October 1, 1990
TO: STATE LIAISON COMMITTEE NO. 25-90
RE: PENNSYLVANIA LEGISLATION INTRODUCED REINSTATING SECURITIES
REGISTRATION FEE CAP
__________________________________________________________
As we previously informed you, legislation was enacted in
Pennsylvania, effective July 1, 1990, that removed the fee cap of
$3,000 for mutual funds registering by coordination pursuant to
Section 205 of the Pennsylvania Securities Act ("the Act"). (See
Memorandum to State Securities Members No. 22-90, dated July 10,
1990.)
Legislation has been introduced reinstating the fee cap for
mutual funds registering by coordination pursuant to Section 205
of the Act. However, the proposed legislation increases the
former registration fee and the fee to claim the exemption set
forth in Section 203(i) of the Act as follows:
a. for offerings of $4,000,000 or less, the fee is
1/20th of 1% of the amount registered, with a
minimum fee of $350 (no change in mininum fee);
b. for offerings of more than $4,000,000 but less than
$100,000,000, the registration fee is $3,000 ($500
increase); and
c. for offerings of $100,000,000 or more, the fee is
$3,500 ($500 increase).
Attached is a copy of Senate Bill No. 1415. We will keep
you advised of developments.
Patricia Louie
Assistant General Counsel
Attachment