SB 677
Increasing fees charged by Commissioner of Securities for each offering
Take action
Record your position on this measure.
Sign in to record your position, submit testimony, or contact your legislator.
Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill increases the fees charged by the Commissioner of Securities for various offering filings in West Virginia. Specifically, it raises the filing fee from a base of $60 to a maximum of $1800, and introduces an additional fee of $528 per offering. The bill also includes fees for changes to registration statements and annual sales reports. These fee increases are intended to generate additional revenue for the Commissioner’s office.
Key provisions
- Increases the filing fee for securities offerings from 1/16th of 1% of the maximum offering price to a maximum of $1800.
- Establishes an additional fee of $528 per offering.
- Increases the fee for amending registration statements or notice filings to $60 per statement.
- Requires an annual sales report fee of 1/8th of 1% of the maximum offering price, with a minimum of $240.
- Specifies fees for changing a registered issuer or notice filing name or address.
- Allows for the incorporation of previously filed documents in new registration statements.
- Provides for oversale assessments, potentially increasing fees based on the difference between the initial filing fee and the actual amount sold.
- Includes provisions for escrow or impounding of proceeds in certain circumstances.
Who is affected
- Issuers of securities
- Brokers-dealers
- The Commissioner of Securities
- Investors in West Virginia securities
- Financial institutions
Sponsors
Official sponsors from legislative records.
Primary sponsor
Smith (Mr. President)
Arguments in favor
Reasons to support this legislation.
No arguments in favor have been submitted.
Submit yoursArguments opposed
Reasons to oppose this legislation.
No arguments opposed have been submitted.
Submit yours