Vermont Statutes Title 9 Sec. 5410
Terms Used In Vermont Statutes Title 9 Sec. 5410
- Agent: means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. See
- Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See
- Commissioner: means the Commissioner of Financial Regulation. See
- Contract: A legal written agreement that becomes binding when signed.
- Federal covered investment adviser: means a person registered under 15 U. See
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Filing: means the receipt under this chapter of a record by the Commissioner or a designee of the Commissioner. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Investment adviser: means a person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See
- Investment adviser representative: means an individual employed by or associated with an investment adviser or federal covered investment adviser and who makes any recommendations or otherwise gives investment advice regarding securities, manages accounts or portfolios of clients, determines which recommendation or advice regarding securities should be given, provides investment advice or holds himself or herself out as providing investment advice, receives compensation to solicit, offer, or negotiate for the sale of or for selling investment advice, or supervises employees who perform any of the foregoing. See
- Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See
- State: means a state of the United States, the District of Columbia, Puerto Rico, the U. See
§ 5410. Filing fees
(a) A person shall pay a fee of $300.00 when initially filing an application for registration as a broker-dealer and a fee of $300.00 when filing a renewal of registration as a broker-dealer. A separate application in writing for branch office registration or renewal, accompanied by a filing fee of $120.00 per branch office, shall be filed in the Office of the Commissioner in such form as the Commissioner may prescribe by any broker-dealer who transacts business in this State from any place of business located within this State. The fee is nonrefundable.
(b) The fee for an individual is $120.00 when filing an application for registration as an agent, $120.00 when filing a renewal of registration as an agent, and $120.00 when filing for a change of registration as an agent. The fee is nonrefundable.
(c) A person shall pay a fee of $300.00 when filing an application for registration as an investment adviser and a fee of $300.00 when filing a renewal of registration as an investment adviser. A separate application in writing for branch office registration or renewal, accompanied by a filing fee of $120.00 per branch office, shall be filed in the Office of the Commissioner in such form as the Commissioner may prescribe by any investment adviser who transacts business in this State from any place of business located within the State. The fee is nonrefundable.
(d) The fee for an individual is $80.00 when filing an application for registration as an investment adviser representative, $80.00 when filing a renewal of registration as an investment adviser representative, and $80.00 when filing a change of registration as an investment adviser representative. The fee is nonrefundable.
(e) A federal covered investment adviser required to file a notice under section 5405 of this title shall pay an initial fee of $300.00 and an annual notice fee of $300.00. A notice filing may be terminated by filing notice of such termination with the Commissioner. The fee is nonrefundable.
(f) A person required to pay a filing or notice fee under this section may transmit the fee through or to a designee as a rule or order provides under this chapter.
(g) The Commissioner may, as an alternative means of registering branch offices as set forth in subsections (a) and (c) of this section, register branch offices by means of or through the facilities of a national organization that facilitates branch office registration on a nationwide basis, and comply with the terms of any agreement or contract entered into with such national organization. The initial and annual renewal filing fees per branch office specified in subsections (a) and (c) of this section shall apply to any such centralized filing and shall be paid at the time of filing. In the event of conflict between this provision and other pertinent provisions of this chapter, the Commissioner may elect that this provision prevail.
(h) Notwithstanding the provisions of this section, the Commissioner may, upon written request, waive or issue a refund of fees due or paid pursuant to this chapter to military personnel who comply with all the following:
(1) the applicant has been called or recalled to active duty status or to a status similar to active duty;
(2) the applicant’s active duty status is expected to remain unchanged for six months or more during the calendar year for which the refund is requested; and
(3) the active duty status will prevent the applicant from acting as an agent, investment adviser representative, or investment adviser during the relevant time period. (Added 2005, No. 11, § 1, eff. July 1, 2006; amended 2005, No. 72, § 3d, eff. July 1, 2006; 2007, No. 153 (Adj. Sess.), § 31; 2013, No. 29, § 19, eff. May 13, 2013; 2015, No. 149 (Adj. Sess.), § 33a; 2019, No. 70, § 4; 2019, No. 103 (Adj. Sess.), § 28; 2021, No. 25, § 18, eff. May 12, 2021.)