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4795Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20020226Primary Sponsor: KlauberAll Sponsors: KlauberDrafted Document Number: l:\council\bills\skb\18240zcw02.docResiding Body: SenateCurrent Committee: Banking and Insurance Committee 02 SBISubject: Investment advisors, investment advisor representatives, and federal covered advisors; registration requirements and filing fees forHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20020305 Introduced, read first time, 02 SBI referred to Committee House 20020301 Read third time, sent to Senate House 20020228 Read second time, unanimous consent for third reading on the next Legislative day House 20020226 Introduced, read first time, placed on Calendar without reference Versions of This Bill Revised on February 26, 2002 - Word format
Indicates Matter Stricken
Indicates New Matter
February 26, 2002
S. Printed 2/26/02--H.
Read the first time February 26, 2002.
TO AMEND SECTION 35-1-430, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DURATION OF VARIOUS SECURITIES REGISTRATIONS, SO AS TO PROVIDE THAT INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED ADVISERS ARE SUBJECT TO THE SAME REGISTRATION REQUIREMENTS AS BROKER-DEALERS AND BROKER-DEALER AGENTS; TO AMEND SECTION 35-1-480, AS AMENDED, RELATING TO VARIOUS SECURITIES FILING FEES, SO AS TO INCREASE THE FILING FEE FOR INVESTMENT ADVISERS AND FEDERAL COVERED ADVISERS FROM FOUR HUNDRED DOLLARS BIENNIALLY TO THREE HUNDRED DOLLARS ANNUALLY, AND TO INCREASE THE FILING FEE FOR INVESTMENT ADVISER REPRESENTATIVES FROM ONE HUNDRED DOLLARS BIENNIALLY TO ONE HUNDRED DOLLARS ANNUALLY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 35-1-430 of the 1976 Code, as last amended by Act 134 of 1997, is further amended to read:
"Section 35-1-430. Every broker-dealer,
and broker-dealer agent, registration investment adviser, and investment adviser representative registration, and every federal covered adviser notice filing expires at midnight on the last day of the calendar year in which it became effective unless renewed. Every investment adviser registration and federal covered adviser notice filing expires two years from its effective date unless renewed and, unless renewed prior to expiration, every investment adviser representative registration expires at the same time the registration or notice filing of the associated investment adviser or federal covered adviser would expire if not renewed."
SECTION 2. Section 35-1-480(C) of the 1976 Code, as last amended by Act 134 of 1997, is further amended to read:
"(C) The following filing fees shall remain in effect for all initial, renewal, and notice filings described in subsections (A) and (B) of this section unless and until the securities commissioner promulgates a rule or order establishing different fees:
(1) broker-dealer: three hundred dollars;
(2) agent: one hundred dollars;
(3) investment adviser and federal covered adviser:
four three hundred dollars;
(4) investment adviser representative: one hundred dollars."
SECTION 3. This act takes effect upon approval by the Governor.
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