requirement that a shareholders list be submitted was
not included in the final rule.
The provisions of the rule apply to fees paid on and after
July 1, 1990. A copy of the rule and the Request for Refund
Affidavit are attached.
Patricia Louie
Assistant General Counsel
Attachments