The bill amends the Code of West Virginia concerning the Uniform Securities Act, focusing on registration fees and procedures for broker-dealers, agents, and investment advisers. Notable changes include an increase in the filing fee for broker-dealers from $66 to $70 and a rise in the annual fees for registered issuers from a minimum of $240 to $300. The bill also introduces new requirements for federal covered securities, mandating issuers to submit specific documentation and fees, including a $375 filing fee for initial offerings under Tier 2 of federal Regulation A. Additionally, it allows for the renewal of notice filings for Tier 2 offerings at a fee of $200 and establishes a compliance assessment fee structure for agents and representatives.

Moreover, the bill increases the percentage of fees allocated to the operating fund for the securities division from 20% to 30%. It also stipulates that any excess funds in the special operating fund, exceeding 30% of gross revenues at the end of a fiscal year, will be transferred to the General Revenue Fund. The bill emphasizes the confidentiality of information obtained by the commissioner and their employees, prohibiting personal use of such information and limiting its disclosure. Overall, the legislation aims to enhance the financial resources for the securities division while maintaining the integrity and confidentiality of sensitive information.

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