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September 27, 1990
TO: STATE SECURITIES MEMBERS NO. 30-90
UNIT INVESTMENT TRUST MEMBERS NO. 64-90
BLUE SKY GUIDE RECIPIENTS
RE: OREGON ADMINISTRATIVE RULE CLARIFIES PROCEDURES FOR
BLUE CHIP EXEMPTION
__________________________________________________________
Oregon Rule 441-25-045 which became effective on August 8,
1990, makes explicit certain procedures for claiming and
maintaining the blue chip exemption available to qualified mutual
funds and unit investment trusts, pursuant to Section 59.025(14)
of the Oregon Securities Law.
The procedure for claiming the exemption initially has not
changed. Qualified funds and trusts file, as before, the Notice
of Intention to Sell Securities and the appropriate fee (one
filing for each prospectus). A spokesman from the Oregon
Corporate Securities Section confirmed that the form itself has
not been revised; the one in the Institute's Blue Sky Guide is
current.
The new rule clarifies post-effective and renewal
requirements for maintaining the exemption:
(1) An amendment must be filed in Oregon if any
information contained in the Notice of Intention to
Sell Securities changes. The amendment becomes
effective upon receipt and no fee is required.
(2) The form and fee for renewal is the same as for the
initial claim of exemption and must be submitted
annually. If received in the office of the Oregon
Securities Section prior to the anniversary date of
the initial filing, the effective date remains the
anniversary date. If, however, the notice and fees
are received after the anniversary date, the
effective date becomes the date of receipt and
continues for one year from that date.
Additionally, a late renewal must be accompanied by
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a letter stating the amount of securities sold during the period
between the expiration date and the date of receipt.
Upon receipt of an initial filing or renewal, the Director
will notify the issuer of the effectiveness of the filing.
A copy of the relevant rule is attached.
Susan S. Burgess
Legal Assistant
Attachment