January 25, 1991
TO: STATE LIAISON COMMITTEE NO. 4-91
RE: PORTFOLIO REGISTRATION IN VERMONT
__________________________________________________________
During the committee meeting, members of the State Liaison
Committee expressed some confusion with respect to the Vermont
Securities Division’s procedure to register separate portfolios
in Vermont. This is to advise you that we have confirmed the
following procedure for compliance with the Vermont Department of
Banking, Insurance & Securities Bulletin S-90-1 with staff of the
Vermont Securities Division. (See Memorandum to State Securities
Members No. 36-90, dated December 28, 1990.)
For registrations made effective prior to January 1, 1991,
funds must re-register individual portfolios within 60 days of
their fiscal year end in 1991. The fund must file only one
completed Form U-1, U-2 and U-2A but a facing page of Form U-1
for each additional portfolio. If you choose to register an
indefinite amount for each portfolio, you must pay a $500 fee for
each which will maintain that indefinite registration
continuously. (Sales reports and 24f-2 Notices are still
required.) If you have chosen to register a dollar amount, the
fee is $50 for each additional portfolio. You must renew and pay
the $50 fee for each portfolio annually, prior to the anniversary
of the date-stamped receipt returned to you by the Securities
Division. Sales reports are required, as before.
Susan S. Burgess
Legal Assistant