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Bill 4795

                    Current Status

Bill Number:                      4795
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020226
Primary Sponsor:                  Klauber
All Sponsors:                     Klauber
Drafted Document Number:          l:\council\bills\skb\18240zcw02.doc
Residing Body:                    Senate
Current Committee:                Banking and Insurance Committee 02 SBI
Subject:                          Investment advisors, investment advisor 
                                  representatives, and federal covered advisors; 
                                  registration requirements and filing fees for


                        History

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

INTRODUCED

February 26, 2002

    H. 4795

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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