S.C. Code Ann. § 35-1-1100 – Documents required to be filed for federal covered security; notice and consent to service of process; stop order suspending offer and sale; modification or waiver of section | Midpage
§ 35-1-1100
S.C. Code Ann. § 35-1-1100
Documents required to be filed for federal covered security; notice and consent to service of process; stop order suspending offer and sale; modification or waiver of section
(a) The securities commissioner, by rule or order, may require the filing of any or all of the following documents with respect to a federally-covered security under Section 18(b)(2) of the Securities Act of 1933:
(1) Prior to the initial offer of the federally-covered security in this State, all documents that are part of a current federal registration statement filed with the United States Securities and Exchange Commission under the Securities Act of 1933 or a notice form adopted by the securities commissioner in lieu thereof, together with a consent to service of process signed by the issuer and a notice filing fee of five hundred forty-six dollars.
(2) After the initial offer of the federally-covered security in this State, all documents that are part of an amendment to a current federal registration statement filed with the United States Securities and Exchange Commission under the Securities Act of 1933, or a notice form adopted by the securities commissioner in lieu thereof which must be filed concurrently with the securities commissioner.
(3) All notice filings for federally-covered securities are effective upon receipt by the commission, unless another date is requested by the issuer. These filings are effective for twelve months. If securities are to be offered beyond this twelve-month period, the issuer must file an annual notice filing consisting of any documents that the securities commissioner, by rule or otherwise, requires and a fee of five hundred forty-six dollars. The renewal notice filing is effective upon the expiration of the prior filing period.
(4) Amendments to a notice filing are effective upon receipt by the securities commissioner. Termination of a notice filing is effective upon receipt by the securities commissioner of notice of the termination.
(b) With respect to any security that is a federally-covered security under Section 18(b)(4)(D) of the Securities Act of 1933, the securities commissioner, by rule or order, may require the issuer to file a notice on SEC Form D and a consent to service of process signed by the issuer no later than fifteen (15) days after the first sale of the federally-covered security in this State, together with a fee of three hundred dollars.
(c) The securities commissioner, by rule or order, may require the filing of any document filed with the United States Securities and Exchange Commission under the Securities Act of 1933 with respect to a federally-covered security under Section 18(b)(3) or (4) of the Securities Act of 1933, together with a filing fee of twenty-five dollars.
(d) The securities commissioner may issue a stop order suspending the offer and sale of a federally-covered security, except a federally-covered security under Section 18(b)(1) of the Securities Act of 1933, if he finds that: (1) the order is in the public interest, and (2) there is a failure to comply with any condition established under this section.
(e) The securities commissioner, by rule or order, may modify, change, or waive any or all of the provisions of this section.