Code of Maryland Regulations
Title 02 - OFFICE OF THE ATTORNEY GENERAL
Subtitle 02 - DIVISION OF SECURITIES
Chapter 02.02.09 - Federal Covered Securities
Section 02.02.09.05 - Notice Filing Fee-Investment Companies

Universal Citation: MD Code Reg 02.02.09.05

Current through Register Vol. 51, No. 6, March 22, 2024

A. Notice Filing Fee.

(1) An issuer submitting a notice filing under Regulation .04 or .06 of this chapter shall pay an initial part of its fee at the time of the notice filing and the remaining part of its fee by the due date under §B of this regulation, or upon termination under Regulation .07 of this chapter.

(2) Initial Part of Fee. As part of its notice filing, an issuer shall pay $500 as required by Corporations and Associations Article, § 11-510.1, Annotated Code of Maryland.

(3) Remaining Part of Fee. An issuer may pay the remaining part of its fee by either:
(a) Paying a flat fee of $1,300; or

(b) Filing with the Commissioner a year-end sales report on Form NF and paying a calculated fee computed as follows:
(i) If gross sales in Maryland are $500,000 or less, no additional fee is due;

(ii) If gross sales in Maryland are equal to or greater than $1,500,000, the remaining part of the fee is $1,000; or

(iii) If gross sales in Maryland are greater than $500,000 but less than $1,500,000, the remaining part of the fee is equal to 0.1 percent of gross sales in Maryland, minus $500.

B. Due Date for Remaining Part of Fee.

(1) Investment Companies Other Than Unit Investment Trusts. An issuer shall submit the remaining part of its fee within 60 days after its fiscal year-end date.

(2) Unit Investment Trusts. An issuer shall submit the remaining part of its fee within 60 days after expiration of effectiveness under Regulation .04E(2) of this chapter.

C. Change in Fiscal Year End-Prorated Fee.

(1) Renewing Issuer. If, as a result of a change in fiscal year-end date, the effective period for an issuer's existing notice filing extends beyond 12 months, an issuer renewing its notice filing under Regulation .06 shall submit a prorated fee in accordance with §C(3) of this regulation.

(2) Terminating Issuer. If, as a result of a change in fiscal year-end date, the effective period for an issuer's existing notice filing extends beyond 12 months, an issuer terminating its notice filing under Regulation .07 of this chapter shall submit a prorated fee in accordance with §C(3) of this regulation, minus $500.

(3) Prorated Fee-Tables.
(a) Flat Fee Table.

Months Between Last Effective Date and New Fiscal Year End Total Payment Due-----Flat Fee
13 $1,950
14 2,100
15 2,250
16 2,400
17 2,550
18 2,700
19 2,850
20 3,000
21 3,150
22 3,300
23 3,450
24 3,600

(b) Calculated Fee Table.

Months Between Last Effective Date and New Fiscal Year End Total Payment Due----- Minimum Fee Total Payment Due----- Maximum Fee Total
Payment Due-1/10 of 1% of Gross Sales for Effective Period
13 $542 $1,625 0.001083 x gross sales
14 583 1,750 0.001167 x gross sales
15 625 1,875 0.00125 x gross sales
16 667 2,000 0.001333 x gross sales
17 708 2,125 0.001417 x gross sales
18 750 2,250 0.0015 x gross sales
19 792 2,375 0.001583 x gross sales
20 833 2,500 0.001667 x gross sales
21 875 2,625 0.00175 x gross sales
22 917 2,750 0.001833 x gross sales
23 958 2,875 0.001917 x gross sales
24 1,000 3,000 0.002 x gross sales

Disclaimer: These regulations may not be the most recent version. Maryland 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.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.