Blue Sky Filings Become a Cash Cow
Blue sky filings are quite the cash cow, according to a recent General Accounting Office report. Expenditures and Revenues of State Securities Regulatory Agencies, No. GAO/GGD-00-189R (Aug. 15, 2000).
For example, in 1999 the 46 jurisdictions reporting usable data collected $547 million in blue sky revenues and had expenditures of only $88 million. Except for California, which operates under a system requiring it to lower fee revenues when they exceed expenditures, every state spent less than it collected.
Investment company notice filings in 1999, for the 30 jurisdictions able to provide a breakout, amounted to $126 million.
The GAO report is available in PDF format at http://www.gao.gov/new.items/gg00189r.pdf
Copyright 2000, John M. Baker, Esq., Stradley, Ronon, Stevens & Young, LLP, 1220 19th Street, N.W., Suite 700, Washington, DC 20036 – (202) 822-9611- Fax (202) 822-0140 This article was originally posted to the FundLaw List, http://www.egroups.com/group/fundlaw. To subscribe to FundLaw, send a blank e-mail to email@example.com
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Introductions and Primers
- What is Securities Arbitration?
- Overview of the Securities Arbitration Process
- The Firm’s Lawyer or Your Own Lawyer?
- Finders Explained – Be Careful
- Federal Securities Law, a Securities Lawyer Guide
- Introduction to State Securities (Blue Sky) Laws
- Expungement of Customer Complaints
- Guide to Broker-Dealer Registration
Nothing herein is intended as legal or financial advice. The law is different in different jurisdictions, and the facts of a particular matter can change the application of the law. Please consult an attorney or your financial advisor before acting upon the information contained in this article.