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July 11, 1990
TO: STATE SECURITIES MEMBERS NO. 23-90
INVESTMENT ADVISER MEMBERS NO. 29-90
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 27-90
UNIT INVESTMENT TRUST MEMBERS NO. 49-90
RE: DELAWARE STATUTE AMENDED, INCREASING FEES
__________________________________________________________
The Governor of Delaware has signed House Bill No. 444 into
law, effective July 2, 1990. The new law amends the Delaware
statute, increasing fees for the initial registration of
securities, as well as the fees for registration and renewal of
broker-dealers, investment advisers and agents as follows:
(1) The fee for initial registration of securities has
been raised from $100 to $200; the renewal fee for
open-end investment company registration remains
$100.
(2) The annual fee for broker-dealer or investment
adviser registration is $150, regardless of
affiliation.
(3) Agents of broker-dealers, issuers and investment
advisers must pay an annual registration fee of
$30.
Although issuers remain excluded from the definition of
broker-dealer, representatives of issuers employed as
salespersons receiving commission or remuneration are included in
the definition of agent and must be registered as such. The bill
also includes a definition of the term "agent" with respect to
agents of investment advisers.
Other sections of the bill clarify former ambiguities in
the law, give the Commissioner more authority in terms of cease
and desist orders and create an Investor Protection Fund. A copy
of the final bill is attached.
Susan S. Burgess
Legal Assistant
Attachment
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SSB:bmb