Page:United States Statutes at Large Volume 110 Part 5.djvu/366

 110 STAT. 3440 PUBLIC LAW 104-290—OCT. 11, 1996 15 USC 80b-3a note. 15 USC 80b-2 note. 29 USC 1002 note. receive inquiries regarding disciplinary actions and proceedings involving investment advisers and persons associated with investment advisers; and (2) provide for prompt response to any inquiry described in paragraph (1). SEC. 307. CONTINUED STATE AUTHORITY. (a) PRESERVATION OF FILING REQUIREMENTS.— Nothing in this title or any amendment made by this title prohibits the securities commission (or any agency or office performing like functions) of any State from requiring the filing of any documents filed with the Commission pursuant to the securities laws solely for notice purposes, together with a consent to service of process and any required fee. (b) PRESERVATION OF FEES. — Until otherwise provided by law, rule, regulation, or order, or other administrative action of any State, or any political subdivision thereof, adopted after the date of enactment of this Act, filing, registration, or licensing fees shall, notwithstanding the amendments made by this title, continue to be paid in amounts determined pursuant to the law, rule, regulation, or order, or other administrative action as in effect on the day before such date of enactment, (c) AVAILABILITY OF PREEMPTION CONTINGENT ON PAYMENT OF FEES. — (1) IN GENERAL.— During the period beginning on the date of enactment of this Act and ending 3 years after that date of enactment, the securities commission (or any agency or office performing like functions) of any State may require registration of any investment adviser that fails or refiises to pay the fees required by subsection (b) in or to such State, notwithstanding the limitations on the laws, rules, regulations, or orders, or other administrative actions of any State, or any political subdivision thereof, contained in subsection (a), if the laws of such State require registration of investment advisers, (2) DELAYS.— For purposes of this subsection, delays in payment of fees or underpayments of fees that are promptly remedied in accordance with the applicable laws, rules, regulations, or orders, or other administrative actions of the relevant State shall not constitute a failure or refusal to pay fees. SEC. 308. EFFECTIVE DATE. (a) IN GENERAL.— T h is title and the amendments made by this title shall take effect 180 days after the date of enactment of this Act. (b) CONFORMING AMENDMENT.— (1) IN GENERAL.— Section 3(38)(B) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1002(38)(B)) is amended by inserting "or under the laws of any State" after "1940". (2) SUNSET.— The amendment made by paragraph (1) shall cease to be effective 2 years after the date of enactment of this Act.

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