Commissioner’s Release: Release 112-C (Revised)


Gray Davis, Governor
Date: June 8, 2000

William Kenefick, Acting Commissioner

This release supercedes Commissioner’s Release No. 112-C issued on August 25, 1998.

Corporations Code Section 25608.2 (adopted by Senate Bill 1589, Chapter 328, Statutes 1998) temporarily suspended the notice filing fees for Corporations Code Sections 25100.1(b), 25102(f), 25102.1(a), 25102.1(d), and 25230.1(b) and (c) under the Corporate Securities Law of 1968 for the period July 1, 1998 through June 30, 2000.

This temporary suspension of fees for selected notice filings under the Corporate Securities Law of 1968 ends on June 30, 2000. Beginning July 1, 2000, the Department of Corporations will resume collecting the following notice filing fees:

Section 25100.1(b) [Investment Companies]: $200 plus one-fifth of 1 percent (.002) of the aggregate value of the securities sought to be sold in this state up to a maximum fee of $2,500 (Corporations Code Section 25608.1). Please also note that, as of July 1, 2000, the Department will no longer require that a copy of the prospectus be filed with the Form NF (the Uniform Investment Company Notice Filing Form). Consequently, on July 1st, a notice filing under Section 25100.1(b) shall consist of (1) the Form NF, (2) the Form U-2 (the Uniform Consent to Service of Process Form), and (3) the filing fee.

Section 25102(f) [California Limited Offerings]:

The notice filing fee is based on the value of securities to be sold (Corporations Code Section 25608(c)).

Section 25102.1(a) [“Qualified Purchasers”]: $600 (Corporations Code Section 25608.1(c).)

Effective October 1, 2004
Corporations Code Section 25102(f)
Value of Securities Proposed to be Sold Filing Fee
$25,000 or less $25
$25,001 to $100,000 $35
100,001 to $500,000 $50
$500,001 to $1,000,000 $150
Over $1,000,000 $300

Section 25102.1(a) [“Qualified Purchasers”]: $600 (Corporations Code Section 25608.1(c).)

[NOTE: At this time, the exemption is inoperative. The Securities and Exchange Commission, pursuant to Section 18(b)(3) of the Securities Act of 1933, has not defined who may be a “qualified purchaser”; as a consequence, there is no form to be filed under this section and no fee to be collected.]

Section 25102.1(d) [Rule 506 Offerings]: $300 (Corporations Code Section 25608.1(c).)

Section 25230.1(b) and (c) [Federally-Registered Investment Advisers and Investment Adviser Representatives]:

For an investment adviser registered under Section 203 of the Investment Advisers Act of 1940, the initial and annual notice filing fee is $125 (Corporations Code Section 25608.1(d)).

For each investment adviser representative of a federally registered investment adviser that has a place of business in California, the reporting fee under Schedule D of the Form ADV is $25 (Corporations Code Section 25608.1(d)).

Fees will be collected for notice filings filed before July 1, 2000, with an effective date of July 1, 2000 or thereafter.

Notices will not be accepted for filing without a fee.