PURPOSE: This rule prescribes policies and procedures for charging registration and other fees.

1. (1) General Provisions.

   1. (A) All fees shall accompany the application or other filing to which they pertain.
   2. (B) Fees shall be remitted by check, draft or money order (cash is not acceptable) payable to the Missouri Secretary of State, or if the application is submitted through the Central Registration Depository (CRD) System or Investment Adviser Registration Depository (IARD) System, fees shall be remitted by check or wire transfer to the financial institution designated by the National Association of Securities Dealers (NASD).
   3. (C) Fees paid with applications filed through the CRD System, the IARD System, or other electronic system approved by the commissioner may be sent by wire transfer or mail to NASD Regulation, Inc.

2. (2) Registration of Securities (section 409.305(b) and (j), RSMo). The fees for registration of securities are as follows:

   1. (A) The minimum filing fee is one hundred dollars ($100). This permits registration of up to one hundred thousand dollars ($100,000) of securities in Missouri.
   2. (B) To register more than one hundred thousand dollars ($100,000) of securities in Missouri, the registration fee is one-twentieth of one percent (1/20 of 1%) of the amount above one hundred thousand dollars ($100,000). The maximum total fee (filing plus registration) is one thousand dollars ($1,000).
   3. (C) The registration fee in the case of warrants or rights shall be based on the aggregate amount of the security called for by the warrants or rights, and the amount of the warrants or rights if they are not distributed without consideration.
   4. (D) The registration fee relating to convertible securities in which no consideration is given for the second security, except the surrender of the first, shall be based solely on the amount of the convertible security.
   5. (E) When separate securities are sold as a unit, the unit and the securities that comprise the unit are considered one (1) registration. The registration fee is based on the aggregate amount of securities that comprise the unit. When separate securities are sold separately, a separate application, filing fee and registration fee is required for each security.
   6. (F) Renewal Filings. The annual renewal fee for the registration of securities is one hundred dollars ($100).

3. (3) Federal Covered Securities. The filing fees for federal covered securities are as follows:

   1. (A) Face-amount certificate companies or open-end management companies. The fees for securities issued by these companies, as classified under the Investment Company Act of 1940 and that are offered or sold in this state, shall consist of the following:

      1. 1. Initial filing fee. The initial filing fee

is one hundred dollars ($100). The initial filing fee must be paid prior to the initial offer of the securities in this state. A separate initial filing fee is required for each portfolio of securities.

1. 2. Filing fee. A filing fee of one-twen-

tieth of one percent (1/20 of 1%) of the amount of securities sold in this state during the issuer’s previous fiscal year must be paid within sixty (60) days of the issuer’s fiscal year end. The maximum filing fee for the securities sold in this state is three thousand dollars ($3,000) and the minimum filing fee is one hundred dollars ($100). A separate filing fee is required for each portfolio of securities.

1. (B) Closed End Management Companies. The fees for securities issued by these companies, as classified under the Investment Company Act of 1940 and that are offered or sold in this state, shall consist of the following:

   1. 1. Initial filing fee. The initial filing fee

is one hundred dollars ($100). The initial filing fee of one hundred dollars ($100) includes the filing fee for the first one hundred thousand dollars ($100,000) of securities to be sold in this state.

1. 2. Filing fee. The filing fee to sell an

additional amount of securities above the first one hundred thousand dollars ($100,000) is one-twentieth of one percent (1/20 of 1%) of the amount of the additional securities to be sold in this state. The maximum filing fee is one thousand dollars ($1,000) and includes the initial filing fee.

1. (C) Unit Investment Trusts. The fees for securities issued by unit investment trusts, as classified under the Investment Company Act of 1940 and that are offered or sold in this state, shall consist of the following:

   1. 1. Initial filing fee. The initial filing fee

is one hundred dollars ($100). The initial filing fee must be paid prior to the initial offer of the securities in this state. The initial filing fee of one hundred dollars ($100) includes the fee for the first one hundred thousand dollars ($100,000) of securities sold in this state.

1. 2. Filing fee. After the initial offering is

complete, the issuer must pay a filing fee of one-twentieth of one percent (1/20 of 1%) of the amount of securities sold in this state above the first one hundred thousand dollars ($100,000). The maximum filing fee is one thousand dollars ($1,000) and includes the initial filing fee.

1. (D) Regulation D, Rule 506. The filing fee for each offering under Regulation D, Rule 506, is one hundred dollars ($100).

1. (4) Registration of Broker-Dealers and Investment Advisers (section 409.202(b), RSMo). The filing fees for registration of broker-dealers and investment advisers are as follows:

   1. (A) Initial Registration—two hundred dollars ($200); and
   2. (B) Renewal Registration—one hundred dollars ($100).

2. (5) Registration of Agents and Investment Adviser Representatives. The filing fees for registration of broker-dealer agents and investment adviser representatives are as follows:

   1. (A) Initial Registration—fifty dollars ($50); and 15 CSR 30-50
   2. (B) Renewal Registration—fifty dollars ($50).

3. (6) Federal Covered Adviser. The notice filing fees of federal covered advisers are as follows:

   1. (A) Initial Notice Filing—two hundred dollars ($200); and
   2. (B) Renewal Notice Filing—one hundred dollars ($100).
4. (7) Document Requests. The fees for copies of documents and records in the division, or reports relating to these documents or records, are as follows: ten cents ($.10) per page, plus five dollars ($5) for certification and two dollars ($2) per page for telephone and electronic transmittals (sections 28.160 and 409.414(d), RSMo).
5. (8) Interpretive Opinions. Interpretive opinions, including no action letters and opinions that involve a claim of exception from a definition under section 409.401 of the Act or otherwise from the scope of the Act, may be provided to interested persons for a filing fee of one hundred dollars ($100) (section 409.414(e), RSMo).
6. (9) Notice Filing for Exemptions. The filing fee for notice filings for exemption under section 409.402 of the Act is one hundred dollars ($100).

7. (10) Refunds.

   1. (A) No refund of filing fees shall be permitted in the instances of applications for registration of securities and for registration of broker-dealers, agents, investment advisers and representatives of investment advisers, even though the applications are denied or withdrawn (sections 409.202(b) and 409.305(b), RSMo);
   2. (B) Registration fees, but not filing fees, will be refunded upon withdrawal of an application. Registration fees will not be refunded if an application is denied registration pursuant to section 409.305 of the Act; and
   3. (C) No refund of registration fees shall be permitted, if registration of securities is effected.

AUTHORITY: sections 409.202(b), 409.305(b) and (j), 409.413 and 409.414(d) and (e), RSMo 2000.* Original rule filed June 25, 1968, effective Aug. 1, 1968. Amended: Filed May 21, 1969, effective Aug. 1, 1969. Amended: Filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. Amended: Filed Dec. 19, 1975, effective Dec. 31, 1975. Emergency amendment filed Aug. 11, 1978, effective Aug. 23, 1978, expired Dec. 21, 1978. Amended: Filed Aug. 11, 1978, effective Feb. 11, 1979. Emergency amendment filed Aug. 1, 1980, effective Aug. 13, 1980, expired Dec. 11, 1980. Amended: Filed Aug. 13, 1980, effective Dec. 11, 1980. Amended: Filed Oct. 16, 1986, effective Feb. 12, 1987. Amended: Filed July 20, 1988, effective Nov. 11, 1988. Amended: Filed Jan. 3, 1990, effective March 11, 1990. Amended: Filed Dec. 24, 1991, effective May 14, 1992. Amended: Filed June 8, 1992, effective Feb. 26, 1993. Emergency amendment filed Aug. 4, 1995, effective Aug. 14, 1995, expired Dec. 11, 1995. Amended: Filed Aug. 4, 1995, effective Jan. 30, 1996. Amended: Filed Feb. 2, 1996, effective July 30, 1996. Rescinded and readopted: Filed Dec. 17, 2001, effective July 30, 2002. Amended: Filed Nov. 26, 2002, effective May 30, 2003.

*Original authority: 409.202(b), RSMo 1967, amended 1977, 1978, 1986, 1995, 1997; 409.305(b) and (j), RSMo 1967, amended 1977, 1978, 1980, 1986; 409.413, RSMo 1967; and 409.414(d) and (e), RSMo 1967, amended 1978, 1986.