South Carolina General Assembly
114th Session, 2001-2002

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Bill 4795


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Indicates Matter Stricken

Indicates New Matter

INTRODUCED

February 26, 2002

    H. 4795

Introduced by Rep. Klauber

S. Printed 2/26/02--H.

Read the first time February 26, 2002.

            

A BILL

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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