51 N.J.R. 717(a)

VOLUME 51, ISSUE 10, MAY 20, 2019
RULE PROPOSALS

Reporter
51 N.J.R. 717(a)
NJ - New Jersey Register  >  2019  >  MAY  >  MAY 20, 2019  >  RULE PROPOSALS  >  LAW AND PUBLIC SAFETY -- DIVISION OF CONSUMER AFFAIRS

Interested Persons Statement

INTERESTED PERSONS
Interested persons may submit comments, information or arguments concerning any of the rule proposals in this issue until the date indicated in the proposal. Submissions and any inquiries about submissions should be addressed to the agency officer specified for a particular proposal.
The required minimum period for comment concerning a proposal is 30 days. A proposing agency may extend the 30-day comment period to accommodate public hearings or to elicit greater public response to a proposed new rule or amendment. Most notices of proposal include a 60-day comment period, in order to qualify the notice for an exception to the rulemaking calendar requirements of    N.J.S.A. 52:14B-3. An extended comment deadline will be noted in the heading of a proposal or appear in a subsequent notice in the Register.
At the close of the period for comments, the proposing agency may thereafter adopt a proposal, without change, or with changes not in violation of the rulemaking procedures at    N.J.A.C. 1:30-6.3. The adoption becomes effective upon publication in the Register of a notice of adoption, unless otherwise indicated in the adoption notice. Promulgation in the New Jersey Register establishes a new or amended rule as an official part of the New Jersey Administrative Code.

Agency


LAW AND PUBLIC SAFETY > DIVISION OF CONSUMER AFFAIRS > BUREAU OF SECURITIES

Administrative Code Citation

Proposed Amendments: N.J.A.C. 13:47A-1.1, 1.2, 2.1, 2.11, 3.1, 3A.1, 5.2, 7.9, 7.10, 10.2, 10.3, and 10.4 and 13:47A Appendix B
Text

Fees

Authorized By: Christopher W. Gerold, Bureau Chief, New Jersey Bureau of Securities.
Authority: N.J.S.A. 49:3-47 et seq., specifically 49:3-66.1.
Calendar Reference: See Summary below for explanation of exception to calendar requirement.
Proposal Number: PRN 2019-059.
Submit written comments by July 19, 2019, to:
   Christopher W. Gerold, Chief
   Bureau of Securities
   153 Halsey Street, 6th Floor
   PO Box 47029
   Newark, New Jersey 07101
   or electronically at: www.njconsumeraffairs.gov/Proposals/Pages/default.aspx.

The agency proposal follows:

Summary
The Bureau of Securities (the Bureau) is proposing to amend its fees to provide the Bureau adequate resources to continue to carry out its regulatory responsibilities. Registration and renewal fees for broker-dealers, investment advisers, and agents, have not been raised in 10 years, and in more than 15 years for securities offerings and investment adviser representatives. The current fees are significantly lower than those of other states in New Jersey's geographic region.

The Bureau administers and enforces the New Jersey Uniform Securities Law (N.J.S.A. 49:3-47 et seq.) (Securities Law), which governs, among other things, the registration of securities, broker-dealers, broker-dealer agents, investment advisers, and investment adviser representatives. The Bureau's mission is investor protection. The Bureau's authority to investigate violations of the Securities Law requires constant vigilance; as soon as a new scam becomes recognizable, fraudsters are on to the next scam. The Bureau protects the investing public from violations of the Securities Law, including fraud, through robust registration, examination, and enforcement programs. The Bureau, for example, conducts investigatory on-site or desk examinations of registrants, investigates investor complaints, and monitors the internet for fraudulent securities activity. In 2017, the Bureau handled more than 9,900 telephonic inquiries, about 200 written complaints, and approximately 900 examinations of State-registered investment advisers. As of July 31, 2018, the Bureau registered or notice filed (that is, information filed with the Bureau advising that the offering or registrant is conducting securities business in the State), as applicable, approximately 2,120 broker-dealers, 205,000 agents, 3,330 investment advisers, and 30,000 investment adviser representatives.

Enacted in 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) made significant changes to the regulation of investment advisers. The Dodd-Frank Act increased the states' authority to regulate investment advisers by raising the threshold from $ 25 million to $ 100 million in assets under management. Generally speaking, investment advisers registered with the United States Securities Exchange Commission (SEC) with less than $ 100 million of assets under management were required to switch from SEC oversight to state registration. The number of investment adviser firms registered by the Bureau increased by eight percent because of the switch from Federal oversight. This number has continued to grow; from 2010 through 2017, the number of investments adviser firms registered with the Bureau has increased 18 percent.

To allow the Bureau to carry out its regulatory responsibilities to protect investors, the Bureau is proposing to amend the registration and renewal fees it currently charges for broker-dealers, investment advisers, agents of broker-dealers, investment adviser representatives, and for securities offerings. The Bureau has not raised the registration fees and renewal for broker-dealers, investment advisers, or agents of broker-dealers since 2008. The Bureau notes that the current registration and renewal fees of $ 300.00 for broker-dealers, $ 200.00 for investment advisers, and $ 60.00 for agents of broker-dealers, are significantly lower than those charged by other states in New Jersey's geographic proximity. The Bureau further notes that the current registration fee for investment adviser representatives of $ 50.00 has not been increased since 2001, for mutual funds of $ 500.00, and for unit investment trusts of $ 200.00 have not been increased since 2002, and the securities registration fee of $ 1,000, and certain exemption and notice filings fee of $ 250.00 have not been raised since before 1999.

The Bureau is proposing to increase the broker-dealer registration fee from $ 300.00 to $ 450.00; the investment adviser registration fee from $ 200.00 to $ 375.00; the agent of broker-dealers registration fee from $ 60.00 to $ 125.00; the investment adviser representative registration fee from $ 50.00 to $ 130.00; the mutual fund registration fee from $ 500.00 to $ 2,000; the unit investment trust registration fee from $ 200.00 to $ 1,000; the securities registration fee from $ 1,000 to $ 3,000; and the fee for certain exemptions and notice filings from $ 250.00 to $ 500.00. Accordingly, the Bureau is proposing to amend the existing fees referenced in N.J.A.C. 13:47A-1.1(a), 1.2, 2.1(b), 2.11(a), 3.1(a) and (b), 3A.1(a), 5.2(a) through (h), 7.9(b), 7.10, 10.2(a) and (j), 10.3(a) and (j), 10.4(a) and (i), and Appendix B to reflect these proposed new fees.

In accordance with N.J.S.A. 49:3-66.1, the Bureau believes that the proposed registration fee increases are necessary in order to allow the Bureau to continue to carry out the regulatory responsibilities with which it is charged pursuant to the Securities Law. These increased fees will permit the Bureau to continue to administer the provisions of the Securities Law, investigate violations of the Securities Law, and undertake new initiatives to protect the interests of the investing public.

As the Bureau has provided a 60-day comment period on this notice of proposal, this notice is excepted from the rulemaking calendar requirement pursuant to N.J.A.C. 1:30-3.3(a)5.

Social Impact

The proposed fee increases will have an impact upon all individual applicants, all firm registration applicants, and those offering securities that need to be registered with the Bureau. The proposed amendments fee increases will have an impact on the Bureau by enabling the Bureau to continue to meet its statutory responsibilities to protect the investing public, registering individuals, firms, and securities, conducting audits and investigations, handling inquiries and complaints, and providing investor education. The Bureau believes that the proposed amendments will have a positive impact upon the general public to the extent that the Bureau will have resources to devote to protecting and educating the investing public.

Economic Impact

The proposed amendments that will increase the registration fees for broker-dealers, investment advisers, agents of broker-dealers, investment adviser representatives, mutual funds, unit investment trusts, and securities offerings will have a direct economic impact upon these Bureau registrants who now will be required to remit higher fees. The increased [page=718] registration fees for broker-dealers, investment advisers, agents of broker-dealers, investment adviser representatives, mutual funds, unit investment trusts, and securities offerings are necessary to permit the Bureau to carry out the regulatory responsibilities with which it is charged pursuant to the Securities Law for the benefit and protection of the investing public.

Federal Standards Statement

A Federal standards analysis is not required because the proposed amendments are governed by N.J.S.A. 49:3-47 et seq., and are not subject to any Federal requirements or standards.

Jobs Impact

The Bureau believes that the proposed amendments will not result in the generation or loss of jobs.

Agriculture Impact

The proposed amendments will not have any impact on the agriculture industry in the State.

Regulatory Flexibility Analysis

As of July 31, 2018, the Bureau registered or notice filed, as applicable, approximately 2,120 broker-dealers, 205,000 agents, 3,330 investment advisers, and 30,000 investment adviser representatives. A regulatory flexibility analysis is not required because the proposed amendments do not impose any new recordkeeping or reporting requirements upon the registrants or upon applicants for registration. No additional professional services will be needed to comply with the proposed amendments. The costs of compliance with the proposed amendments are discussed in the Economic Impact statement above.

Housing Affordability Impact Analysis

The proposed amendments will have an insignificant impact on the affordability of housing in New Jersey and there is an extreme unlikelihood that the proposed amendments would evoke a change in the average costs associated with housing because the proposed amendments concern increased registration, exemption, and notice filing fees for securities professionals or the fees associated with the offer or sale of a security or investment advisory services to or from New Jersey.

Smart Growth Development Impact Analysis

The proposed amendments will have an insignificant impact on smart growth and there is an extreme unlikelihood that the proposed amendments would evoke a change in housing production in Planning Areas 1 or 2, or within designated centers, under the State Development and Redevelopment Plan in New Jersey because the proposed amendments concern increased registration, exemption, and notice filing fees for securities professionals or the fees associated with the offer or sale of a security or investment advisory services to or from New Jersey.

Racial and Ethnic Community Criminal Justice and Public Safety Impact

The Bureau has evaluated this rulemaking and determined that it will not have an impact on pretrial detention, sentencing, probation, or parole policies concerning adults and juveniles in the State. Accordingly, no further analysis is required.

Regulations

Full text of the proposal follows (additions indicated in boldface thus; deletions indicated in brackets [thus]):

SUBCHAPTER 1. BROKER-DEALERS

13:47A-1.1 Application for registration for FINRA members

(a) Any person who is a member of the Financial Industry Regulatory Authority (FINRA), desiring to transact business in the State of New Jersey as a broker-dealer shall file an application with the Bureau of Securities (the Bureau) by filing the application with the Central Registration Depository (CRD) on the form designated as Form BD, Uniform Application for Broker-Dealer Registration, or any successor form to the Form BD prescribed by the CRD for filing a broker-dealer application. The requisite registration fee shall be submitted with the application filed with the CRD in the amount of [$ 300.00] $ 450.00 for a one-year registration term. Failure to pay the registration fee as above, within the billing time limits established by the Bureau or by the CRD, shall be a ground for immediate revocation of the registration. The applicant shall supplement the application filed with the CRD by directly filing with the Bureau the Broker-Dealer Supplement and any additional information that the Chief of the Bureau of Securities of the State of New Jersey (the Bureau Chief) requires. The 30-day time period for review of an application will not commence until the applicant files all documents or material facts specified and required. The following additional information shall be filed with the Bureau for all broker-dealer applications and no application shall be deemed complete until all of the following are properly submitted, unless the requirements are waived by the Bureau Chief:

1.-4. (No change.)

(b)-(e) (No change.)

13:47A-1.2   Application for registration for persons not eligible for registration via the CRD

Any person desiring to transact business in the State of New Jersey who is not a member of FINRA or who is not otherwise eligible to register via the CRD pursuant to N.J.A.C. 13:47A-1.1, shall file all of the information required by N.J.A.C. 13:47A-1.1 and in the same form required by that section directly with the Bureau at its current office address. The application shall be accompanied by a check or money order payable to the State of New Jersey, Bureau of Securities, in the amount of [$ 300.00] $ 450.00.

SUBCHAPTER 2. INVESTMENT ADVISERS

13:47A-2.1 Application for investment adviser registration

(a) (No change.)

(b) Such Form ADV shall be accompanied by:

1.-6. (No change.)

7. The requisite registration fee in the amount of [$ 200.00] $ 375.00 shall be submitted with the application filed with the IARD for electronic filers or to the Bureau in a check or money order payable to the State of New Jersey, Bureau of Securities, for paper filers; and

8. (No change.)

(c) (No change.)

13:47A-2.11    Notice filing of Federally registered investment advisers

(a) Any person doing business in New Jersey who is registered or required to be registered as an investment adviser under Section 203 of the Investment Advisers Act of 1940 (15 U.S.C. § 80b-3), as amended, or is not exempted from making a notice filing by N.J.S.A. 49:3-56(g), shall file the following items with the Bureau, unless such person is not within the State definition of "investment adviser," set forth in N.J.S.A. 49:3-49(g):

1. In connection with an initial notice filing with the Bureau by the applicant, the applicant shall make a written notice filing in the form of the current Form ADV, or a successor form, as filed with the Securities and Exchange Commission, and file with the Bureau a check made payable to the State of New Jersey, Bureau of Securities in the amount of [$ 200.00] $ 375.00;

2.-4. (No change.)

SUBCHAPTER 3. AGENTS

13:47A-3.1 Agents of broker-dealers

(a) Any person desiring to act in the State of New Jersey as an agent of a non-FINRA member broker-dealer registered in New Jersey directly with the Bureau or as an agent of an issuer shall file a complete and accurate application with the Bureau on the Uniform Application for Securities Industry Registration or Transfer, Form U4, as set forth in N.J.A.C. 13:47A-11.3. Such application shall be accompanied by:

1.-2. (No change.)

3. A check or money order made payable to the State of New Jersey, Bureau of Securities, in the amount of [$ 60.00] $ 125.00. Issuers of securities under N.J.S.A. 49:3-50(b) need not register as agents or qualify as issuers. However, a pattern of N.J.S.A. 49:3-50(b)(12) offerings by the same person or group of persons may raise a presumption that the person or persons are acting as an unregistered broker-dealer requiring broker-dealer registration of the issuer and its agents.

(b) Any person desiring to act in the State of New Jersey as an agent of a broker-dealer registered in New Jersey via the CRD shall file an [page=719] application for registration as an agent with the CRD on the Form U4, Uniform Application for Securities Industry Registration or Transfer, or its successor agent application form prescribed by the CRD. The agent application shall be accompanied by a consent to service of process executed by the applicant; fingerprint cards as required by the CRD; and payment in the form prescribed by the CRD of [$ 60.00] $ 125.00 for each year of the registration period. In accordance with N.J.S.A. 49:3-58(a)(2)(i), an application is incomplete unless and until the applicant pays the registration fees as provided above within the billing time limits established by the Bureau or by the CRD.

1.-2. (No change.)

(c)-(d) (No change.)

SUBCHAPTER 3A. INVESTMENT ADVISER REPRESENTATIVES

13:47A-3A.1 Registration of investment adviser representatives

(a) Subject to the provisions of Section 203A of the Investment Advisers Act of 1940 (15 U.S.C. § 80b-3a), any person, who has a place of business located in this State, who desires to act in the State of New Jersey as an investment adviser representative of an investment adviser registered in New Jersey with the Bureau or registered with the Securities and Exchange Commission, and any person doing business in this State who desires to act in the State of New Jersey as an investment adviser representative of an investment adviser registered in New Jersey with the Bureau, shall file an application with an original signature, with the Bureau on the Uniform Application for Securities Industry Registration or Transfer, Form U4, as set forth in N.J.A.C. 13:47A-11.3, and a consent to service of process executed by the applicant. A fully executed Domestic Investment Adviser Execution Page of the Form ADV, Uniform Application for Investment Adviser Registration, will satisfy the consent to service of process requirement. The Form U4 may be filed with the Bureau by filing the Form U4 electronically with the CRD and designating in the Form U4 that the applicant intends to apply for registration in New Jersey. For a Form U4 filed electronically with the Bureau via the CRD such Form U4 shall have the requisite electronic signatures as required by the CRD. An application shall be accompanied by:

1. (No change.)

2. A fee of [$ 50.00] $ 130.00 shall be assessed for each initial application. The fee may be paid to the Bureau electronically through the CRD, or it may be paid by check or money order made payable to the State of New Jersey, Bureau of Securities if the application was filed directly with the Bureau. In accordance with N.J.S.A. 49:3-58(a)(2)(i), an application is incomplete unless and until the applicant pays the registration fee as provided above within the billing time limits established by the Bureau or by the CRD.

(b)-(f) (No change.)

SUBCHAPTER 5. RENEWAL

13:47A-5.2 Application for renewal

(a) A broker-dealer registered in New Jersey via the CRD may apply to renew its registration by filing the renewal forms prescribed by the CRD accompanied by payment of a [$ 300.00] $ 450.00 renewal fee.

(b) A broker-dealer registered in New Jersey via direct registration with the Bureau may apply to renew its registration by filing Form BDR issued to the registrant by the Bureau accompanied by a check or money order for [$ 300.00] $ 450.00 made payable to the State of New Jersey, Bureau of Securities.

(c) A registered investment adviser registered or notice filed in New Jersey via the IARD may apply to renew its registration by filing the renewal forms prescribed by the IARD by December 31 of each year, accompanied by payment of a [$ 200.00] $ 375.00 renewal fee.

(d) A registered investment adviser registered in New Jersey via direct registration with the Bureau may apply to renew its registration by filing a current copy of the Form ADV, together with a check or money order for [$ 200.00] $ 375.00 made payable to the State of New Jersey, Bureau of Securities.
(e) An agent registered in New Jersey via the CRD may apply to renew his or her registration by filing the renewal prescribed by the CRD accompanied by a [$ 60.00] $ 125.00 renewal fee.
(f) A broker-dealer registered in New Jersey via direct registration with the Bureau may apply to renew its agents who are registered in New Jersey via direct registration with the Bureau by filing with the Bureau a list containing the name and social security number of each such agent together with a check or money order payable to the State of New Jersey, Bureau of Securities, in the amount of [$ 60.00] $ 125.00 per agent per year.

(g) An issuer agent registered in New Jersey may apply to renew his or her registration with the Bureau by filing a completed Form ISR issued to the registrant by the Bureau accompanied by a check or money order in the amount of [$ 60.00] $ 125.00, made payable to the State of New Jersey, Bureau of Securities.

(h) An investment adviser representative registered electronically in New Jersey via the CRD may apply to renew his or her registration by December 31 of each year by filing the renewal form prescribed by the CRD accompanied by a [$ 50.00] $ 130.00 renewal fee.

(i) (No change.)

SUBCHAPTER 7. MISCELLANEOUS

13:47A-7.9 Notice filings for securities issued or offered by Federally registered investment companies and unit investment trusts

(a) (No change.)

(b) In addition to (a)1 or 2 above, issues of Federal covered securities as described in (a) above shall annually file with the Bureau:

1. (No change.)

2. A check made payable to the State of New Jersey, Bureau of Securities in the amount of [$ 500.00] $ 2,000 for an investment company for the period from the date of receipt until the following June 30. Payment of fees shall be due and payable upon filing.

i.-ii. (No change.)

3. A check made payable to the State of New Jersey, Bureau of Securities in the amount of [$ 200.00] $ 1,000 for a unit investment trust. Payment of fees shall be due and payable upon filing. The notice filing for a unit investment trust shall become effective upon receipt by the Bureau of Securities and shall be effective for 18 months from the date of receipt by the Bureau of Securities. Notice filings pursuant to this section shall be renewed not later than 18 months after the effective date of the initial notice filing by filing the Form NF for unit investment trusts or the most recent form of registration statement, along with the payment of the fees as above. Renewals shall be effective from the expiration date of the notice filing being renewed until 18 months later.

(c) (No change.)

13:47A-7.10    Private placement filings

(a) An issuer offering a security pursuant to N.J.S.A. 49:3-50(b)(12) must file with the Bureau, no later than 15 days after the first sale of such security in this State, the following:

1.-5. (No change.)

6. A check made payable to the State of New Jersey, Bureau of Securities in the amount of [$ 250.00] $ 500.00.

(b) Rule 506 filings. An issuer offering a security pursuant to N.J.S.A. 49:3-60.1(b) shall file with the Bureau, no later than 15 days after the first sale of such security in this State, the notice filing and [$ 250.00] $ 500.00 filing fee in the manner described in this subsection.

1. (No change.)

2. If the issuer is unable to use EFD, the issuer shall contact the Bureau immediately. Upon a showing of hardship, the Bureau shall permit manual filing. If the Bureau permits manual filing, issuers shall file directly with the Bureau the following:

i.-iii. (No change.)

iv. A check made payable to the State of New Jersey, Bureau of Securities in the amount of [$ 250.00] $ 500.00.

3. (No change.)

[page=720] SUBCHAPTER 10. REGISTRATION OF SECURITIES

13:47A-10.2 Registration by coordination

(a) A person who seeks to register by coordination a security for which a registration statement has been filed under the Securities Act of 1933 shall file with the Bureau the following documents and information.

1. A completed application Form U-1, Uniform Application to Register Securities, which shall be accompanied by the following:

i.-xiii. (No change.)

xiv. A check or money order payable to the New Jersey Bureau of Securities, in the amount of [$ 1,000] $ 3,000, for each registration statement filed with the Bureau. The Bureau may require the applicant to submit a money order or certified check in appropriate instances;

xv.-xvi. (No change.)

2.-3. (No change.)

(b)-(i) (No change.)

(j) In the case of "shelf" registrations, the initial filing with the Bureau shall cover the first takedown. Subsequent takedowns may be registered by filing Form U-1, Uniform Application to Register Securities, together with any supplements or amendments to the registration statement, and a filing fee in the amount of [$ 1,000] $ 3,000 for each registration statement filed with the Bureau. The subsequent filing will be expedited provided the filing makes a clear reference to the original shelf filing by giving the name of the issuer, the securities registered, the New Jersey registration number, and the effective date of the prior registration. Subsequent takedowns which comply with the foregoing shall become effective upon notice by the filing of a supplement or an amendment to the registration statement.

13:47A-10.3    Registration by Qualification

(a) A person who seeks to register a security by Qualification shall file with the Bureau the following documents and information:

1. A completed application Form U-1, Uniform Application to Register Securities, which shall be accompanied by the following:

i.-xii. (No change.)

xiii. A check or money order payable to the New Jersey Bureau of Securities, in the amount of [$ 1,000] $ 3,000, for each registration statement filed with the Bureau. The Bureau may require the applicant to submit a money order or certified check in appropriate instances;

xiv.-xvi. (No change.)

2.-3. (No change.)

(b)-(i) (No change.)

(j) Shelf registration may be permitted only in the discretion of the Bureau. Generally, shelf registrations will not be permitted unless the securities have been registered with the Securities and Exchange Commission. In the case of "shelf" registrations, the initial filing with the Bureau shall cover the first takedown. Subsequent takedowns may be registered by filing Form U-1, Uniform Application to Register Securities, together with any supplements or amendments to the registration statement, and a filing fee in the amount of [$ 1,000] $ 3,000 for each registration statement filed with the Bureau. The subsequent filing will be expedited provided the filing makes a clear reference to the original shelf filing by giving the name of the issuer, the securities registered, the New Jersey registration number, and the effective date of the prior registration. Subsequent takedowns which comply with the foregoing shall become effective upon notice by the filing of a supplement or an amendment to the registration statement.

13:47A-10.4    Registration by Notification

(a) A person who seeks to register securities by Notification shall file with the Bureau the following documents and information:

1. A completed application Form U-1, Uniform Application to Register Securities, which shall be accompanied by the following:

i.-xii. (No change.)

xiii. A check or money order payable to the New Jersey Bureau of Securities, in the amount of [$ 1,000] $ 3,000 for each registration statement filed with the Bureau. The Bureau may require the applicant to submit a money order or certified check in appropriate instances;

xiv.-xv. (No change.)

2.-3. (No change.)

(b)-(h) (No change.)

(i) Shelf registration may be permitted only in the discretion of the Bureau. Generally, shelf registrations will not be permitted unless the securities have been registered with the Securities and Exchange Commission. In the case of "shelf" registrations, the initial filing with the Bureau shall cover the first takedown. Subsequent takedowns may be registered by filing Form U-1, Uniform Application to Register Securities, together with any supplements or amendments to the registration statement, and a filing fee in the amount of [$ 1,000] $ 3,000 for each registration statement filed with the Bureau. The subsequent filing will be expedited provided the filing makes a clear reference to the original shelf filing by giving the name of the issuer, the securities registered, the New Jersey registration number, and the effective date of the prior registration. Subsequent takedowns which comply with the foregoing shall become effective upon notice by the filing of a supplement or an amendment to the registration statement.

APPENDIX B

NEW JERSEY REGISTRATION STATEMENT FOR REGISTRATION BY NOTIFICATION

All items must be answered. Attach riders where necessary.

I.-V. (No change.)

VI. INFORMATION AND DOCUMENTS REQUIRED

(See N.J.S.A. 49:3-61.3(b)(10), 61.3(b)(12), and 61.3(b)(14)).

A.-G. (No change.)

H. EXHIBITS

Submitted herewith as part of this registration statement are the following documents. (Documents on file may be incorporated by reference.)

1.-6. (No change.)

7. The registration fee of $[1,000.00] $ 3,000.00.
__________________________________
Name of Applicant
By: __________________________________
(Name and Title)
Date: ______________________________
STATE OF ___________________________
COUNTY OF _________________________
The undersigned, ______________________________, being first duly sworn, deposes and says:
That he has executed the foregoing application for and on behalf of the applicant named therein; that he is __________________ of such applicant and is fully authorized to execute and file such application; that he is familiar with such application; and that to the best of his knowledge, information and belief the statements made in such application are true and the documents submitted therewith are true copies of the originals thereof.
__________________________________
Name
Subscribed and sworn to before me
this __________ day of _________, [19] 20_____
NOTARY PUBLIC
In and for the County of _______________
State of ____________________________
My Commission Expires: _______________
(Notarial Seal) _______________________