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Notice of 2001 Legislation

Notice of 2001 Legislation Streamlining Fees, Assessments and Notice Filings Under the Corporate Securities Law of 1968

 

Effective January 1, 2002, Assembly Bill 1048 (Frommer - Chapter 264, Statutes of 2001) sponsored by the Department of Corporations, will amend the Corporate Securities Law of 1968 to do the following:

• Waive the Routine Regulatory Examination Fee for Investment Adviser Registration Depository (“IARD”) Participants
  
  California-registered investment advisers who transition to, and file Form ADV with, IARD will no longer pay the examination fee for a routine regulatory examination. AB 1048 provides that licensed investment advisers who participate in IARD are not subject to the provision of law that requires the California Corporations Commissioner to charge and collect from investment advisers a fee for any routine regulatory examination. Investment advisers who do not make filings through IARD will continue to pay to the examination fee.
  
  
• Change the Annual Assessment Date for Broker-Dealers from May to December to Coordinate with the Central Registration Depository (“CRD”)
  
  Broker-dealers will now be able to receive and pay the minimum annual assessment of $75 in December through CRD. AB 1048 amended the statute setting forth the assessment date so that California’s annual minimum assessment will coincide with the date of the CRD billing. This change allows California’s annual minimum assessment to be included with the single, online billing transmitted annually to broker-dealers by CRD for the payment of the annual fees and assessments of the FINRA and other states.

Questions regarding the waiver of the routine regulatory examination fee for California-registered investment advisers, or regarding the change in the annual assessment date for broker-dealers, should be directed to Senior Examiner Mary Lou Pennington of the Department of Corporations’ Sacramento office at (916) 445-3062

Also effective January 1, 2002, Senate Bill 400 (Ackerman – Chapter 58, Statutes of 2001) amends the Corporate Securities Law of 1968 to allow issuers to claim the exemption from qualification relating to option or purchase plans and agreements under Corporations Code Section 25102(o), when there has been a failure to file the notice.

Questions regarding Section 25102(o) transactions disclosed in any application to qualify the offer and sale of securities should be directed to the Securities Regulation Division staff reviewing that application.