085-1 Wyo. Code R. § 1-6
(a) Before making a proposed qualified investment in a specific business, a Wyoming small business investment company shall request from the Council a written determination that the proposed investment is a qualified investment in a qualified business. The Council shall notify a Wyoming small business investment company within ten (10) business days from the receipt of a request of its determination and an explanation thereof. If the Council does not notify the Wyoming small business investment company of its determination within ten (10) business days, the proposed investment is deemed to be a qualified investment in a qualified business.
(b) The Council shall provide a form for Wyoming small business investment companies to request a determination whether a proposed investment is a qualified investment in a qualified business. The Wyoming small business investment company shall provide all information it has gathered on the business including its plan of operation and plans for future expansion.
(c) The date of receipt of an application is the postmark date of the date of the independent delivery. Incomplete applications shall be treated as not received. All submissions to the Council may be either by hand delivery or via overnight common carrier. The delivery address shall be noted on the application.
(d) A request shall not be considered until all requested information is provided. If the requested documentation is incomplete, Council staff shall notify the Wyoming small business investment company of what is missing and provide a deadline to submit additional information so that a determination can be made.
(e) A Wyoming small business investment company shall pay a nonrefundable annual certification fee, set by rule, to the Council not later than April 1 of each year, except that an annual certification fee is not required if the payment date is within six (6) months of the date a Wyoming small business investment company is first certified by the Council.
(f) If a Wyoming small business investment company fails to pay its annual certification fee on or before April 30 of each year, the company must pay, in addition to the annual certification fee, a late fee of five thousand dollars ($5,000.00) to continue its certification.
(g) If a Wyoming small business investment company fails to pay its annual certification fee and late fee as stated in paragraph (f) of this subsection within 60 days after April 1, the Wyoming small business investment company shall be subject to decertification.
(h) On the 6th anniversary of a Wyoming small business investment company's allocation date, the Council shall determine if at least seventy percent (70%) of its designated capital has been invested in qualified investments. If the seventy percent (70%) threshold has not been met, the Council shall notify the Wyoming small business investment company that they are not permitted to receive management fees. Any fees paid after the notice shall reduce the amount considered as a qualified investment in qualified businesses.
(j) On the 8th anniversary of a Wyoming small business investment company's allocation date, the Council shall determine if at least one hundred percent (100%) of its designated capital has been invested in qualified investments. If the one hundred percent (100%) threshold has not been met, the Council shall notify the Wyoming small business investment company that they are not permitted to receive management fees. Any fees paid after the notice shall reduce the amount considered as a qualified investment in qualified businesses.
(k) Any investment returns or profits received by the Wyoming small business investment company from a qualified investment in a qualified business may be invested in another qualified investment in a qualified business and counted towards any requirement in this section with respect to investments of designated capital.
(l) Any amounts received by a Wyoming small business investment company from a qualified business as commitment fees, closing fees, license fees, royalties or similar charges shall be considered as reductions in the Wyoming small business investment company's qualified investments in qualified businesses in the computation of the percentage requirements of this article.
(m) If a qualified business that receives a qualified investment from a Wyoming small business investment company moves its principal office outside Wyoming or fails to relocate its principal office to Wyoming before the 90th day after a Wyoming small business investment company makes an investment in it, the investment is not considered a qualified investment for the purposes of the percentage requirements in this article.
(n) Any transfer, sale, acquisition, purchase, assignment or merger of a Wyoming small business investment company ownership interest shall be pre-approved by the Council. In no event shall an owner or any affiliate, having an ownership interest of ten percent (10%) or greater, of a Wyoming small business investment company, acquire an ownership interest of ten percent (10%) or greater in another Wyoming small business investment company without the written approval of the Council. The Council may request any information deemed necessary to evaluate changes in Wyoming small business investment company ownership.
085-1 Wyo. Code R. § 1-6