December 28, 1990
TO: STATE SECURITIES MEMBERS NO. 36-90
RE: VERMONT TO REQUIRE SEPARATE REGISTRATION FOR EACH PORTFOLIO
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The Institute has recently been advised that the Vermont
Department of Banking, Insurance & Securities will require series
funds to separately register each portfolio within the series
that will be sold in Vermont. Currently, all portfolios within a
series fund may be registered under a single filing.
Effective January 1, 1991, a series fund electing to
register an indefinite amount of securities must pay a $500.00
fee for each portfolio. A series fund electing to register a
definite amount of securities must pay a fee of one-tenth of one
percent (minimum $50.00) of the aggregate amount to be registered
for each portfolio.
Series funds that have previously registered in Vermont,
must register each portfolio of the fund upon renewal of the
registration statement.
A copy of Securities Bulletin S-90-1 is attached.
Patricia Louie
Assistant General Counsel
Attachment