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Pennsylvania Statutes Title 70 P.S. Securities § 1-703.1. Securities Regulation Account

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) The Securities Regulation Account is established as a restricted account within the General Fund.

(b) The Securities Regulation Account shall be funded from the following sources:

(1) For the fiscal year in which the Securities Regulation Account is established, the auction rate securities settlement funds received by the former Pennsylvania Securities Commission shall be deposited into the account.

(2) For each fiscal year following the fiscal year in which the account was established, the amount approved under subsection (d) shall be transferred from the General Fund to the Securities Regulation Account until it reaches a balance of $12.5 million.

(c) The moneys in the Securities Regulation Account are appropriated to the department for the following administrative and operating costs:

(1) Special initiatives or strategic regulatory needs or developments.

(2) Investor and entrepreneurial education and outreach programs.

(3) Unanticipated or adverse industry circumstances that require enhanced investor protection activities.

(d) The department shall annually submit to the Governor, for approval or disapproval, an estimate, based on the department's assessment of prevailing economic and regulatory conditions, of the amount of the assessments, fees and administrative penalties generated from section 602.1(b) and (c)  1 and deposited in the General Fund to be transferred from the General Fund to the Securities Regulation Account.

1 70 P.S. § 1-602.1.
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Cite this article: FindLaw.com - Pennsylvania Statutes Title 70 P.S. Securities § 1-703.1. Securities Regulation Account - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-70-ps-securities/pa-st-sect-70-1-703-1/

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