The bill amends the Code of West Virginia concerning the Uniform Securities Act, focusing on fee adjustments, registration procedures, and fund distributions overseen by the State Auditor. Key provisions include the introduction of new fees for broker-dealers and federal-covered securities, with specific amounts set at $300 and $375, respectively. A renewal fee of $200 for ongoing offerings is also established, along with a compliance assessment for agents and representatives that varies by application type. Additionally, the commissioner is granted the authority to set minimum capital requirements for broker-dealers and investment advisers, and certain issuers are required to submit additional documentation to enhance regulatory oversight.

Moreover, the bill creates a special operating fund for the securities division, which will receive 25% of all collected fees to support its operations and those of the Auditor's office. Any surplus at the end of the fiscal year will be transferred to the General Revenue Fund. The legislation emphasizes the confidentiality of information filed with the commissioner, prohibiting its personal use by the commissioner or employees, and clarifying that it does not alter existing legal privileges related to evidence handling in response to subpoenas. These amendments aim to streamline the registration process, ensure compliance, and enhance the financial management of the securities division while safeguarding sensitive information.

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