Kentucky Administrative Regulations
Title 808 - PUBLIC PROTECTION CABINET - DEPARTMENT OF FINANCIAL INSTITUTIONS
Chapter 10 - Securities
Section 808 KAR 10:400 - Examination fees and criteria

Universal Citation: 808 KY Admin Regs Service 10:400

Current through Register Vol. 50, No. 9, March 1, 2024

RELATES TO: KRS 292.336(4), 15 U.S.C. 78s(b), 15 U.S.C. 78w

NECESSITY, FUNCTION, AND CONFORMITY: KRS 292.336(4)(b) provides that the commissioner may make periodic examinations of broker-dealers, firms employing issuer agents, and investment advisers and may charge a reasonable fee for the examination. This administrative regulation establishes the schedule of fees.

Section 1. Investment Adviser. The fee for an examination of an investment adviser shall be:

(1) Seventy-five (75) dollars for an investment adviser with assets under management of one (1) million dollars or less;

(2) $150 for an investment adviser with assets under management of more than one (1) million dollars but not more than five (5) million dollars;

(3) $250 for an investment adviser with assets under management of more than five (5) million dollars but not more than ten (10) million dollars;

(4) $300 for an investment adviser with assets under management of more than ten (10) million dollars but not more than twenty (20) million dollars;

(5) $350 for an investment adviser with assets under management of more than twenty (20) million dollars but not more than thirty (30) million dollars;

(6) $450 for an investment adviser with assets under management of more than thirty (30) million dollars but not more than forty-five (45) million dollars;

(7) $550 for an investment adviser with assets under management of more than forty-five (45) million dollars but not more than sixty (60) million dollars;

(8) $650 for an investment adviser with assets under management of more than sixty (60) million dollars but not more than seventy-five (75) million dollars; and

(9) $750 for an investment adviser with assets under management of more than seventy-five (75) million dollars.

Section 2. Broker-Dealer and Issuers. The fee for an examination of a broker-dealer or a firm employing issuer agents shall be thirty-five (35) dollars per working hour with the total fee not to exceed $1,000. A fee shall not be charged for training hours on an examination.

Section 3. Application of Industry Standards to Examination Criteria. When not in conflict with Kentucky law, a Department of Financial Institution examiner shall apply the recordkeeping, supervisory, and conduct rules promulgated by:

(1) The Securities and Exchange Commission pursuant to 15 U.S.C. 78w; or

(2) If the broker-dealer is a member of a self-regulatory organization as defined in 15 U.S.C. 78c(a)(26), the self-regulatory organization pursuant to 15 U.S.C. 78s(b).

STATUTORY AUTHORITY: KRS 292.336(4)(b)

Disclaimer: These regulations may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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