Vermont Statutes Title 9 Sec. 5613
Terms Used In Vermont Statutes Title 9 Sec. 5613
- Agent: means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect purchases or sales of securities or represents an issuer in effecting or attempting to effect purchases or sales of the issuer's securities. See
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Commissioner: means the Commissioner of Financial Regulation. See
- Fees: shall mean earnings due for official services, aside from salaries or per diem compensation. See
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Investment adviser: means a person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See
- State: means a state of the United States, the District of Columbia, Puerto Rico, the U. See
§ 5613. Collection and disposition of fees
(a) The fees provided for in this chapter shall be collected by the Commissioner and covered into the State Treasury except as provided in subsections (b) and (e) of this section.
(b) There is hereby created a fund to be known as the Securities Regulation and Supervision Fund. The Fund shall be used for the purpose of providing the Commissioner the means to administer the provisions of this chapter. All agent and investment adviser representative fees received pursuant to subsections 5410(b) and (d) of this title, and all examination fees and investigation expenses received pursuant to section 5614 of this title shall be transmitted to the State Treasurer and credited to this Fund. All payments from the Securities Regulatory and Supervision Fund for the maintenance of staff and associated expenses, including contractual services as necessary, shall be disbursed from the State Treasury only upon warrants issued by the Commissioner of Finance and Management, after receipt of proper documentation regarding services rendered and expenses incurred. The Fund shall be administered pursuant to 32 Vt. Stat. Ann. chapter 7, subchapter 5.
(c) At the end of each fiscal year, the balance in the Securities Regulatory and Supervision Fund shall be transferred to the General Fund.
(d) The Commissioner of Finance and Management may anticipate receipts to the Securities Regulatory and Supervision Fund and issue warrants based thereon.
(e) In any fiscal year in which revenues deposited in the Financial Institution Supervision Fund established by 8 V.S.A. § 19(f) are insufficient to support the annual appropriation to the Banking Division, the Commissioner may transfer no more than a sum necessary to meet the shortfall from the Fund established by this section to the Financial Institution Supervision Fund. (Added 2007, No. 49, § 23; 2007, No. 65, § 398; amended 2007, No. 65 § 87, eff. June 4, 2007; 2007, No. 192 (Adj. Sess.), § 6.001; 2013, No. 1, § 80.)