General Information

A federally covered security is defined in Section 18(b)(2) of the Securities Act of 1933. Under Ind. Code § 23-19-3-2, federally covered securities that are not otherwise exempt under Ind. Code § 23-19-2 require registration with the Indiana Secretary of State, Securities Division (“Division”). The Uniform Investment Company Notice Filing form, commonly referred to as Form NF, is the standard form used to register Open-End Mutual Funds, Closed-End Mutual Funds, and Unit Investment Trusts. As a collective, these types of securities offered are referred to as investment companies.

At a basic level, an investment company typically pools money received from investors and invests the money into securities. Investors share in the profits and losses of the investment company through the securities purchased in the investment company. Federally covered securities, like investment companies, must register with the Division or qualify for an exemption in order to sell shares of its securities to Indiana investors.

Properly registered federally covered securities are effective for one (1) year. The effective date is the later of the date the filing is received in its entirety or the date the federally covered security is effective with the Securities and Exchange Commission (“SEC”). Upon expiration of the one (1) year effective period, an issuer may submit a renewal filing which is subject to the same filing requirements as an initial filing.

Requirements
  • The filing fee for initial and renewal filings is nine hundred dollars ($900).
  • The issuer must submit the following documents to the Division:
  • Filings must be submitted by approved third-party filing service or U.S. Mail:
    • Compliance Staff
      Indiana Secretary of State, Securities Division
      302 West Washington Street, Room E-111
      Indianapolis, IN 46204
  • Issuers must continually file any amendments to the offering with the Division.
Relevant Law

Indiana Code [23-19]
Indiana Administrative Code [710 IAC 4]
Adoption of Official Comments Under the Indiana Uniform Securities Act [10-0294 AO - September 17, 2010]
Notice Filing of Federal Covered Securities [08-0079 AO - June 30, 2008]
Sales of Securities by Investment Companies to Existing Shareholders [01-0051 AO - February 22, 2001]
Form NF [97-0175 AO - July 29, 1997]
Securities Offered on the Internet, But Not Sold in Indiana [95-0115 AO - November 15, 1995]
Compliance Alert: Indiana Securities Division Response to the COVID-19 Outbreak [March 24, 2020]

Helpful Resources

Closed-End Mutual Funds
Investment Companies
Open-End Mutual Funds
Uniform Consent to Service of Process [Form U-2]
Uniform Investment Company Notice Filing [Form NF]
Unit Investment Trusts

Division Personnel

Connor Skelly
Registrations Attorney
cskelly@sos.in.gov
317-234-2026