The bill amends the Code of West Virginia concerning the Uniform Securities Act, introducing new fees and adjusting registration procedures. Notable changes include the establishment of a $300 fee for broker-dealers and a $375 fee for federal-covered securities under Regulation A Tier 2, along with a $200 renewal fee for ongoing offerings. The legislation also allows the State Auditor to retain fees from denied or withdrawn applications, enhancing the financial management of the securities division. Additionally, a special operating fund will be created to receive 25% of all collected fees, supporting the operations of the securities division and the Auditor's office, with any excess funds transferred to the General Revenue Fund.

The bill emphasizes the confidentiality of information handled by the commissioner and their staff, explicitly prohibiting the use of non-public information for personal gain. It restricts the disclosure of such information to internal communications or necessary proceedings related to the chapter. Furthermore, the bill ensures that existing common law privileges regarding documentary evidence sought through subpoenas directed at the commissioner or their staff are not undermined, thereby maintaining the integrity of confidential information. The provisions of the bill are set to take effect 90 days after passage.

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