Administrative Code

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Virginia Administrative Code
Title 21. Securities and Retail Franchising
Agency 5. State Corporation Commission, Division of Securities and Retail Franchising
Chapter 45. Federal Covered Securities
12/16/2019

21VAC5-45-10. Investment Company Notice Filing Requirements.

A. An investment company that is registered or that has filed a registration statement under the Investment Company Act of 1940 (the 1940 Act) shall make a notice filing with the commission prior to the initial offer in this Commonwealth of a security which is a federal covered security under § 18(b)(2) of the Securities Act of 1933 (15 USC § 77 r(b)(2)). Notice filings shall be effective upon receipt or, if requested by the issuer, concurrent with SEC effectiveness. A notice filing for a unit investment trust or a closed-end management company is effective for an indefinite period of time from the date of its effectiveness. With respect to an open-end management company or a face-amount certificate company, as those terms are defined in the 1940 Act, the effectiveness of a notice filing, and any renewal thereof, shall expire at midnight on the annual date of its effectiveness in Virginia. The effectiveness of such notice may be renewed annually for an additional one-year period by filing a renewal notice prior to the expiration date. Requirements for investment company filings are set forth below:

1. An initial notice filing shall contain the following:

a. A copy of each document which is part of a current federal registration statement as filed with the SEC or a Form NF.

b. An executed consent to service of process (Form U-2) appointing the Clerk of the Commission, unless a currently effective consent to service of process is on file with the commission.

c. A fee payable to the Treasurer of Virginia in the amount of 1/20 of 1.0% of the maximum aggregate offering price of the securities to be offered in this Commonwealth; provided that the fee shall not be less than $200 nor more than $700, except that in the case of a unit investment trust, as that term is defined in the 1940 Act, the fee shall not be less than $400 nor more than $1000.

2. A renewal notice filing of an open-end management company or face-amount certificate company shall contain the following:

a. A copy of each document which is part of a current federal registration statement as filed with the SEC or a Form NF.

b. An executed consent to service of process (Form U-2) appointing the Clerk of the Commission, unless a currently effective consent to service of process is on file with the Commission.

c. A fee of $300 payable to the Treasurer of Virginia.

3. An amendment filing of an investment company shall contain a copy of the amended documents filed with the SEC or a revised Form NF. No fee is required for an amendment. "Amendment filing" means an administrative change, an amendment to a portfolio name, termination of portfolio effectiveness, or a change to a share class. The addition of a portfolio requires an initial notice filing.

4. A notice filing may be terminated by providing notice to the commission of such termination. The termination is effective upon receipt by the commission of the notice of termination or at a later date specified in the notice.

B. An investment company that is registered under the 1940 Act or that has filed a registration statement under the 1933 Act shall file, upon written request of the commission and within the time period set forth in the request, a copy of any document identified in the request that is part of the federal registration statement filed with the SEC or part of an amendment to such federal registration statement.

Statutory Authority

§§ 12.1-13 and 13.1-523.1 of the Code of Virginia.

Historical Notes

Derived from Volume 19, Issue 23, eff. July 1, 2003.

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