May 24, 1991
TO: STATE SECURITIES MEMBERS NO. 22-91
RE: VIRGINIA AMENDS RENEWAL PROCEDURE
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Please be advised that a technical amendment has been made
to Section 13.1-512 of the Virginia Securities Act, effective
July 1, 1991. Section 512 currently requires that a mutual fund
registration statement "be amended annually after its effective
date" and at the time of such filing, a $300 fee must be paid.
The amendment to Section 512 provides that a mutual fund
registration statement expires annually and may be renewed in
accordance with the rules and regulations promulgated by the
Corporations Commission upon payment of a $300 fee.
The Institute is pleased to inform you that based upon the
Institute's recommendation, the Virginia Corporations Commission,
Division of Securities, revised proposed Rule 404, which sets
forth the requirements to renew a mutual fund registration
statement. The revised proposed rule requires submission of the
facing page of Form U-1 and a check in the amount of $300 made
payable to the Treasurer of Virginia. The original proposal
would have required submission of Virginia Form S.A. 9 rather
than the facing page of Form U-1 to renew a mutual fund
registration statement. A copy of revised Rule 404 is attached
and will be adopted by the Virginia Corporations Commission,
Division of Securities on July 1, 1991.
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We will keep you advised of further developments.
Patricia Louie
Assistant General Counsel
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