HF 916

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to commerce; regulating securities; modifying 
  1.3             certain fees for securities issued by open-end 
  1.4             management companies and unit investment trusts; 
  1.5             amending Minnesota Statutes 2000, section 80A.28, 
  1.6             subdivision 1. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2000, section 80A.28, 
  1.9   subdivision 1, is amended to read: 
  1.10     Subdivision 1.  (a) There shall be a filing fee of $100 for 
  1.11  every application for registration or notice filing.  There 
  1.12  shall be an additional fee of one-tenth of one percent of the 
  1.13  maximum aggregate offering price at which the securities are to 
  1.14  be offered in this state, and the maximum combined fees shall 
  1.15  not exceed $300.  
  1.16     (b) When an application for registration is withdrawn 
  1.17  before the effective date or a preeffective stop order is 
  1.18  entered under section 80A.13, subdivision 1, all but the $100 
  1.19  filing fee shall be returned.  If an application to register 
  1.20  securities is denied, the total of all fees received shall be 
  1.21  retained. 
  1.22     (c) Where a filing is made in connection with a federal 
  1.23  covered security under section 18(b)(2) of the Securities Act of 
  1.24  1933, there is a fee of $100 for every initial filing.  If the 
  1.25  filing is made in connection with redeemable securities issued 
  1.26  by an open end management company or unit investment trust, as 
  2.1   defined in the Investment Company Act of 1940, there is an 
  2.2   additional annual fee of 1/20 of one percent of the maximum 
  2.3   aggregate offering price at which the securities are to be 
  2.4   offered in this state during the notice filing period.  The fee 
  2.5   must be paid at the time of the initial filing and thereafter in 
  2.6   connection with each renewal no later than July 1 of each year 
  2.7   and must be sufficient to cover the shares the issuer expects to 
  2.8   sell in this state over the next 12 months.  If during a current 
  2.9   notice filing the issuer determines it is likely to sell shares 
  2.10  in excess of the shares for which fees have been paid to the 
  2.11  commissioner, the issuer shall submit an amended notice filing 
  2.12  to the commissioner under section 80A.122, subdivision 1, clause 
  2.13  (3), together with a fee of 1/20 of one percent of the maximum 
  2.14  aggregate offering price of the additional shares.  Shares for 
  2.15  which a fee has been paid, but which have not been sold at the 
  2.16  time of expiration of the notice filing, may not be sold unless 
  2.17  an additional fee to cover the shares has been paid to the 
  2.18  commissioner as provided in this section and section 80A.122, 
  2.19  subdivision 4a.  If the filing is made in connection with 
  2.20  redeemable securities issued by such a company or trust, there 
  2.21  is no maximum fee for securities filings made according to this 
  2.22  paragraph.  If the filing is made in connection with any other 
  2.23  federal covered security under Section 18(b)(2) of the 
  2.24  Securities Act of 1933, there is an additional fee of one-tenth 
  2.25  of one percent of the maximum aggregate offering price at which 
  2.26  the securities are to be offered in this state, and the combined 
  2.27  fees shall not exceed $300.  Beginning with fiscal year 2001 and 
  2.28  continuing each fiscal year thereafter, As of the last day of 
  2.29  each fiscal year 2001, the commissioner shall determine the 
  2.30  total amount of all fees that were collected under this 
  2.31  paragraph in connection with any filings made for that fiscal 
  2.32  year for securities of an open-end investment company on behalf 
  2.33  of a security that is a federal covered security pursuant to 
  2.34  section 18(b)(2) of the Securities Act of 1933.  To the extent 
  2.35  the total fees collected by the commissioner in connection with 
  2.36  these filings exceed $25,000,000 in a the fiscal year, the 
  3.1   commissioner shall refund, on a pro rata basis, to all persons 
  3.2   who paid any fees for that fiscal year, the amount of fees 
  3.3   collected by the commissioner in excess of $25,000,000.  No 
  3.4   individual refund is required of amounts of $100 or less for a 
  3.5   fiscal year.  Thereafter, the commissioner shall refund on a pro 
  3.6   rata basis, the amount of fees that exceed the following amounts 
  3.7   for each fiscal year according to the following schedule: 
  3.8      (1) fiscal year 2002 - $20,000,000; 
  3.9      (2) fiscal year 2003 - $15,000,000; 
  3.10     (3) fiscal year 2004 - $10,000,000; and 
  3.11     (4) fiscal year 2005 - $ 5,000,000. 
  3.12  Beginning fiscal year 2006 and thereafter, the registration fee 
  3.13  on behalf of a federal covered security is 1/20 of one percent 
  3.14  of the amount of securities sold during the issuer's previous 
  3.15  fiscal year.  The maximum registration fee for these securities 
  3.16  is $3,000.