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H.128

AN ACT RELATING TO SECURITIES

The Senate proposes to the House to amend the bill as follows:

First:  In Sec. 1, 9 V.S.A. § 5410, in subsection (b), by striking out the figure “$45.00” in all three instances and inserting in lieu thereof the figure $55.00 and by striking out the words “a fee of” where they twicely appear and in subsection (d), by striking out the figure “$45.00” in all three instances and inserting in lieu thereof the figure $55.00 and by striking out the words “a fee of” where they twicely appear.

Second:  In Sec. 1, 9 V.S.A. § 5410, by adding a new subsection (h) to read as follows:

(h)  Notwithstanding the provisions of this section, the commissioner may, upon written request, waive or issue a refund of fees due or paid pursuant to this section for military personnel:

(1)  Who have been called or recalled to active duty status, or to a status similar to that of active duty;

(2)  Whose status is expected to remain unchanged for six months or more during the calendar year for which the refund is requested; and

(3)  Whose status will prevent the applicant from acting as an agent, investment adviser representative, or investment adviser during the relevant period.

Third:  In Sec. 1, 9 V.S.A. § 5412(c), after the words “impose a bar” by adding the word on; and before the words “a partner” by striking out the comma and inserting in lieu thereof a semi-colon; and after the words “similar functions” by striking out the comma and inserting in lieu thereof a semi-colon; and after the words “in control” by striking out the comma

Fourth:  In Sec. 1, 9 V.S.A. § 5509(c), after the words “in violation of” by striking out the word “sections” and inserting in lieu thereof the word section

Fifth:  In Sec. 1, 9 V.S.A. § 5510(b), in the first sentence, after the words “on which it occurred” by adding a comma; and before the word “listing” by striking out the word “and” and inserting in lieu thereof the word a; and after the word “listing” by adding the word of; and after the word “involved” by striking out the comma

Sixth:  By striking out Sec. 5 in its entirety and inserting in lieu thereof new Secs. 5, 6, 7, 8 and 9 to read as follows:

Sec. 5.  9 V.S.A. § 4217a is added to read:

§ 4217a.  REQUEST FOR FEE WAIVERS FOR MILITARY PERSONNEL

(h)  Notwithstanding the provisions of this chapter, the commissioner may, upon written request, waive or issue a refund of fees due or paid pursuant to this chapter for military personnel:

(1)  Who have been called or recalled to active duty status, or to a status similar to that of active duty;

(2)  Whose status is expected to remain unchanged for six months or more during the calendar year for which the refund is requested; and

(3)  Whose status will prevent the applicant from acting as an agent, investment adviser representative, or investment adviser during the relevant period.

Sec. 6.  9 V.S.A. § 4217(b) is amended to read:

(b)  Upon the written application of a registered investment adviser or a federal covered investment adviser and the filing of satisfactory evidence of good character, adequate means of identification, and a fee of $45.00 for each investment adviser representative so appointed, the commissioner shall register as an investment adviser representative of such adviser such natural persons as the adviser may request.  No person may act at any one time as an investment adviser representative for more than one adviser An individual may transact business as an investment adviser representative for more than one investment adviser or federal covered investment adviser unless a rule adopted or an order issued under this chapter prohibits or limits an individual from acting as an investment adviser representative for more than one investment adviser or federal covered investment adviser.  If a person registered as an investment adviser representative terminates association with an adviser, the adviser shall at once notify the commissioner of such termination.  Such registration shall cease upon such termination of association.  The transfer fee for each investment adviser representative shall be $45.00.

Sec. 7.  9 V.S.A. § 4217(a) and (b) are amended to read:

(a)  Upon the written application of a registered broker-dealer or an issuer and the filing of satisfactory evidence of good character, adequate means of identification and a fee of $45.00 $55.00 for each sales representative so appointed, the commissioner shall register as sales representative of such broker-dealer or issuer such natural persons as the broker-dealer or issuer may request.  No person may act at any one time as a sales representative for more than one broker-dealer or issuer.  If a person registered as a sales representative terminates association with a broker-dealer or issuer, the broker-dealer or issuer shall at once notify the commissioner of such termination.  Such registration shall cease upon termination of association.  The transfer fee for each sales representative shall be $45.00 $55.00.

(b)  Upon the written application of a registered investment adviser or a federal covered investment adviser and the filing of satisfactory evidence of good character, adequate means of identification, and a fee of $45.00 $55.00 for each investment adviser representative so appointed, the commissioner shall register as an investment adviser representative of such adviser such natural persons as the adviser may request.  An individual may transact business as an investment adviser representative for more than one investment adviser or federal covered investment adviser unless a rule adopted or order issued under this chapter prohibits or limits an individual from acting as an investment adviser representative for more than one investment adviser or federal covered investment adviser.  If a person registered as an investment adviser representative terminates association with an adviser, the adviser shall at once notify the commissioner of such termination. Such registration shall cease upon such termination of association. The transfer fee for each investment adviser representative shall be $45.00 $55.00.

Sec. 8.  9 V.S.A. § 4218 is amended to read:

§ 4218.  EXPIRATION OF REGISTRATION OR NOTICE FILING;

              RENEWAL FEES

The names and addresses of all persons making a notice filing with the commissioner, and all persons approved for registration as broker-dealers, sales representatives, investment advisers, and investment adviser representatives and all orders with respect thereto shall be recorded in a register maintained for such purpose and kept in the office of the commissioner which shall be open to public inspection.  All broker-dealer, branch office, sales representative, investment adviser, and investment adviser representative registrations or notice filings required pursuant to this chapter shall expire on December 31 of each year unless renewed.  Registration or notice filing renewals shall be made within the time and manner prescribed by the commissioner; otherwise they shall be treated as initial filings.  The fee for each annual renewal shall be $250.00 in the case of broker-dealers, investment advisers, and federal covered investment advisers, $100.00 for branch offices located within this state, and $45.00 $55.00 in the case of sales representatives and investment adviser representatives.

Sec. 9.  EFFECTIVE DATE

This act shall take effect on July 1, 2006, except for this section and Secs. 5 and 6 which shall take effect on January 1, 2005 and Secs. 7 and 8 which shall take effect on July 1, 2005.

 

 



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us