Bill Text: MN SF1039 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Investment securities revenue-based filing fees gradual adjustments
Sponsorship: Slight Partisan Bill (Republican 3-1)
Status: (Introduced - Dead) 2011-03-25 - Referred to Commerce and Consumer Protection [SF1039 Detail]
Download: Minnesota-2011-SF1039-Introduced.html
1.2relating to investment securities; gradually adjusting certain revenue-based filing
1.3fees beginning in fiscal year 2014;amending Minnesota Statutes 2010, section
1.480A.65, subdivision 1.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 80A.65, subdivision 1, is amended to read:
1.7 Subdivision 1. Registration or notice filing fee. (a) There shall be a filing fee of
1.8$100 for every application for registration or notice filing. There shall be an additional fee
1.9of one-tenth of one percent of the maximum aggregate offering price at which the securities
1.10are to be offered in this state, and the maximum combined fees shall not exceed $300.
1.11 (b) When an application for registration is withdrawn before the effective date
1.12or a preeffective stop order is entered under section80A.54 , all but the $100 filing fee
1.13shall be returned. If an application to register securities is denied, the total of all fees
1.14received shall be retained.
1.15 (c) Where a filing is made in connection with a federal covered security under section
1.1618(b)(2) of the Securities Act of 1933, there is a fee of $100 for every initial filing. If the
1.17filing is made in connection with redeemable securities issued by an open end management
1.18company or unit investment trust, as defined in the Investment Company Act of 1940,
1.19there is an additional annual fee of 1/20 of one percent, as adjusted under paragraph (d), of
1.20the maximum aggregate offering price at which the securities are to be offered in this state
1.21during the notice filing period. The fee must be paid at the time of the initial filing and
1.22thereafter in connection with each renewal no later than July 1 of each year and must be
1.23sufficient to cover the shares the issuer expects to sell in this state over the next 12 months.
1.24If during a current notice filing the issuer determines it is likely to sell shares in excess of
2.1the shares for which fees have been paid to the administrator, the issuer shall submit an
2.2amended notice filing to the administrator under section80A.50 , together with a fee of
2.31/20 of one percent, as adjusted under paragraph (d), of the maximum aggregate offering
2.4price of the additional shares. Shares for which a fee has been paid, but which have not
2.5been sold at the time of expiration of the notice filing, may not be sold unless an additional
2.6fee to cover the shares has been paid to the administrator as provided in this section and
2.7section80A.50 . If the filing is made in connection with redeemable securities issued by
2.8such a company or trust, there is no maximum fee for securities filings made according to
2.9this paragraph. If the filing is made in connection with any other federal covered security
2.10under Section 18(b)(2) of the Securities Act of 1933, there is an additional fee of one-tenth
2.11of one percent of the maximum aggregate offering price at which the securities are to be
2.12offered in this state, and the combined fees shall not exceed $300.
2.13(d) The fees stated as 1/20 of one percent in paragraph (c) are adjusted to be 1/50
2.14of one percent in fiscal year 2014, 1/100 of one percent in fiscal year 2015, 1/150 of one
2.15percent in fiscal year 2016, 1/200 of one percent in fiscal year 2017, and 1/280 of one
2.16percent in fiscal year 2018 and thereafter.
1.3fees beginning in fiscal year 2014;amending Minnesota Statutes 2010, section
1.480A.65, subdivision 1.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 80A.65, subdivision 1, is amended to read:
1.7 Subdivision 1. Registration or notice filing fee. (a) There shall be a filing fee of
1.8$100 for every application for registration or notice filing. There shall be an additional fee
1.9of one-tenth of one percent of the maximum aggregate offering price at which the securities
1.10are to be offered in this state, and the maximum combined fees shall not exceed $300.
1.11 (b) When an application for registration is withdrawn before the effective date
1.12or a preeffective stop order is entered under section
1.13shall be returned. If an application to register securities is denied, the total of all fees
1.14received shall be retained.
1.15 (c) Where a filing is made in connection with a federal covered security under section
1.1618(b)(2) of the Securities Act of 1933, there is a fee of $100 for every initial filing. If the
1.17filing is made in connection with redeemable securities issued by an open end management
1.18company or unit investment trust, as defined in the Investment Company Act of 1940,
1.19there is an additional annual fee of 1/20 of one percent, as adjusted under paragraph (d), of
1.20the maximum aggregate offering price at which the securities are to be offered in this state
1.21during the notice filing period. The fee must be paid at the time of the initial filing and
1.22thereafter in connection with each renewal no later than July 1 of each year and must be
1.23sufficient to cover the shares the issuer expects to sell in this state over the next 12 months.
1.24If during a current notice filing the issuer determines it is likely to sell shares in excess of
2.1the shares for which fees have been paid to the administrator, the issuer shall submit an
2.2amended notice filing to the administrator under section
2.31/20 of one percent, as adjusted under paragraph (d), of the maximum aggregate offering
2.4price of the additional shares. Shares for which a fee has been paid, but which have not
2.5been sold at the time of expiration of the notice filing, may not be sold unless an additional
2.6fee to cover the shares has been paid to the administrator as provided in this section and
2.7section
2.8such a company or trust, there is no maximum fee for securities filings made according to
2.9this paragraph. If the filing is made in connection with any other federal covered security
2.10under Section 18(b)(2) of the Securities Act of 1933, there is an additional fee of one-tenth
2.11of one percent of the maximum aggregate offering price at which the securities are to be
2.12offered in this state, and the combined fees shall not exceed $300.
2.13(d) The fees stated as 1/20 of one percent in paragraph (c) are adjusted to be 1/50
2.14of one percent in fiscal year 2014, 1/100 of one percent in fiscal year 2015, 1/150 of one
2.15percent in fiscal year 2016, 1/200 of one percent in fiscal year 2017, and 1/280 of one
2.16percent in fiscal year 2018 and thereafter.
