The bill amends the Code of West Virginia concerning the Uniform Securities Act, introducing new fees for registration and compliance assessments. Notably, it establishes a $300 fee for broker-dealers and a $200 fee for investment advisers, along with a $375 filing fee for issuers under Tier 2 of federal Regulation A, which will have a subsequent renewal fee of $200. The bill also grants the commissioner the authority to set minimum capital requirements for broker-dealers and investment advisers and mandates that 25% of all collected fees be allocated to a special operating fund for the securities division, aimed at enhancing regulatory operations.

In addition to the fee adjustments, the bill reinforces the confidentiality of information handled by the commissioner and their staff, explicitly prohibiting the use of non-public information for personal gain. It clarifies that such information can only be disclosed among the commissioner’s staff or as necessary for legal proceedings. The bill also ensures that it does not alter any existing legal privileges related to the handling of evidence sought through subpoenas directed at the commissioner or their staff, thereby emphasizing the importance of maintaining confidentiality in regulatory matters. The provisions of the bill are set to take effect 90 days after its 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