Current through Register Vol. 54, No. 44, November 2, 2024
(a)
Scope of rule. The
abbreviated procedure of subsections (b) and (c) applies to an issuance or
assumption of a security which meets one of the following requirements:
(1) The issuance or assumption of securities
has been authorized by another state commission having primary
jurisdiction.
(2) The financing is
provided by an agency of a state or the United States government.
(3) The issuance or assumption of securities
is by a utility having a presence in this Commonwealth of less than 10% as
measured by either:
(i) The ratio of gross
investment within this Commonwealth to the utility's total gross
investment.
(ii) The ratio of gross
operating revenues from service rendered during the immediately preceding
fiscal year under tariffs filed with the Commission for intra-State service to
the total gross operating revenues of the public utility during the fiscal year
from all service, wherever rendered, of the type described in section 102 of
the act (relating to definitions).
(4) The declaration by a utility of a stock
split if there is no impact on the control of the utility or negative impact
attributable to commingling of competitive enterprises with noncompetitive
enterprises.
(5) The issuance of a
dividend by a utility in the form of the utility's stock if there is no impact
on the control of the utility or negative impact attributable to commingling of
competitive enterprises with noncompetitive enterprises.
(b)
Form. At the election of
the issuing public utility, a securities certificate relating to an issuance of
securities within the scope of this rule may consist of two copies of a letter
addressed to the Secretary and setting forth the following information:
(1) The name and address of the public
utility.
(2) The title or capacity
of the representative of the public utility executing the letter.
(3) The designation of the securities to be
issued or assumed and the approximate number of shares, principal amount, or
other units proposed to be issued or assumed.
(4) A statement setting forth the specific
subsections that qualifies the issuance of the abbreviated procedure together
with the underlying calculations, when applicable.
(5) A verification or affidavit conforming to
§
1.36 (relating to verifications
and affidavits) in compliance with section 1902 of the act (relating to
contents of securities certificate).
(c)
Filing and registration.
An abbreviated securities certificate under this section, together with the
filing fee specified in §
1.43 (relating to schedule of fees
payable to the Commission), shall be filed with the Secretary.
(1) The certificate will be deemed, in fact
and in law, to have been registered if no order of rejection has been entered
after 20 days from the filing of a securities certificate.
(2) Prior to the expiration of the 20-day
period, the Secretary may extend the 20-day consideration period to not more
than a total of 40 days upon notification of the public utility served. Further
extension to the period will be by the order of the
Commission.
(d)
Exemption. The filing of a securities certificate with the
Commission under Chapter 19 of the act (relating to securities and
obligations), relating to an issuance or assumption of securities is not
required of a public utility which owns or operates facilities within this
Commonwealth, but which has received no gross operating revenues for service
rendered during the immediately preceding fiscal year and 12-month period under
tariffs filed with the Commission for intrastate service within this
Commonwealth.
