The bill amends the Code of West Virginia concerning the Uniform Securities Act, primarily adjusting registration fees for broker-dealers, agents, and investment advisers. The initial registration fee for broker-dealers is increased from $300 to $370, while the fee for agents rises from $66 to $70. Additionally, the annual fee for branch offices is set at $60, and compliance assessments for agents and representatives are modified to $30 for initial licenses and $12 for renewals. New provisions are introduced for federal covered securities, requiring issuers to submit specific documentation and fees when offering securities in the state under Tier 2 of federal Regulation A, including a new filing fee of $375 and a renewal fee of $200 for subsequent 12-month periods.

The bill also increases the percentage of fees allocated to the special operating fund for the securities division from 20% to 30%. It stipulates that if the fund's balance exceeds 30% of gross revenues at the end of any fiscal year, the excess will be transferred to the General Revenue Fund. Furthermore, the bill reinforces the confidentiality of information obtained by the commissioner and their employees, making it unlawful for them to use such information for personal benefit and clarifying that disclosure is only permitted among the commissioner’s staff or in legal proceedings. Overall, the bill aims to enhance the financial resources for the securities division while ensuring the integrity and confidentiality of the information managed by the commissioner.

Statutes affected:
Introduced Version: 32-2-202, 32-3-304a, 32-3-305, 32-4-406