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Investment Company

Investment Company

Investment Company (Mutual Funds and Unit Investment Trusts)

Statute Authority:

Rule Authority:

Forms/Documents:


Mutual Funds

  • Mutual Funds have an initial or first-year filing fee of $500.00.
  • Mutual Funds renewal fees are based upon a schedule of four flat fees.  The issuer will estimate the number of nonexempt shares it expects to sell in Michigan over the coming notice filing year. Such estimates must be reasonable and based on any facts known to the issuer at the time of renewal that may affect sales of the security, including, but not limited to, nonexempt sales during the notice filing period being renewed. Once the issuer estimates the number of shares it expects to sell in Michigan, it must pay a renewal fee in accordance with the following schedule:
    • $250,000 or less:  $100.00
    • More than $250,000 but less than $700,000: $400.00
    • More than $700,000 but less than $1 million: $800.00
    • More than $1 million: $1,400.00

Renewal fees if prior years were under-projected: If the issuer's nonexempt sales of a security in this state during a 1-year notice filing period exceed the projections for that period, the issuer is not required to amend its projections. However, the fee for renewal of the notice filing in those circumstances must be calculated pursuant to instructions provided in MCL 451.2302(8)(c)."

If you have questions on a Mutual Fund filing, please email LARA-Securities-Product@michigan.gov or call (517) 335-5237.


Unit Investment Trusts
  • Unit Investment Trusts are treated as initial filers and assessed a one-time filing fee of $500.00. The filing fee will provide indefinite effectiveness.
  • Michigan requires that Unit Investment Trusts be submitted through the North American Securities Administrators Association’s (NASAA) electronic filing depository (EFD).  Michigan is among a growing number of states participating in online filing of Form NF-UIT and the 48 states participating in online filing of Form D through the EFD. The EFD website also enables the public to search and view, free of charge, filings made through EFD with state securities regulator. EFD is available at: https://www.nasaaefd.org/.

If you have questions on a Unit Investment Trust filing, please email LARA-Securities-Product@michigan.gov or call (517) 335-5237.

 

Contact Us:

Department of Licensing and Regulatory Affairs (LARA)
Corporations, Securities & Commercial Licensing Bureau (CSCL)
Securities and Audit Division
Phone: (517) 335-5237
Email: LARA-CSCL-Securities-Audit@michigan.gov