56 N.J.R. 983(a)

VOLUME 56, ISSUE 11, JUNE 3, 2024
RULE PROPOSALS

Reporter
56 N.J.R. 983(a)
NJ - New Jersey Register  >  2024  >  JUNE  >  JUNE 3, 2024  >  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, 10.4, 13:47A-10 Appendix B, 12A.4, and 12A.8      

Text

 Fees
Authorized By: New Jersey Bureau of Securities, Elizabeth M. Harris, Bureau Chief.
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 2024-070.
Submit written comments by August 2, 2024, to:
Elizabeth M. Harris, Bureau Chief
New Jersey 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 (Bureau) is proposing to amend its registration fees to ensure that it has the resources it needs to fulfill its regulatory and enforcement responsibilities.
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 to protect New Jersey investors from fraud and abuse. It accomplishes this mission by rigorously enforcing the Securities Law. For example, the Bureau conducts investigatory on-site and desk examinations of registrants, investigates complaints from investors, industry participants, and referrals from other regulators, and monitors the marketplace for fraudulent securities activity. In 2023, the Bureau handled more than 11,000 inquiries, approximately 689 complaints, and more than 900 examinations. The same year, the Bureau registered or notice filed, as applicable, approximately 2,035 broker-dealers, 282,798 agents, 3,789 investment advisers, 32,542 investment adviser representatives, 3,971 mutual funds, 938 unit investment trusts, 17 securities offerings, and 4,316 exempt offerings.
The Bureau's enforcement efforts include, but are not limited to, schemes involving market manipulation; issues involving the securitization of digital asset and cryptocurrency products; misuse of investor funds; fraudulent sales of securities; firms' failure to reasonably supervise; dishonest or unethical practices by registrants; and the offer and sale of securities by unregistered firms and individuals. The Bureau works closely with securities regulators in other states and with law enforcement [page=984] authorities in pursuing investigations. In some cases, New Jersey has served as a lead state in large-scale, multijurisdictional cases that resolved favorably for investors.
New Jersey residents benefit greatly from the Bureau's work. Since 2019, the Bureau has stepped up investor protections for seniors by implementing the Safeguarding Against Financial Exploitation Act (SAFE), which requires broker-dealers and investment advisers to report to the Bureau and adult protective services, the suspected financial exploitation of vulnerable adults, including those adults 65 years and older. In addition, the Bureau continues to prioritize its community outreach efforts by conducting investor education programming to combat fraud and maintain confidence in the securities markets. Any investor can file a complaint or obtain an online copy of an order on the Bureau's website, or contact the Bureau directly with questions about transactions, filings, or the registration process. To properly effectuate its mission, the Bureau must keep pace with sophisticated, rapidly evolving technology to better serve registrants and investors, alike.
While the scope and scale of the Bureau's regulatory, investigative, and enforcement responsibilities continue to expand, the Bureau's registration fees have remained unchanged since 2019. To ensure that the Bureau is fully equipped to meet these responsibilities, the Bureau is proposing to amend the registration fees it currently charges. Specifically, the Bureau is proposing to increase the broker-dealer registration fee from $ 450.00 to $ 600.00; the agent of broker-dealers registration fee from $ 125.00 to $ 190.00; the investment adviser registration fee from $ 375.00 to $ 550.00; the investment adviser representative registration fee from $ 130.00 to $ 210.00; the mutual fund registration fee from $ 2,000 to $ 3,500; the unit investment trust registration fee from $ 1,000 to $ 1,800; the securities registration fee from $ 3,000 to $ 5,000; and the fee for certain exemptions and notice filings from $ 500.00 to $ 750.00. Accordingly, the Bureau is proposing to amend the existing fees referenced at 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, 10.4, 12A.4, and 12A.8 and 13:47A 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 enable the Bureau to continue pursuing a robust and ever-expanding regulatory and enforcement agenda, and to build upon its extensive efforts to inform and educate New Jersey investors. See New Jersey Bureau of Securities, Investor Education Materials, at http://www.njconsumeraffairs.gov/bos/Pages/investormaterials.aspx.
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 on individual applicants, firm registration applicants, and firms and individuals that offer securities subject to the Bureau's registration requirements. The proposed fee increases will have a positive impact on New Jersey investors by ensuring that the Bureau has the resources it needs to protect the investing public from fraud and exploitation. With the revenue these fee increases will generate, the Bureau will be able to fulfill its statutory responsibilities to protect the investing public by registering individuals, firms, and securities; conducting examinations and investigations; handling complaints and public inquiries; and educating New Jersey investors about their rights and common investment schemes.
Economic Impact
The proposed amendments will have an economic impact on registrants in the form of higher registration fees. As explained in the Summary above, however, these fees have remained static since 2019, while the scope and scale of the Bureau's regulatory, enforcement, and investor education activities have evolved and expanded. The Bureau believes that the proposed increases are necessary to ensure that the Bureau's registration fees keep pace with the demands of a constantly shifting regulatory and enforcement landscape.
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
Any person or entity that qualifies as a "business which is resident in this State, independently owned and operated and not dominant in its field, and which employs fewer than 100 full-time employees," constitutes a "small business" within the meaning of the Regulatory Flexibility Act, N.J.S.A. 52:14B-16 et seq. (RFA). To the extent any person or entity affected by the proposed amendments qualifies as a "small business" pursuant to the RFA, the following analysis applies, pursuant to N.J.S.A. 52:14B-19.
The costs imposed on small businesses will be the same as those imposed on all registrants. The Bureau does not believe that registrants will need to employ any additional professional services to comply with the requirements of the proposed amendments. The proposed amendments impose no compliance, reporting, or recordkeeping requirements.
The proposed amendments will protect the investing public by ensuring that the Bureau has the resources to carry out its regulatory, enforcement, and investor education responsibilities. Accordingly, no differing compliance requirements will be imposed based on the size of a registrant's businesses.
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 rulemaking would evoke a change in the average costs associated with housing because the proposed amendments concern increased registration and notice filing fees for securities offerings, broker-dealers, broker-dealer agents, investment advisers, and investment adviser representatives.
Smart Growth Development Impact Analysis
The proposed amendments will have an insignificant impact on smart growth and there is an extreme unlikelihood that the rulemaking would evoke a change in housing production in Planning Areas 1 or 2, or within designated centers, pursuant to the State Development and Redevelopment Plan in New Jersey because the proposed amendments concern increased registration fees and notice filing fees for securities offerings, broker-dealers, broker-dealer agents, investment advisers, and investment adviser representatives.
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.
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 $[450.00] 600.00 for a [page=985] 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] through 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] through the CRD pursuant to N.J.A.C. 13:47A-1.1, shall file all of the information required [by] at 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 $[450.00] 600.00.
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 $[375.00] 550.00 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] at N.J.S.A. 49:3-[56(g)] 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] at N.J.S.A. 49:3-[49(g)] 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 $[375.00] 550.00;
2.-4. (No change.)
SUBCHAPTER 3. INVESTMENT ADVISER REPRESENTATIVES
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] at 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 $[125.00] 190.00. Issuers of securities [under] pursuant to N.J.S.A. 49:3-[50(b)] 50.b need not register as agents or qualify as issuers. However, a pattern of N.J.S.A. 49:3-[50(b)(12)] 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] through the CRD shall file an 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 $[125.00] 190.00 for each year of the registration period. In accordance with N.J.S.A. 49:3-[58(a)(2)(i)] 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 ADVISERS 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] at 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] through 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 $[130.00] 210.00 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)] 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] through the CRD may apply to renew its registration by filing the renewal forms prescribed by the CRD accompanied by payment of a $[450.00] 600.00 renewal fee.
(b) A broker-dealer registered in New Jersey [via] through 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 $[450.00] 600.00 made payable to the State of New Jersey, Bureau of Securities.
(c) A registered investment adviser registered or notice filed in New Jersey [via] through 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 $[375.00] 550.00 renewal fee.
(d) A registered investment adviser registered in New Jersey [via] through direct registration with the Bureau may apply to renew its registration by filing a current copy of the Form ADV, together with a [page=986] check or money order for $[375.00] 550.00 made payable to the State of New Jersey, Bureau of Securities.
(e) An agent registered in New Jersey [via] through the CRD may apply to renew his or her registration by filing the renewal prescribed by the CRD accompanied by a $[125.00] 190.00 renewal fee.
(f) A broker-dealer registered in New Jersey [via] through direct registration with the Bureau may apply to renew its agents who are registered in New Jersey [via] through 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 $[125.00] 190.00 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 $[125.00] 190.00, made payable to the State of New Jersey, Bureau of Securities.
(h) An investment adviser representative registered electronically in New Jersey [via] through 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 $[130.00] 210.00 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] at (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 $[2,000] 3,500 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 $[1,000] 1,800 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)] 50b(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 $[500.00] 750.00.
(b) Rule 506 filings. An issuer offering a security pursuant to N.J.S.A. 49:3-[60.1(b)] 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 $[500.00] 750.00 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 $[500.00] 750.00.
3. (No change.)
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] pursuant to 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 $[3,000] 5,000, 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 $[3,000] 5,000 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 $[3,000] 5,000, 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 $[3,000] 5,000 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 $[3,000] 5,000 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.)
[page=987] (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 $[3,000] 5,000 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 $[3,000.00] 5,000.00.

 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.

 Subscribed and sworn to before me
this ______ day of _______, 20___
_________________________________________________
_________________________________________________
NOTARY PUBLIC
In and for the County of _________
State of ______________________
My Commission Expires: _______
(Notarial Seal) ________________
SUBCHAPTER 12A. INTRASTATE OFFERING (CROWDFUNDING) EXEMPTION
13:47A-12A.4 Internet site operator registration; disqualifying criteria
(a) An Internet site operator shall file the following with the Bureau:
1. (No change.)
2. A check made payable to the State of New Jersey, Bureau of Securities, in the amount of $[1,000] 1,800.
(b)-(e) (No change.)
13:47A-12A.8 Renewal
An Internet site operator shall renew its registration with the Bureau by filing the Internet Site Operator Renewal Form by December 31 of each year, accompanied by a check or money order for $[1,000] 1,800 made payable to the State of New Jersey, Bureau of Securities.