The bill amends the Code of West Virginia concerning the Uniform Securities Act, introducing new fees for various registrations and filings, including a $300 fee for broker-dealers and a $375 fee for federal-covered securities under Regulation A Tier 2. It also establishes a renewal fee of $200 for continued offerings and allows the West Virginia Legislature to adjust these fees every four years based on administrative costs. Additionally, the bill designates the State Auditor as the commissioner of securities and mandates the creation of a special operating fund for the securities division, which will receive 25% of all collected fees to support its operations.

Moreover, the bill enforces strict confidentiality regulations regarding information obtained by the commissioner and their staff, explicitly prohibiting any personal use of non-public information. It allows for disclosure only among the commissioner’s staff or as necessary for legal proceedings related to the chapter. The bill also clarifies that it does not alter any existing legal privileges concerning the handling of evidence sought through subpoenas directed at the commissioner or their staff, thereby reinforcing the importance of confidentiality in the commissioner’s duties. 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