(a) A face-amount certificate company, an open-end management company, a closed-end management company that is not a federal covered security under § 18(b)(1) of the Securities Act of 1933,1 or a unit investment trust, as those terms are defined in the Investment Company Act of 1940,2 shall comply with the requirements of this section, if the company or trust files:
(1) A notice under § 11-503.1 of this subtitle of the offer or sale in this State of an indefinite amount of federal covered securities specified in § 18(b)(2) of the Securities Act of 1933; or
(2) An application to register under § 11-503 of this subtitle the offer and sale in this State of an indefinite amount of securities.
Fees for face-amount certificate and open-end management companies
(b)(1) Except as provided in paragraph (3) of this subsection, a face-amount certificate company or an open-end management company, at the time of filing, shall pay an initial fee of $500 and within 60 days after the issuer's fiscal year end during which its registration statement is effective or notice required by § 11-503.1(b) of this subtitle is filed:
(i) Pay a fee of $1,300; or
(ii) 1. File a report on a form the Commissioner by rule adopts, reporting all sales of securities to persons within this State during the fiscal year; and
2. Pay a fee of 0.1 percent of the maximum aggregate offering price at which the securities were sold in this State.
(2)(i) When calculating the fee in accordance with paragraph (1)(ii)2 of this subsection, the initial fee of $500 shall be deducted from the aggregate fee due.
(ii) Except as provided in paragraph (3) of this subsection and subsection (d) of this section, the aggregate fee due under this paragraph may not exceed $1,500.
(iii) Except as provided in paragraph (3) of this subsection and subsection (d) of this section, if the amount due under paragraph (1)(ii)2 of this subsection is less than $500, no additional amount may be payable, and no credit or refund may be allowed or returned.
(3) If a filing required under subsection (a) of this section and § 11-503.1 of this subtitle is not received by the Commissioner by the deadline established, the issuer, in addition to the fee required under this section, shall pay a late fee of $500.
Fees for unit investment trusts and closed-end management companies
(c)(1) Except as provided in paragraph (4) of this subsection, at the time of filing, a unit investment trust, or a closed-end management company that is not a federal covered security under § 18(b)(1) of the Securities Act of 1933, shall pay an initial fee of $500.
(2) Within 60 days after the anniversary of the date on which the issuer's offer became effective or its notice filed under § 11-503(b) of this subtitle was accepted, a unit investment trust, or a closed-end management company that is not a federal covered security under § 18(b)(1) of the Securities Act of 1933, shall:
(i) Pay a fee of $1,300; or
(ii) 1. File a report on a form the Commissioner by rule adopts, reporting all sales of securities to persons within this State during the effective period of the registration statement or the acceptance period of the notice filed under § 11-503.1(b) of this subtitle; and
2. Pay a fee of 0.1 percent of the maximum aggregate offering price at which the securities were sold in this State.
(3)(i) When calculating the fee in accordance with paragraph (1)(ii)2 of this subsection, the initial $500 fee shall be deducted from the aggregate fee due.
(ii) Except as provided in paragraph (4) of this subsection and subsection (d) of this section, the aggregate fee due under this paragraph may not exceed $1,500.
(iii) Except as provided in paragraph (4) of this subsection and subsection (d) of this section, if the amount due under paragraph (1)(ii)2 of this subsection is less than $500, no additional amount may be payable, and no credit or refund may be allowed or returned.
(4) If a filing required under subsection (a) of this section and § 11-503.1 of this subtitle is not received by the Commissioner by the deadline established in paragraph (2) of this subsection, the issuer, in addition to the fee required under this section, shall pay a late fee of $500.
Extension of renewal period
(d)(1) The Commissioner, by rule, order, or otherwise, may extend the length of the renewal period to a period not exceeding 2 years for the effectiveness of a registered offering or for a notice filed under § 11-503.1 of this subtitle.
(2) If the Commissioner extends a renewal period in excess of 1 year, the fee shall be prorated to the extended renewal period.
Credits
Added by Acts 1989, c. 533. Amended by Acts 1992, c. 620; Acts 1993, c. 553; Acts 1997, c. 613, § 2, eff. Oct. 1, 1997; Acts 1998, c. 21, § 1, eff. April 14, 1998; Acts 2017, c. 837, § 1, eff. Oct. 1, 2017; Acts 2017, c. 838, § 1, eff. Oct. 1, 2017.
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
