| (1) The initial authorization for federal covered securities
of an open-end investment company, as defined in the Investment Company
Act of 1940, shall be effective until two months after the end of
the issuer's fiscal year. After the initial authorization, the issuer
or its agent may renew the authorization by submitting, within two
months after the end of the issuer's fiscal year:
(A) a notice filing, consisting of Form NF, Uniform
Investment Company Notice Filing; and
(B) payment of the appropriate fees.
(2) The authorization for federal covered securities
of a unit investment trust, as defined in the Investment Company Act
of 1940, shall be effective until one year from the date of effectiveness
granted by the SEC.
(3) Any other authorization of federal covered securities
shall be effective for one year from the date the authorization is
accepted by the Securities Commissioner.
(4) The renewal of an authorization for federal covered
securities under this chapter may be renewed for additional periods
of one year if the notice filing and renewal fees are received prior
to the expiration date of the existing authorization. Failure to tender
the renewal fee prior to the expiration date may subject the issuer
to higher fees, pursuant to the Texas Securities Act, §§35-1
or 35-2.
(5) For SEC Regulation D, Rule 506 offerings issued
under special circumstances in subsection (b)(1) of this section,
the period of effectiveness extends from the date of the notice filing
until the offering is completed or terminated.
(g) Applicability of dealer and agent registration
requirements. In conducting sales in this chapter, dealer and agent
registration requirements of the Texas Securities Act and Board rules
must be complied with.
(h) Preservation of fees. The fees provided in this
section correspond to the filing or registration fees that would be
collected pursuant to the Texas Securities Act in effect on the day
before the effectiveness of the National Securities Markets Improvement
Act of 1996, Public Law Number 104-290.
(i) Applicability of antifraud provisions. With regard
to this chapter, the Texas Securities Act prohibits fraud or fraudulent
practice in connection with the sale or offer for sale of federal
covered securities.
|
| Source Note: The provisions of this §114.4 adopted to be effective April 8, 1997, 22 TexReg 3219; amended to be effective December 2, 1997, 22 TexReg 12038; amended to be effective November 7, 1999, 24 TexReg 9608; amended to be effective May 2, 2000, 25 TexReg 3740; amended to be effective February 24, 2004, 29 TexReg 1643; amended to be effective June 21, 2011, 36 TexReg 3715; amended to be effective December 23, 2018, 43 TexReg 8089; amended to be effective November 12, 2019, 44 TexReg 6859 |
