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Change Accommodates Federal Law and Permits Collection of Fees
For Immediate Release: April 7, 1999
Contact: Representative Norman Rokeberg at (907) 465-4954.
Juneau -- The Alaska House of Representatives Tuesday unanimously approved amendments to the Alaska Securities Act.
House Bill 83, sponsored by the House Labor and Commerce Committee, brings Alaska law into compliance with 1996 Federal legislation, the National Securities Markets Improvements Act. HB 83 also allows the State to continue to collect between $4 million and $5 million annually in funds used for protection of investors. This money is in the form of notice filing fees for investment advisors representing the large number of mutual funds doing business in Alaska. The bulk of the money would be collected from the mutual fund industry.
"Without this legislation, Alaska investment advisors would be unregulated, as they are no longer registered with the Securities and Exchange Commission," said Representative Norman Rokeberg (R-Anchorage), Chair of the House Labor and Commerce Committee. Rokeberg noted that the Investment Company Institute, which represents the mutual fund industry, has provided a letter of support for this legislation.
HB 83 now moves to the Senate.