April 30, 1992
TO: UNIT INVESTMENT TRUST MEMBERS NO. 27-92
RE: MISSOURI AMENDS REGISTRATION FEE CAP FOR UNIT TRUSTS
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The Institute is pleased to advise you that the Missouri
Securities Division has amended the registration fee provision
for unit investment trusts. Effective March 26, 1992, the fee
for registration of unit investment trusts are the same as those
pertaining to corporate issuers of securities, i.e., 1/20th of 1%
with a minimum fee of $100 and a maximum fee of $1,000.
Previously, unit investment trusts were subject to the $3,000
registration fee cap which applied to open-end investment
companies. A copy of the amendment to 15 CSR 30-50.030 is
attached.
Under the amended provision, a unit trust sponsor registers
$100,000 of securities for the minimum registration fee of $100.
At the end of the registration period, a sales report must be
filed and an additional registration fee of 1/20th of 1% of
actual sales in excess of $100,000 must be paid (maximum
additional fee $900).
The original proposed amendment to the regulation would
have required unit trusts to register a definite, rather than
indefinite, amount of securities. The Institute contacted the
Commissioner of the Missouri Securities Division to discuss the
ramifications, particularly with respect to oversales, that such
an amendment would have on unit trusts. Based upon these
efforts, the proposed amendment was modified to permit unit
trusts to continue to register an indefinite amount of securities
and fall within the reduced maximum registration fee. A copy of
the Institute's letter to the Securities Division is also
attached.
We will keep you advised of developments.
Patricia Louie
Assistant General Counsel
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