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October 29, 1990
TO: INVESTMENT ADVISER MEMBERS NO. 51-90
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 46-90
RE: ALABAMA REGISTRATION DEADLINE; MARYLAND CONSIDERS FEE
WAIVER
__________________________________________________________
As we previously advised you, effective January 1, 1991 the
State of Alabama will require registration of investment advisers
and investment adviser representatives. (See Institute
Memorandum to Investment Adviser Members No. 25-90 and Investment
Adviser Associate Members No. 23-90, dated June 19, 1990.)
Attached in this regard is a copy of the "Notice to Register"
which was recently released by the Alabama Securities Commission
and which describes the procedures and deadlines applicable to
investment adviser registration in Alabama.
The notice provides that applications for registration must
be filed by November 30, 1990. Not explained in the notice are
the applicable statutory exemptions from registration contained
in Section 8-6-3(b) of the Alabama Securities Act for (1)
institutional advisers and (2) advisers who have no place of
business and 5 or fewer clients in Alabama.
With regard to investment adviser registration in Maryland,
the Institute understands that the Maryland Securities Division
intends to release additional emergency regulations providing for
waiver of 1991 registration fees for investment advisers and
their representatives who are dually-registered as broker/dealers
and agents, respectively, and who paid investment adviser and
investment adviser representative registration fees for 1990. As
you recall, the fees for Maryland adviser registration in 1990
apply only to the last calendar quarter of 1990.
For 1990 registrants who are not dually-registered in
Maryland, the Institute understands that the Securities Division
is attempting to introduce legislation which will provide for
waiver of 1992 registration fees for advisers and their
representatives who paid registration fees in 1990 and 1991. The
Securities Division does not have the discretion to waive such
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fees in the same manner as those paid by dual-registrants and
cannot effect any changes in the statute until the Maryland
legislature returns in January. By that time, 1991 registration
fees will be paid.
We will keep you informed of further developments.
W. Richard Mason
Assistant General Counsel
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