2002 Minnesota Statutes

     80A.122 Federal covered securities. 

    Subdivision 1.    18(b)(2) filings.  The commissioner 
 may, by rule or otherwise, require the filing of any or all of 
 the following documents with respect to a federal covered 
 security under section 18(b)(2) of the Securities Act of 1933: 

    (1) prior to the initial offer of a federal covered 
 security in this state, all documents that are part of a current 
 federal registration statement filed with the Securities and 
 Exchange Commission under the Securities Act of 1933, together 
 with a fee and a consent to service of process; 

    (2) after the initial offer of a federal covered security 
 in this state, all documents that are part of an amendment to a 
 current federal registration statement filed with the Securities 
 and Exchange Commission under the Securities Act of 1933, which 
 must be filed concurrently with the commissioner; 

    (3) notices that increase the aggregate amount of 
 securities offered or sold in this state, together with the fee. 

    Subd. 2.    18(b)(4)(d) filings.  With respect to a 
 security that is a federal covered security under section 
 18(b)(4)(D) of the Securities Act of 1933, the commissioner, by 
 rule or otherwise, may require the issuer to file a notice on 
 form D of the Securities and Exchange Commission, together with 
 a fee and a consent to service of process no later than 15 days 
 after the first sale of the covered security in this state. 

    Subd. 3.    18(b)(3) or (4) filings.  The commissioner, 
 by rule or otherwise, may require the filing of any document 
 filed with the Securities and Exchange Commission under the 
 Securities Act of 1933 with respect to a federal covered 
 security under section 18(b)(3) or (4) of the Securities Act of 
 1933 together with the fee. 

    Subd. 4.    Registration.  Notwithstanding any other 
 provision of this section, until October 10, 1999, the 
 commissioner may require registration of a federal covered 
 security for which the fees required by section 80A.28 have not 
 been promptly paid after the issuer of such securities has been 
 notified in writing by the commissioner of the nonpayment or 
 underpayment of such fees.  An issuer shall be considered to 
 have promptly paid such fees if the fees are remitted to the 
 commissioner within 15 days following the receipt of written 
 notification from the commissioner. 

    Subd. 4a.    Expiration.  (a) A filing made in 
 connection with the securities of an open-end investment company 
 under subdivision 1 expires the next June 30 unless renewed.  To 
 renew a notice filing, an issuer shall: 

    (1) before expiration of a current notice filing, file with 
 the commissioner the documents specified by the commissioner 
 under subdivision 1, clause (2), together with any fees required 
 by section 80A.28, subdivision 1, paragraph (c); and 

    (2) no later than September 1 following expiration, file a 
 sales report for the prior fiscal year with the commissioner 
 specifying: 

    (i) the registered sales; 

    (ii) the actual sales; and 

    (iii) the balance that could be sold without an additional 
 filing under section 80A.28, subdivision 1, paragraph (c). 

    (b) No portion of the unsold balance of shares indicated on 
 the issuer's sales report may be lawfully sold in this state in 
 connection with a renewed notice filing until fees have been 
 paid to renew the shares. 

    Subd. 5.    Stop orders.  The commissioner may issue a 
 stop order suspending the offer and sale of a federal covered 
 security, except a federal covered security under section 
 18(b)(1) of the Securities Act of 1933, if the commissioner 
 finds that:  (1) the order is in the public interest; and (2) 
 there is a failure to comply with any condition established 
 under this section. 

    Subd. 6.    Commissioner's waiver.  The commissioner 
 may, by rule or otherwise, waive any or all of the provisions of 
 this section. 

    HIST: 1997 c 222 s 21; 2000 c 488 art 2 s 3