September 19, 1991
TO: INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 42-91
INVESTMENT ADVISER MEMBERS NO. 39-91
STATE SECURITIES MEMBERS NO. 41-91
UNIT INVESTMENT TRUST MEMBERS NO. 41-91
BLUE SKY GUIDE RECIPIENTS
RE: PUERTO RICO AMENDS STATUTE, INCREASING FEES
__________________________________________________________
The Institute has learned that Puerto Rico has amended its
Uniform Securities Act to increase registration fees, effective
immediately. In discussing the amendments with a representative
of the Office of Financial Institutions in Puerto Rico, we have
confirmed that the minimum annual registration fee for open-end
investment company securities has increased from $200 to $350 and
the maximum, from $1000 to $1500. Moreover, the fee scale for
the registration of a definite amount of securities is 1/20 of 1%
instead of 1/10 of 1%; i.e., payment of the minimum $350 will
register $175,000 worth of securities in Puerto Rico.
Additionally, registration and renewal fees for broker-
dealers and investment advisers were raised from $200 to $500;
fees for broker-dealer agents were raised from $25 to $150.
Puerto Rico intends to send a copy of the amendments to the
Institute as soon as they are translated into English. We will
forward them to you as soon as possible. We have attached a one
page summary for Puerto Rico as an insert for the Institute's
Blue Sky Guide for those of you who have our Guide.
Susan S. Burgess
Legal Assistant
Attachment