December 20, 1990
TO: STATE SECURITIES MEMBERS NO. 35-90
UNIT INVESTMENT TRUST MEMBERS NO. 79-90
RE: PENNSYLVANIA REINSTATES REGISTRATION FEE CAP
__________________________________________________________
As we previously informed you, legislation was enacted in
Pennsylvania, effective July 1, 1990, that removed the fee cap
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 and Unit
Investment Trust Members No. 48-90, dated July 10, 1990.)
We are pleased to inform you that legislation was signed by
the Governor of Pennsylvania, on December 18, 1990, reinstating
the fee cap for registration by coordination. However, the
legislation increases the former registration fee and the fee to
claim the exemption set forth in Section 203(i) of the Act as
follows:
1. 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 minimum fee);
2. for offerings of more than $4,000,000 but less than
$100,000,000, the registration fee is $3,000 ($500
increase); and
3. for offerings of $100,000,000 or more, the fee is
$3,500 ($500 increase).
The foregoing fee provisions became effective on December
18, 1990. A copy of Release No. 90-CF-3 issued by the
Pennsylvania Securities Commission is attached.
Patricia Louie
Assistant General Counsel
Attachment