§ 7-11-307 - Federal covered securities.
SECTION 7-11-307
§ 7-11-307 Federal covered securities.– (a) The director may require by rule or order the filing of any or all of thefollowing documents with respect to a covered security under § 18(b)(2) ofthe Securities Act of 1933, 15 U.S.C. § 77r(b)(2):
(1) Prior to the initial offer of a federal covered securityin this state, all documents that are part of a current federal registrationstatement filed with the U.S. Securities and Exchange Commission under theSecurities Act of 1933, 15 U.S.C. § 77a et seq., or, in lieu of filing theregistration statement, a notice as prescribed by the director by rule orotherwise, together with a consent to service of process signed by the issuerand with a nonrefundable fee of one-tenth of one percent (0.1%) of the maximumaggregate offering price at which the federal covered securities are to beoffered in this state, but not less than three hundred dollars ($300) or morethan one thousand dollars ($1,000).
(2) An open end management company, a face amount certificatecompany, or a unit investment trust, as defined in the Investment Company Actof 1940, 15 U.S.C. § 80a-1 et seq., may file a notice for an indefiniteamount of securities. The issuer, at the time of filing, shall pay anonrefundable fee of one thousand dollars ($1,000).
(3) After the initial offer of the federal covered securityin this state, all documents that are part of an amendment to a current federalregistration statement filed with the U.S. Securities and Exchange Commissionunder the Securities Act of 1933, are filed concurrently with the director.
(4) Unless otherwise extended by the director, an initialnotice filing under this subsection is effective for one year commencing uponthe date the notice or registration statement, as applicable, is received bythe director unless a later date is indicated by the issuer. A notice filingmay be renewed by filing a renewal notice as prescribed by the director andpaying a renewal fee of one thousand dollars ($1,000).
(b) Regarding any security that is a covered security under§ 18(b)(4)(D) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(4)(D), the director may by rule or otherwise require the issuer to file anotice on SEC Form D and a consent to service of process signed by the issuerno later than fifteen (15) days after the first sale of the federal coveredsecurity in this state, together with Form U-2, Form D and a nonrefundable feeof three hundred dollars ($300).
(c) The director may by rule or otherwise require the filingof any document filed with the U.S. Securities and Exchange Commission underthe Securities Act of 1933, 15 U.S.C. § 77a et seq., with respect to acovered security under § 18(b)(3) or (4) of the Securities Act of 1933, 15U.S.C. § 77r(b)(3) or (4), together with a notice and fees as defined insubparagraph (a)(1).
(d) The director may issue a stop order suspending the offerand sale of a federal covered security, except a covered security under §18(b)(1) of the Securities Act of 1933, 15 U.S.C. § 77r(b)(1), if thedirector finds that (1) the order is in the public interest and (2) there is afailure to comply with any condition established under this section.
(e) Notwithstanding the provisions of this section, untilOctober 11, 1999, the director may require the registration of any federalcovered security for which the fees required by this section have not been paidpromptly following written notification from the director to the issuer of thenonpayment or underpayment of the fees. An issuer is considered to havepromptly paid the fees if they are remitted to the director within fifteen (15)days following the person's receipt of written notification from the director.
(f) The director may by rule or order waive any or all of theprovisions of this section.