March 30, 1992
TO: STATE LIAISON COMMITTEE NO. 12-92
UNIT INVESTMENT TRUST COMMITTEE NO. 18-92
RE: MARYLAND FEE LEGISLATION AMENDED TO INCLUDE INDEFINITE
REGISTRATION
__________________________________________________________
As we previously advised you, legislation has been
introduced in the Maryland House of Delegates to increase the fee
for registration of a definite amount of securities to a minimum
of $500 and a maximum of $1,500. The current registration fees
are $100 and $500. (See Memorandum to State Liaison Committee
No. 10-92 and Unit Investment Trust Committee No. 16-92, dated
March 17, 1992.)
The Institute has been advised that the legislation has
been amended to increase the fee for registration of an
indefinite amount of securities. According to the amended bill,
a mutual fund or unit trust registering an indefinite amount of
securities must pay a fee of $500 at the time of filing, and
within six months of the issuer's fiscal year end, pay a fee of
$1,300 or file a sales report and pay a fee of 1/10th of one
percent of the amount of securities sold in Maryland, with a
maximum fee of $1,000. A copy of amended House Bill 1406 is
attached.
The Institute will continue to monitor this legislation and
will keep you advised of developments.
Patricia Louie
Assistant General Counsel
Attachment