Idaho Admin. Code r. 12.01.08.053

Current through September 2, 2024

Section 12.01.08.053 - FEDERAL COVERED SECURITIES (RULE 53)

01.Investment Company Notices.

a. Notice Requirement. Pursuant to Section 30-14-302, Idaho Code, prior to the offer in this state of a series or portfolio of securities of an investment company that is registered, or that has filed a registration statement, under the Investment Company Act of 1940, that is not otherwise exempt under Sections 30-14-201 through 30-14-203, Idaho Code, the issuer must file a notice with the Administrator relating to such series or portfolio of securities.

b. Content of Notice. Each required notice shall include the following:

i. A properly completed filing notice;

ii. A consent to service of process;

iii. A filing fee of three hundred dollars ($300) for mutual funds and one hundred dollars ($100) for unit investment trusts; and

iv. Notification of SEC effectiveness.

c. Renewal of Notice. The effectiveness of a notice required pursuant to Subsection 053.01.a. of this rule may be renewed each year for an additional one (1) year period of effectiveness by filing on or before the expiration of the effectiveness of such notice:

i. A properly completed Form NF clearly indicating the state file number of the Notice to be renewed;

ii. A consent to service of process (Form U-2) in accordance with Section 30-14-611, Idaho Code; and

iii. A renewal fee of three hundred dollars ($300) for mutual funds and one hundred dollars ($100) for unit investment trusts.

d. Amendments. Amendment filings are required for the following:

i. Issuer name change;

ii. Address change for contact person; and

iii. Notification of termination or completion.

e. Other Documents. Documents other than those required in Subsections 053.01.b., 053.01.c., and 053.01.d. of this rule, unless specifically requested by the Department, should not be filed with the Department. Documents that should be filed with the Department only if specifically requested include, but are not limited to, registration statements, prospectuses, amendments, statements of additional information, quarterly reports, annual reports, and sales literature.

02.Regulation D Rule 506 Notice Filing.

a. Notice Requirement. Issuers offering a security in this state in reliance upon Section 30-14-301, Idaho Code, by reason of compliance with Regulation D, Rule 506, adopted by the United States Securities and Exchange Commission, are required to file a notice with the Department or with Electronic Filing Depository pursuant to the authority of Section 30-14-302(c), Idaho Code, if a sale of a security in this state occurs as a result of such offering.

b. Terms of Notice Filing. The issuer shall file with the Department or with Electronic Filing Depository no later than fifteen (15) days after the first sale of a security in this state for which a notice is required under Subsection 053.02.a. of this rule:

i. One (1) copy of a "Notice of Sale of Securities Pursuant to Regulation D, Section 4(6) and or Uniform Limited Offering Exemption" filed with the SEC-filed; and

ii. The notice filing fee of fifty dollars ($50).

iii. A cover letter should be included in the notice filing which states the date in which the first sale of securities occurred in Idaho.

Idaho Admin. Code r. 12.01.08.053

Effective July 1, 2024