February 13, 1992
TO: STATE SECURITIES MEMBERS NO. 7-92
UNIT INVESTMENT TRUST MEMBERS NO. 12-92
RE: ALASKA ESTABLISHES TWO-YEAR TERM OF EFFECTIVENESS FOR
SECURITIES REGISTRATION
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Based on Section 45.55.110 of the Alaska Securities Act
which states that "every registration statement is effective for
one year from its effective date, or any longer period..." and
Rule 08.090 which states that applications for registration to be
issued on a continuing basis "normally will be for the amount
reasonably expected to be sold or issued within a period of two
years...," the Alaska Division of Securities has established a
maximum two-year term of effectiveness for registrations
Consequently, prior to the date two years from the date of
a fund's most recent order of effectiveness, the fund must
reregister its securities, following the same procedures and
paying the same fees as for initial registration. This procedure
must be followed for each fund, series or portfolio. Because the
reregistration date (anniversary of the fund's order of
effectiveness) probably will not coincide with the date for
filing the annual sales report, if a fund chooses to establish a
common date for both reregistration and the filing of a sales
report, it may do so by reregistering in less than the alloted
two-year period.
According to the staff of the Alaska Division of Securities
a written statement outlining the above position will be
available. We will keep you informed of further developments.
Susan S. Burgess
Legal Assistant