AMENDMENTS PROPOSED BY THE SENATE COMMITTEE ON COMMERCE AND LABOR

1. Page 1, engrossed, line 47, after 1940

strike

, on line 47 and all of lines 48 and 49, and through adviser on line 50

2. Page 1, engrossed, line 52, after 1933

strike

remainder of line 52, all of line 53 and through security on line 54

3. Page 2, engrossed, line 21, after § 13.1-525.

strike

remainder of line 21 and all of lines 22 and 23

4. Page 3, engrossed, line 33, after chapter.

insert

Notwithstanding the exclusion provided by subdivision (vi) in the definition of "investment advisor," for the period ending three years from October 11, 1996, the Commission may require the registration as an investment advisor of any federal covered advisor who fails or refuses to pay a fee required by this chapter or rule promulgated pursuant to this chapter; provided, that a delay in payment or an underpayment of a fee that is remedied within fifteen days after receipt of notice from the Commission shall not constitute a failure or refusal to pay the fee.

5. Page 3, engrossed, line 53, after advisor

insert

or federal covered advisor

6. Page 5, engrossed, line 4, after security.

insert

Notwithstanding the provisions of subdivision (iii), for the period ending three years from October 11, 1996, the Commission may require the registration of a federal covered security issued by any issuer who refuses to pay a fee required by this chapter or rule promulgated pursuant to this chapter; provided, that a delay in payment or an underpayment of a fee that is remedied within fifteen days after receipt of notice from the Commission shall not constitute a refusal to pay the fee.

7. Page 7, engrossed, line 25, after require,

insert

subject to the limitations of § 222 of the Investment Advisers Act of 1940,

8. Page 7, engrossed, line 26, after covered security

insert

as defined in § 18 (b) (2) of the Securities Act of 1933