Expenditures and Revenues of State Securities Regulatory Agencies
(Correspondence, 08/15/2000, GAO/GGD-00-189R).

Pursuant to a congressional request, GAO provided information on
expenditures and revenues of state securities regulatory agencies for
fiscal years 1998 and 1999, focusing on: (1) the expenditures and
revenues of state securities regulatory agencies; and (2) quantifying
the revenues of state securities agencies by types of activity.

GAO noted that: (1) GAO securities markets operate under a dual system
of state and federal regulation; (2) in the early 1930s, Congress
created the Securities and Exchange Commission (SEC); (3) securities
regulation in some states predates the creation of SEC by more than 2
decades; (4) federal securities statutes focus primarily on, among other
things, the national markets; (5) state securities registration
requirements, known as blue sky laws, generally are aimed at new and
unproven companies and speculative ventures, which often have local or
regional impact; (6) generally, state securities agencies are funded by
appropriations from state legislatures; (7) they also collect revenues
from a variety of securities-related activities, including fees or
licensing/registration and securities offerings, as well as fines and
fees for a variety of civil and administrative violations; (8) most of
the state securities departments that responded to GAO's survey said
that revenues exceeded expenditures for securities activities for both
1998 and 1999; (9) two states, California and Colorado, told GAO that
their state laws require a balancing of revenues and expenditures; (10)
California reported that its securities-related expenditures exceeded
revenues in both 1998 and 1999; (11) in Colorado, revenues exceeded
expenditures by only a small margin in each year; (12) however,
revenues, on average, were more than 6 times greater than expenditures
for both 1998 and 1999, for all states reporting; (13) GAO asked state
securities departments to break down the the total revenues received for
securities-related activities into four categories; (14) revenue from
registration and licensing constituted 42 percent of the total revenue
collected overall by states securities departments, and revenue from the
registration of securities offerings and notice filings equaled 57
percent; and (15) revenue from violations and penalties was about 1
percent, and other revenues were a fraction of 1 percent in both years.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  GGD-00-189R
     TITLE:  Expenditures and Revenues of State Securities Regulatory
	     Agencies
      DATE:  08/15/2000
   SUBJECT:  State law
	     Regulatory agencies
	     Securities regulation
	     Fees

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GAO/GGD-00-189R

United States General Accounting Office General Government Division
Washington, D. C. 20548

Page 1 GAO/ GGD- 00- 189R Financing State Securities Regulation

B- 285158 August 15, 2000 The Honorable Vito Fossella House of
Representatives

Subject: Expenditures and Revenues of State Securities Regulatory Agencies
Dear Mr. Fossella: This letter provides information you requested on
expenditures and revenues of state securities regulatory agencies for fiscal
years 1998 and 1999. As agreed with your office, the specific objectives of
this letter were, to the extent possible, to (1) provide data on the
expenditures and revenues of state securities regulatory agencies and (2)
quantify the revenues of state securities agencies by types of activity.

To address our objectives, we surveyed all 50 state securities agencies, as
well as those in the District of Columbia and Puerto Rico, between April 5,
2000, and June 9, 2000. The data collection instrument we used is included
as enclosure I, and a list of the individuals we contacted at the various
agencies is provided in enclosure II. We received 46 usable responses, which
represents an overall response rate of 88 percent. In addition, as described
more specifically below and as shown in enclosures III through XII of this
letter, the respondents could not always provide a response to every
question in the survey. As a result, the information provided to us was not
always entirely consistent or complete. 1 We conducted our work in
Washington, D. C., and San Francisco, CA, between February 2000 and August
2000 in accordance with generally accepted government auditing standards.

1 Our survey asked state securities departments to provide totals for
securities- related expenditures and revenues. Then, they were asked to
allocate revenues by source among several categories and subcategories. Not
all departments were able to provide all the information we requested. The
more detailed the breakdown of information requested, the more likely that
some departments did not maintain information in that form. Thus, some
states provided totals and such information as they had available, but did
not provide information in all categories and subcategories. Moreover, in
the information provided by some states, the sum of the subcategories did
not equal the total for the category. For this letter, the information we
report is that provided by the responding states. In part because the state
regulators varied in their ability to respond, and because some responses
were estimates, we did not verify the accuracy of the reported information.

Page 2 GAO/ GGD- 00- 189R Financing State Securities Regulation

Results Our securities markets operate under a dual system of state and
federal regulation. In the early 1930s, Congress created the Securities and
Exchange Commission (SEC). Securities regulation in some states predates the
creation of SEC by more than 2 decades. Federal securities statutes focus
primarily on, among other things, the national markets. State securities
registration requirements, known as blue sky laws, generally are aimed at
new and unproven companies and speculative ventures, which often have local
or regional impact. 2

Generally, state securities agencies are funded by appropriations from state
legislatures. They also collect revenues from a variety of securities-
related activities, including fees for licensing/ registration and
securities offerings, as well as fines and fees for a variety of civil and
administrative violations. Most of the state securities departments that
responded to our survey said that revenues exceeded expenditures for
securities activities for both 1998 and 1999. (See enclosures III and IV for
individual state data.) Two states, California and Colorado, told us that
their state laws require a balancing of revenues and expenditures.
California reported that its securities- related expenditures exceeded
revenues in both 1998 and 1999. In Colorado, revenues exceeded expenditures
by only a small margin in each year. However, as shown in figure 1,
revenues, on average, were more than 6 times greater than expenditures for
both 1998 and 1999, for all states reporting. 3

2 Shortly before World War I, state governments wanted to protect their
citizens from fly- by- night promotions and fraudulent investment schemes
that followed on the heels of the industrial revolution. The resulting laws
were designed to protect the public from speculative schemes. These state
laws have generally become known as “blue sky laws” as a result
of an early Supreme Court opinion describing the primary purpose of these
statutes as preventing “speculative schemes which have no more basis
than so many feet of blue sky.” Hall v. Geiger- Jones Co. 242 U. S.
539, 550 (1917).

3 In general, SEC is funded by a congressional appropriation, and the
revenue it collects from the securities industry goes to the general fund.
SEC also collects more in revenue than it spends. Expenditures were $311. 1
million in 1998 and $338. 9 million in 1999. Revenue collected by SEC
equaled $1, 859 million in 1998 and $1, 794 in 1999. Thus, the ratio of
revenue to expenditures for SEC was 5.98 in 1998 and 5.3 in 1999.

Page 3 GAO/ GGD- 00- 189R Financing State Securities Regulation

a In 1999, 41 states are included in the figure because five of the 46
respondents provided financial information insufficient for a comparison of
revenues and expenditures. Only 40 states provided complete information on
total expenditures and revenues for fiscal year 1998.

Source: GAO Survey of State Securities Regulatory Agencies' Revenue
Collections and Expenditures.

Information obtained from several states, as well as from officials of the
North American Securities Administrators Association (NASAA), 4 indicated
that, in many states, excess revenues are deposited in the state's general
fund. State securities officials told us that the general fund supports a
wide range of activities, some of which are directly or indirectly related
to the functioning of securities markets. Such activities can include
criminal investigations and prosecutions of securities laws violations as
well as various administrative or operational functions, such as accounting
and facility services operated jointly for the benefit of the state
securities regulatory agency and other state units. One state official told

4 NASAA is an association representing state securities regulatory agencies,
including the District of Columbia and Puerto Rico, as well as their
counterparts in Canada and Mexico.

Figure 1: States' Securities Regulatory Agency Revenue and Expenditures for
Fiscal Years 1998 and 1999 a

Page 4 GAO/ GGD- 00- 189R Financing State Securities Regulation

us that: “Healthy securities markets provide the infrastructure for
capitalism . . . .” Excess securities revenues in that state were
used, in part, to support the state's educational system because: “The
public education and higher education systems prepare our children for
modern life, and the importance of the financial education our children
receive is rapidly increasing.”

California and Colorado both operate under systems that require them to
lower fee revenues when they exceed expenditures. A California securities
official reported that the agency was operating under a 2- year policy of
waiving certain categories of fees until the agency's fund reserve had been
reduced to a level approximately equal to 90 days of operating expenses. A
Colorado securities official reported that state statutes required the
agency to reduce its fees if revenues exceeded expenditures in the preceding
fiscal year.

We asked state securities departments to break down the total revenues
received for securities- related activities into four categories- fees from
licensing and registration of broker- dealers and investment advisors, fees
related to securities offerings and notice filings, revenues from civil or
administrative violations, and all other revenues. Most of the states that
provided total revenue figures were able to show how revenues were divided
into these four categories. Figure 2 shows the percentage breakdown of total
revenue in 1999 as reported by those states that provided the information.
Revenue from registration and licensing constituted 42 percent of the total
revenue collected overall by states securities departments, and revenue from
the registration of securities offerings and notice filings equaled 57
percent. Revenue from violations and penalties was about 1 percent, and
other revenues were a fraction of 1 percent in both years. The reported
figures for 1998 were very similar to those shown for 1999. State- by- state
values for these categories are shown in enclosures V (1998) and VI (1999).
We also asked securities department officials to provide greater detail
about fees in each of these categories to the extent that they were able.
This detail, for the states that responded, is in enclosures VII through
XII.

Page 5 GAO/ GGD- 00- 189R Financing State Securities Regulation

Source: GAO Survey of State Securities Regulatory Agencies Revenue
Collections and Expenditures.

Agency Comments We requested comments on a draft of this letter from the
Executive Director, NASAA, representing the state securities regulatory
agencies. On August 8, 2000, he said that the draft was fair and unbiased.
NASAA staff provided some editorial changes that we included as appropriate.

As arranged with your office, unless you publicly announce this letter's
contents earlier, we plan no further distribution for 10 days from the date
of the letter. At that time, we will send copies of the report to The
Honorable Tom Bliley, Chairman, and the Honorable John Dingell, Ranking
Minority Member, Committee on Commerce. We will also send copies to Arthur
Levitt, Chairman of the Securities and Exchange Commission. Please call me
or

Figure 2: State Securities Regulatory Agency Revenue for Fiscal Year 1999
(by Category)

Page 6 GAO/ GGD- 00- 189R Financing State Securities Regulation

Lawrence D. Cluff at (202) 512- 8678 if you or your staff have any questions
about the matters discussed in this letter. Major contributors to this
letter were Alexandra Martin- Arseneau, May Lee, Bruce Engle, and Desiree
Whipple.

Sincerely yours, Richard J. Hillman Associate Director, Financial
Institutions and Markets

Enclosure I Survey of State Securities Regulatory Agencies' Revenue
Collections and Expenditures

Page 7 GAO/ GGD- 00- 189R Financing State Securities Regulation

Enclosure I Survey of State Securities Regulatory Agencies' Revenue
Collections and Expenditures

Page 8 GAO/ GGD- 00- 189R Financing State Securities Regulation

Enclosure I Survey of State Securities Regulatory Agencies' Revenue
Collections and Expenditures

Page 9 GAO/ GGD- 00- 189R Financing State Securities Regulation

Enclosure I Survey of State Securities Regulatory Agencies' Revenue
Collections and Expenditures

Page 10 GAO/ GGD- 00- 189R Financing State Securities Regulation

Enclosure I Survey of State Securities Regulatory Agencies' Revenue
Collections and Expenditures

Page 11 GAO/ GGD- 00- 189R Financing State Securities Regulation

Enclosure I Survey of State Securities Regulatory Agencies' Revenue
Collections and Expenditures

Page 12 GAO/ GGD- 00- 189R Financing State Securities Regulation

Enclosure I Survey of State Securities Regulatory Agencies' Revenue
Collections and Expenditures

Page 13 GAO/ GGD- 00- 189R Financing State Securities Regulation

Enclosure II List of Contacts at State Securities Regulatory Agencies

Page 14 GAO/ GGD- 00- 189R Financing State Securities Regulation

State Contact person

Alabama Joseph P. Borg, Director Alaska Vincent L. Usera, Senior Securities
Examiner Arizona Victor Rodarte, Assistant Director Arkansas Mac Dodson,
Commissioner California William Kenefick, Acting Commissioner of
Corporations Colorado Fred Joseph, Securities Commissioner Connecticut Percy
Cave, Fiscal Manager Delaware James B. Ropp, Securities Commissioner
District of Columbia Larry N. Coates, Acting Director – Securities
Bureau Florida a Don Saxon, Director – Department of Banking and
Finance Georgia a Mary Beth Strebel, Administrative Specialist Hawaii Ryan
S. Ushijima, Commissioner of Securities Idaho Jean Knox, Supporting Services
Bureau Chief Illinois Tanya Solov, Director Indiana Brad Skolnik, Securities
Commissioner Iowa Craig A. Goettsch, Superintendent of Securities Kansas
Steve Wassom, Director of Finance and Administration Kentucky Colleen Keefe,
Director – Division of Securities Louisiana Harry C. Stansbury, Deputy
Commissioner of Securities Maine Christine A. Bruenn, Securities
Administrator Maryland a Melanie Senter Lubin, Securities Commissioner
Massachusetts Diane Young- Spitzer, Associate Director and General Counsel
Michigan Ron Jones, Chief Deputy Commissioner Minnesota Lee Spelbrink,
Fiscal Manager Mississippi Nancy Thompson, Director of Regulation and
Enforcement Missouri Mary Hosmer, Assistant Commissioner Montana Lynne Egan,
Securities Examiner/ Analyst II Nebraska Jack E. Herstein, Assistant
Director Nevada Charles Moore, Securities Administrator New Hampshire a
Peter C. Hildreth, Director of Securities Regulation New Jersey Franklin L.
Widmann, Chief – Bureau of Securities New Mexico Michael J. Vargon,
Deputy Director New York a Eric Dinallo, Assistant Attorney General in
Charge North Carolina David Massey, Deputy Securities Administrator North
Dakota a Syver Vinje, Commissioner Ohio Thomas E. Geyer, Commissioner
Oklahoma Irving L. Faught, Administrator Oregon Patricia A. Locnikar, Chief
of Licensing & Registration Pennsylvania Simon J. Dengel, Director –
Management Services Puerto Rico Felipe Cruz, Assistant Commissioner Rhode
Island Maria Piccirilli, Associate Director and Superintendent of Securities
South Carolina David Jonson, Deputy Securities Commissioner South Dakota
Gail Sheppick, Director Tennessee Daphne D. Smith, Assistant Commissioner
– Securities Texas Tom Spradlin, Director – Information
Resources and Planning Utah S. Anthony Taggart, Director Vermont Blythe
McLaughlin, Deputy Commissioner Virginia Thomas M. Gouldin, Deputy Director
Washington Deborah Bortner, Director of Securities

Enclosure II List of Contacts at State Securities Regulatory Agencies

Page 15 GAO/ GGD- 00- 189R Financing State Securities Regulation

State Contact person

West Virginia Chester Thompson, Deputy Commissioner of Securities Wisconsin
Patricia D. Struck, Administrator, Dept. of Financial Institutions, Division
of Securities Wyoming Thomas Cowan, Securities Division Director

a State securities regulatory agency officials did not respond or provided
unusable responses to GAO's survey. Source: State securities regulatory
agencies' responses to GAO survey.

Enclosure III Fiscal Year 1998 Securities- Related Expenditures and Revenues
of State Securities Regulatory Agencies

Page 16 GAO/ GGD- 00- 189R Financing State Securities Regulation

State Reported

expenditures (Q1.98) a

Reported revenues

(Q2.98) a Net revenues

(revenues minus expenditures)

Expenditures as a percentage of revenues

Alabama $1,747,055 $8,871,144 $7,124,089 20% Alaska $539,400 $6,957,863
$6,418,463 8% Arizona $3,806,600 $14,874,549 $11,067,949 26% Arkansas
$1,717,622 $10,477,974 $8,760,352 16% California $12,926,000 b $8,817,666 b
($ 4,108,334) 147% Colorado $2,145,749 $2,220,482 $74,733 97% Connecticut c
$9,589,450 Delaware $373,400 $8,095,057 $7,721,657 5% District of Columbia
$337,054 $2,459,890 $2,122,836 14% Florida d d Georgia d d Hawaii c
$4,524,116 Idaho $991,081 e $3,118,000 $2,126,919 32% Illinois $3,360,338
$17,569,541 $14,209,203 19% Indiana $877,107 $5,238,955 e $4,361,848 17%
Iowa $881,535 e $7,739,105 $6,857,570 11% Kansas $1,756,460 $7,080,110
$5,323,650 25% Kentucky $800,000 e $5,845,000 e $5,045,000 14% Louisiana c
$9,546,097 Maine $803,464 $8,582,393 $7,778,929 9% Maryland d d
Massachusetts c $23,166,483 Michigan $2,342,859 $13,461,344 $11,118,485 17%
Minnesota $609,402 $27,608,034 $26,998,632 2% Mississippi c $5,997,418
Missouri $821,771 $8,961,533 $8,139,762 9% Montana $512,634 $6,250,227
$5,737,593 8% Nebraska $861,660 $12,136,574 e $11,274,914 7% Nevada
$1,080,099 $7,052,603 $5,972,504 15% New Hampshire d d New Jersey $6,274,462
$6,546,266 $271,804 96% New Mexico $870,000 $9,808,500 $8,938,500 9% New
York d d North Carolina $882,189 $7,986,954 $7,104,765 11% North Dakota d d
Ohio $3,312,346 $11,913,067 $8,600,721 28% Oklahoma $1,992,227 $11,525,063
$9,532,836 17% Oregon $1,435,686 $2,852,203 $1,416,517 50% Pennsylvania
$5,143,381 $17,662,405 $12,519,024 29% Puerto Rico $908,000 e $8,890,277
$7,982,277 10% Rhode Island $529,367 e $5,542,959 $5,013,592 10% South
Carolina d d South Dakota $331,043 $26,223,240 $25,892,197 1% Tennessee
$990,898 $12,670,625 $11,679,727 8% Texas $3,444,543 $102,299,704
$98,855,161 3% Utah $1,686,520 $4,576,666 $2,890,146 37% Vermont $350,060
$10,328,863 $9,978,803 3%

Enclosure III Fiscal Year 1998 Securities- Related Expenditures and Revenues
of State Securities Regulatory Agencies

Page 17 GAO/ GGD- 00- 189R Financing State Securities Regulation

State Reported

expenditures (Q1.98) a

Reported revenues

(Q2.98) a Net revenues

(revenues minus expenditures)

Expenditures as a percentage of revenues

Virginia $2,831,603 $6,534,237 $3,702,634 43% Washington $6,207,576
$25,770,030 $19,562,454 24% West Virginia $609,593 $5,690,624 $5,081,031 11%
Wisconsin $1,932,600 $10,509,085 $8,576,485 18% Wyoming $315,717 e
$2,253,302 $1,937,585 14%

Total f $79,339,101 g $483,002,114 g $403,663,013 16%

a This item refers to the specific GAO survey question that is the source of
the information in the column. See enclosure I. b Expenditures for
California exceeded revenues because the state securities regulatory agency

temporarily waived certain categories of fees to reduce the fund reserve
level. c State securities regulatory agency officials indicated that the
expenditure amount was not available.

d State securities regulatory agency officials did not respond or provided
unusable responses to GAO's survey. e State securities regulatory agency
officials provided an estimated expenditure or revenue amount.

f Totals are the sum of both actual amounts and estimates, as provided by
the state securities regulatory agency officials. g State securities
regulatory agency officials in four statesindicated that total securities-
related

expenditure amounts were not available. As a result, these states have been
excluded from the totals for both expenditures and revenues.

Source: State securities regulatory agencies' responses to GAO survey.

Enclosure IV Fiscal Year 1999 Securities- Related Expenditures and Revenues
of State Securities Regulatory Agencies

Page 18 GAO/ GGD- 00- 189R Financing State Securities Regulation

State Reported

expenditures (1.99) a Reported revenues

(2.99) a Net revenues

(revenues minus expenditures)

Expenditures as a percentage of

revenues

Alabama $1,836,611 $9,278,666 $7,442,055 20% Alaska $559,000 $7,269,464
$6,710,464 8% Arizona $3,986,915 $16,080,647 $12,093,732 25% Arkansas
$1,682,668 $10,891,268 $9,208,600 15% California $13,860,000 b c $8,078,000
b c ($ 5,782,000) 172% Colorado $2,268,915 $2,291,909 $22,994 99%
Connecticut d d Delaware $517,652 $8,419,683 $7,902,031 6% District of
Columbia $728,770 $2,653,545 $1,924,775 27% Florida e e Georgia e e Hawaii d
$4,627,343 Idaho $936,983 $3,363,000 $2,426,017 28% Illinois $3,456,193
$17,943,182 $14,486,989 19% Indiana $951,887 $5,566,937 c $4,615,050 17%
Iowa $1,015,507 c $8,446,951 $7,431,444 12% Kansas $1,863,909 $7,651,891
$5,787,982 24% Kentucky $1,046,559 c $6,759,000 c $5,712,441 15% Louisiana d
$10,020,691 Maine $874,889 $9,296,182 $8,421,293 9% Maryland e e
Massachusetts $1,870,235 $25,673,032 $23,802,797 7% Michigan $2,227,927
$13,750,423 $11,522,496 16% Minnesota $671,794 $29,575,346 $28,903,552 2%
Mississippi d $6,193,038 Missouri $811,710 $9,884,578 $9,072,868 8% Montana
$530,450 $6,655,546 $6,125,096 8% Nebraska $903,478 $12,886,190 c
$11,982,712 7% Nevada $1,100,000 $7,465,685 $6,365,685 15% New Hampshire e e
New Jersey $6,705,349 $6,900,996 $195,647 97% New Mexico $900,500
$11,081,800 $10,181,300 8% New York e e North Carolina $959,557 $9,168,143
$8,208,586 10% North Dakota e e Ohio $3,316,169 $12,385,013 $9,068,844 27%
Oklahoma $2,020,153 $10,757,324 $8,737,171 19% Oregon $1,644,928 $3,161,042
$1,516,114 52% Pennsylvania $5,713,118 $19,220,328 $13,507,210 30% Puerto
Rico $917,000 c $10,413,447 $9,496,447 9% Rhode Island $575,638 c $5,997,377
$5,421,739 10% South Carolina e e South Dakota $346,387 $28,619,753
$28,273,366 1% Tennessee $1,177,449 $12,553,861 $11,375,931 9% Texas
$3,480,273 $111,186,093 $107,705,820 3% Utah $1,362,590 $4,632,950
$3,270,359 29% Vermont $332,270 $11,077,213 $10,744,943 3%

Enclosure IV Fiscal Year 1999 Securities- Related Expenditures and Revenues
of State Securities Regulatory Agencies

Page 19 GAO/ GGD- 00- 189R Financing State Securities Regulation

State Reported

expenditures (1.99) a Reported revenues

(2.99) a Net revenues

(revenues minus expenditures)

Expenditures as a percentage of

revenues

Virginia $3,368,703 $6,724,526 $3,355,823 50% Washington $7,939,535
$33,571,302 $25,631,767 24% West Virginia $994,789 $5,955,100 $4,960,311 17%
Wisconsin $2,047,000 $11,413,037 $9,366,037 18% Wyoming $313,072 c
$2,161,657 $1,848,585 14%

Total f $87,816,532 g $546,862,087 g $459,045,073 16%

a This item refers to the specific GAO survey question that is the source of
the information in the column. See enclosure I. b Expenditures for
California exceeded revenues because the state securities regulatory agency

temporarily waived certain categories of fees to reduce the fund reserve
level. c State securities regulatory agency officials provided an estimated
expenditure or revenue amount.

d State securities regulatory agency officials indicated that the
expenditure or revenue amount was not available. e State securities
regulatory agency officials did not respond or provided unusable responses
to GAO's

survey. f Totals are the sum of both actual amounts and estimates, as
provided by the state securities

regulatory agency officials. g State securities regulatory agency officials
in four states indicated that total securities- related

expenditure amounts were not available. As a result, these states have been
excluded from the totals for both expenditures and revenues.

Source: State securities regulatory agencies' responses to GAO survey.

Enclosure V Fiscal Year 1998 Securities- Related Revenue Categories as
Reported by State Securities Regulatory Agencies

Page 20 GAO/ GGD- 00- 189R Financing State Securities Regulation

Revenue category State

Licensing and registration

(Q3. a. 98) b Securities offerings

and notice filings (Q4. a. 98) b Violation revenues

(Q5. a. 98.) b Other revenues a (Q6. a. 98) b

Total securities revenues

(Q2.98) b

Alabama $4,032,240 $4,633,424 $187,350 $18,130 $8,871,144 Alaska $3,742,230
$3,170,133 $45,500 $0 $6,957,863 Arizona $5,414,540 $9,311,101 $115,579
$33,329 $14,874,549 Arkansas $5,051,325 $5,405,649 $21,000 $0 $10,477,974
California $3,071,000 $4,825,594 $313,067 $608,005 $8,817,666 Colorado
$1,678,027 $542,455 c $0 $0 $2,220,482 Connecticut d d $112,360 c $0
$9,589,450 Delaware $3,651,945 $4,315,279 $126,969 $864 $8,095,057 District
of Columbia $2,458,890 $0 e $1,000 $0 $2,459,890 Florida f Georgia f Hawaii
$2,845,300 $606,400 $42,612 $1,029,804 $4,524,116 Idaho $1,250,500
$1,839,500 $28,000 $0 $3,118,000 Illinois $12,546,884 $4,875,497 $147,160 $0
$17,569,541 Indiana $2,581,425 c $73,885 $0 $5,238,955 c Iowa $2,392,540
$5,327,478 $17,508 $1,579 $7,739,105 Kansas $3,857,290 $3,197,700 $9,375
$15,745 $7,080,110 Kentucky $3,646,667 c $2,198,333 c $0 $0 $5,845,000 c
Louisiana $4,638,780 $4,907,317 $0 $0 $9,546,097 Maine $2,415,760 $6,144,800
$21,428 $405 $8,582,393 Maryland f Massachusetts $7,656,825 $15,492,079
$10,801 $6,778 $23,166,483 Michigan $3,832,169 $9,560,348 $62,786 $6,041
$13,461,344 Minnesota $4,753,500 $22,842,034 $12,500 $0 $27,608,034
Mississippi $3,090,712 $2,378,678 $528,028 $0 $5,997,418 Missouri d d
$22,980 $0 $8,961,533 Montana $2,874,020 $3,343,995 $32,212 $0 $6,250,227
Nebraska $2,700,465 c $9,362,018 $54,246 c $19,845 $12,136,574 c Nevada
$4,830,855 $2,188,994 $6,473 $26,281 $7,052,603 New Hampshire f New Jersey
$5,774,646 $616,750 $154,870 $0 $6,546,266 New Mexico $2,870,100 $6,841,000
$95,000 $2,400 $9,808,500 New York f North Carolina $6,926,275 $1,056,485 $0
$4,194 $7,986,954 North Dakota f Ohio $7,882,021 $4,031,046 $0 $0
$11,913,067 Oklahoma $4,225,278 $6,444,534 $825,750 $29,501 $11,525,063
Oregon $942,580 c $1,556,002 c $55,566 $298,055 $2,852,203 Pennsylvania
$11,083,408 $6,409,018 $169,968 $11 $17,662,405 Puerto Rico $8,743,611 $0
$146,666 $0 $8,890,277 Rhode Island $4,081,809 $1,425,000 c $36,150 $0
$5,542,959 South Carolina f South Dakota $5,678,875 $20,478,869 $65,496 $0
$26,223,240 Tennessee $4,290,125 $8,376,540 $2,979 $981 $12,670,625 Texas
$36,236,456 $65,842,198 $221,050 $0 $102,299,704 Utah $2,181,760 $2,192,135
$201,650 $1,121 $4,576,666

Enclosure V Fiscal Year 1998 Securities- Related Revenue Categories as
Reported by State Securities Regulatory Agencies

Page 21 GAO/ GGD- 00- 189R Financing State Securities Regulation

Revenue category State

Licensing and registration

(Q3. a. 98) b Securities offerings

and notice filings (Q4. a. 98) b Violation revenues

(Q5. a. 98.) b Other revenues a (Q6. a. 98) b

Total securities revenues

(Q2.98) b

Vermont $2,919,017 $7,354,696 $55,150 $0 $10,328,863 Virginia $4,874,410
$1,532,749 $127,078 $0 $6,534,237 Washington $1,416,637 $24,339,002 $1,161
$13,230 $25,770,030 West Virginia $4,134,270 $1,556,354 $0 $0 $5,690,624
Wisconsin $3,453,932 $6,714,573 $0 $340,579 $10,509,085 Wyoming $1,806,065
$435,737 $11,500 $0 $2,253,302

Total gh $211,953,739 h $293,671,494 $3,953,658 h $2,456,878 $512,035,740 h

a Revenue generated by this activity would include examination fees, copy
charges, no- action letters, and agency publications. b This item refers to
the specific GAO survey question that is the source of the information in
the

column. See enclosure I. c State securities regulatory agency officials
provided an estimated revenue amount.

d State securities regulatory agency officials indicated that the licensing
and notice filings and registration revenue amounts were not available. e
The District of Columbia did not have statutory authority to register
securities offerings for this

period. f State securities regulatory agency officials did not respond or
provided unusable responses to GAO's

survey. g Totals are the sum of both actual amounts and estimates, as
provided by the state securities

regulatory agency officials. h Totals for securities- related revenues do
not include amounts reported by Connecticut, Indiana, and

Missouri because state securities regulatory agency officials indicated that
data for one or more subcategories were not available.

Source: State securities regulatory agencies' responses to GAO survey.

Enclosure VI Fiscal Year 1999 Securities- Related Revenue Categories
Reported by State Securities Regulatory Agencies

Page 22 GAO/ GGD- 00- 189R Financing State Securities Regulation

Revenue category State

Licensing and registration

(Q3. a. 99) b Securities offerings

and notice filings (Q4. a. 99) b

Violation revenues (Q5. a. 99) b

Other revenues a (Q. 6. a. 99) b

Total securities revenues

(Q2.99) b

Alabama $4,379,050 $4,789,466 $90,250 $19,900 $9,278,666 Alaska $3,850,900
$3,393,064 $25,500 $0 $7,269,464 Arizona $5,806,710 $10,156,138 $79,400
$38,399 $16,080,647 Arkansas $5,600,400 $5,280,868 $10,000 $0 $10,891,268
California $2,937,000 c $4,214,000 c $311,000 c $616,000 c $8,078,000 c
Colorado $1,748,691 $543,218 c $0 $0 $2,291,909 Connecticut d d $603,350 c
$0 d Delaware $3,950,000 $4,445,118 $20,500 $4,065 $8,419,683 District of
Columbia $2,624,295 $0 e $29,250 $0 $2,653,545 Florida f Georgia f Hawaii
$2,942,090 $558,750 $88,553 $1,037,950 $4,627,343 Idaho $1,406,600
$1,925,700 $30,700 $0 $3,363,000 Illinois $13,145,135 $4,673,086 $124,961 $0
$17,943,182 Indiana $2,739,625 d $125,100 d $5,566,937 c Iowa $2,672,655
$5,756,685 $16,667 $944 $8,446,951 Kansas $4,266,200 $3,302,135 $42,200
$41,356 $7,651,891 Kentucky $4,204,333 c $2,554,667 c $0 $0 $6,759,000 c
Louisiana $5,027,180 $4,993,511 $0 $0 $10,020,691 Maine $2,638,410
$6,643,000 $14,284 $488 $9,296,182 Maryland f Massachusetts $8,077,305
$17,575,822 $10,550 $9,355 $25,673,032 Michigan $4,079,111 $9,666,691 $0
$4,621 $13,750,423 Minnesota $5,121,550 $24,443,796 $10,000 $0 $29,575,346
Mississippi $3,430,020 $2,460,023 $302,995 $0 $6,193,038 Missouri $5,211,321
$4,563,325 $104,932 $5,000 c $9,884,578 Montana $2,988,981 $3,611,621
$54,944 $0 $6,655,546 Nebraska $2,916,360 c $9,905,223 $48,500 c $16,107
$12,886,190 c Nevada $5,352,720 $2,021,103 $56,265 $35,597 $7,465,685 New
Hampshire f New Jersey $6,038,190 $647,750 $215,056 $0 $6,900,996 New Mexico
$3,157,900 $7,641,900 $281,200 $800 $11,081,800 New York f North Carolina
$7,620,380 $1,531,635 $0 $16,128 $9,168,143 North Dakota f Ohio $8,323,535
$4,061,478 $0 $0 $12,385,013 Oklahoma $4,585,772 $6,123,616 $20,900 $27,036
$10,757,324 Oregon $1,293,815 c $1,660,832 c $40,730 $165,665 $3,161,042
Pennsylvania $12,161,900 $6,765,145 $293,283 $0 $19,220,328 Puerto Rico
$10,410,947 $0 $2,500 $0 $10,413,447 Rhode Island $4,626,477 $1,320,000 c
$50,900 $0 $5,997,377 South Carolina f South Dakota $6,535,850 $22,072,009
$11,894 $0 $28,619,753 Tennessee $4,672,750 $7,847,558 $33,072 $481
$12,553,380 Texas $38,485,867 $72,400,915 $299,311 $0 $111,186,093 Utah
$2,320,545 $2,129,855 $181,900 $649 $4,632,949

Enclosure VI Fiscal Year 1999 Securities- Related Revenue Categories
Reported by State Securities Regulatory Agencies

Page 23 GAO/ GGD- 00- 189R Financing State Securities Regulation

Revenue category State

Licensing and registration

(Q3. a. 99) b Securities offerings

and notice filings (Q4. a. 99) b

Violation revenues (Q5. a. 99) b

Other revenues a (Q. 6. a. 99) b

Total securities revenues

(Q2.99) b

Vermont $3,240,105 $7,799,708 $37,400 $0 $11,077,213 Virginia $5,121,070
$1,521,517 $81,939 $0 $6,724,526 Washington $3,259,500 $30,265,742 $31,600
$14,460 $33,571,302 West Virginia $4,513,090 $1,441,510 $500 $0 $5,955,100
Wisconsin $3,657,910 $7,408,402 $1,000 $345,725 $11,413,037 Wyoming
$2,041,868 $117,839 $1,950 $0 $2,161,657

Total g h $236,444,488 $320,234,421 $3,056,587 $2,400,726 $562,136,222

a Revenue generated by this activity would include examination fees, copy
charges, no action letters, and agency publications. b This item refers to
the specific GAO survey question that is the source of the information in
the

column. See enclosure I. c State securities regulatory agency officials
provided an estimated revenue amount.

d State securities regulatory agency officials indicated that the
securities- related revenue amount for that category was not available. e
The District of Columbia did not have statutory authority to register
securities offerings for this period.

f State securities regulatory agency officials did not respond or provided
unusable responses to GAO's survey. g Totals included both actual and
estimated revenue amounts, as provided by the state securities

regulatory agency officials. h Totals do not include Connecticut and Indiana
because data for one or more securities- related

revenue categories were not available. Source: State securities regulatory
agencies' responses to GAO survey.

Enclosure VII Fiscal Year 1998 Revenue for Licensing and Registration
Subcategories

Page 24 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Broker- dealer revenue (Q3. b. 1.98) a

Investment adviser revenue (Q3. b. 2.98) a

Other licensing and/ or registration revenue

(Q3. b. 3.98) a Total licensing/ registration

and notice filing revenue (Q3. a. 98) a

Alabama $3,831,290 $200,950 $0 $4,032,240 Alaska $3,697,633 $44,597 $0
$3,742,230 Arizona $5,222,830 $191,710 $0 $5,414,540 Arkansas $4,855,725
$187,725 $7,875 $5,051,325 California $2,251,000 $820,000 $0 $3,071,000
Colorado $1,678,027 $0 $0 $1,678,027 Connecticut b b b b Delaware $3,442,445
$205,190 $4,310 $3,651,945 District of Columbia $2,283,755 $172,150 $2,985
$2,458,890 Florida c Georgia c Hawaii $1,952,450 $892,850 $0 $2,845,300
Idaho $1,201,000 $45,800 $3,700 $1,250,500 Illinois $12,090,384 $456,500 $0
$12,546,884 Indiana $2,581,425 $0 $0 $2,581,425 Iowa $2,392,540 $0 $0
$2,392,540 Kansas $3,656,240 $201,050 $0 $3,857,290 Kentucky $3,602,534 d
$44,133 d $0 $3,646,667 d Louisiana $4,556,880 $81,900 $0 $4,638,780 Maine b
b b $2,415,760 Maryland c Massachusetts $7,063,685 $593,140 $0 $7,656,825
Michigan b b b $3,832,169 Minnesota $4,656,600 $96,900 $0 $4,753,500
Mississippi $2,970,712 d $29,550 d $90,450 d $3,090,712 Missouri b b b b
Montana $2,634,020 $240,000 $0 $2,874,020 Nebraska $2,548,130 d $150,820 d
$1,515 d $2,700,465 d Nevada $4,698,225 $132,630 $0 $4,830,855 New Hampshire
c New Jersey $5,654,630 $120,000 $0 $5,774,646 e New Mexico $2,618,835
$182,565 $68,700 $2,870,100 New York c North Carolina $6,662,960 $263,315 $0
$6,926,275 North Dakota c Ohio $7,882,021 $0 $0 $7,882,021 Oklahoma
$3,852,722 $360,786 $11,770 $4,225,278 Oregon $887,815 d $54,765 d $0
$942,580 Pennsylvania $10,706,347 $377,061 $0 $11,083,408 Puerto Rico b b b
$8,743,611 Rhode Island b b b $4,081,809 South Carolina c South Dakota
$5,586,175 $92,700 $0 $5,678,875 Tennessee $4,208,050 $82,075 $0 $4,290,125
Texas b b b $36,236,456 Utah $2,060,825 $120,935 $0 $2,181,760

Enclosure VII Fiscal Year 1998 Revenue for Licensing and Registration
Subcategories

Page 25 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Broker- dealer revenue (Q3. b. 1.98) a

Investment adviser revenue (Q3. b. 2.98) a

Other licensing and/ or registration revenue

(Q3. b. 3.98) a Total licensing/ registration

and notice filing revenue (Q3. a. 98) a

Vermont $2,705,365 $206,812 $6,840 $2,919,017 Virginia $4,287,180 $581,230
$6,000 $4,874,410 Washington $1,197,705 $218,932 $0 $1,416,637 West Virginia
$3,944,380 $108,635 $81,255 $4,134,270 Wisconsin $3,201,380 $189,442 $63,110
$3,453,932 Wyoming $1,806,065 $0 $0 $1,806,065

Total f $151,129,985 $7,746,848 $348,510 $214,535,164

a This item refers to the specific GAO survey that is the source of the
information in the column. See enclosure I. b State securities regulatory
agency officials indicated that the revenue amount was not available.

c State securities regulatory agency officials did not respond or provided
unusable responses to GAO's survey. d State securities regulatory agency
officials provided an estimated revenue amount.

e The subcategory amounts reported by the state securities agency officials
did not total reported securities licensing and registration revenue. f
Totals included both actual and estimated revenue amounts, as provided by
the state securities

regulatory agency officials. Source: State securities regulatory agencies'
responses to GAO survey.

Enclosure VIII Fiscal Year 1999 Licensing and Registration Revenue

Page 26 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Broker- dealer revenue (Q3. b. 1.99) a

Investment adviser revenue (Q3. b. 2.99) a

Other licensing and/ or registration revenue

(Q3. b. 3.99) a Total licensing/ registration

and notice filing revenue (Q3. a. 99) a

Alabama $4,159,700 $219,350 $0 $4,379,050 Alaska $3,774,043 $76,857 $0
$3,850,900 Arizona $5,596,690 $210,020 $0 $5,806,710 Arkansas $5,395,500
$197,325 $7,575 $5,600,400 California $1,454,000 b $1,483,000 b $0 b
$2,937,000 b Colorado $1,659,545 $89,146 $0 $1,748,691 Connecticut c c c c
Delaware $3,718,200 $228,950 $2,850 $3,950,000 District of Columbia
$2,436,835 $185,355 $2,105 $2,624,295 Florida d Georgia d Hawaii $2,189,650
$752,440 $0 $2,942,090 Idaho $1,349,300 $54,100 $3,200 $1,406,600 Illinois
$12,638,910 $506,225 $0 $13,145,135 Indiana $2,581,425 $0 $0 $2,581,425 Iowa
$2,573,725 $98,930 $0 $2,672,655 Kansas $4,049,400 $216,800 $0 $4,266,200
Kentucky $4,084,667 b $119,666 b $0 $4,204,333 b Louisiana $4,932,230
$94,950 $0 $5,027,180 Maine c c c $2,638,410 Maryland d Massachusetts
$7,470,327 $606,978 $0 $8,077,305 Michigan c c c $4,079,111 Minnesota
$5,021,150 $100,400 $0 $5,121,550 Mississippi $3,311,020 b $27,600 b $91,400
b $3,430,020 Missouri c c c $5,211,321 Montana $2,738,981 $250,000 $0
$2,988,981 Nebraska $2,753,740 b $161,600 b $1,020 b $2,916,360 b Nevada
$5,214,800 $137,920 $0 $5,352,720 New Hampshire d New Jersey $5,901,190
$137,000 $0 $6,038,190 New Mexico $2,847,578 $181,595 $128,727 $3,157,900
New York d North Carolina $7,324,215 $296,165 $0 $7,620,380 North Dakota d
Ohio $8,248,300 $75,235 $0 $8,323,535 Oklahoma $4,167,095 $409,457 $9,220
$4,585,772 Oregon $1,224,570 b $69,245 b $0 $1,293,815 Pennsylvania
$11,746,061 $415,839 $0 $12,161,900 Puerto Rico c c c $10,410,947 Rhode
Island c c c $4,626,477 South Carolina d South Dakota $6,354,450 $181,400 $0
$6,535,850 Tennessee $4,585,950 $86,800 $0 $4,672,750 Texas c c c
$38,485,867 Utah $2,238,935 $81,610 $0 $2,320,545

Enclosure VIII Fiscal Year 1999 Licensing and Registration Revenue

Page 27 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Broker- dealer revenue (Q3. b. 1.99) a

Investment adviser revenue (Q3. b. 2.99) a

Other licensing and/ or registration revenue

(Q3. b. 3.99) a Total licensing/ registration

and notice filing revenue (Q3. a. 99) a

Vermont $3,010,325 $220,015 $9,765 $3,240,105 Virginia $4,537,420 $576,750
$6,900 $5,121,070 Washington $3,041,380 $218,120 $0 $3,259,500 West Virginia
$4,346,060 $109,780 $57,250 $4,513,090 Wisconsin $3,394,140 $193,450 $70,320
$3,657,910 Wyoming $2,041,868 $0 $0 $2,041,868

Total e $164,271,575 $9,070,073 $390,332 $239,184,113

a This item refers to the specific GAO survey question that is the source of
the information in the column. See enclosure I. b State securities
regulatory agency officials provided an estimated revenue amount.

c State securities regulatory agency officials indicated that the revenue
amount was not available. d State securities regulatory agency officials did
not respond or provided unusable responses to GAO's survey. e Totals
included both actual and estimated revenue amounts, as provided by the state
securities

regulatory agency officials. Source: State securities regulatory agencies'
responses to GAO survey.

Enclosure IX Fiscal Year 1998 Securities Offerings Revenue

Page 28 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Notice (investment company offerings)

(Q4. b. 1.98) a Registration by

coordination (Q4. b. 2.98) a

Registration by qualification

(Q4. b. 3.98) a Exempt

offerings (Q4. b. 4.98) a

Other revenue (Q4. b. 5.98) a

Total securities offerings revenue

(Q4. a. 98) a

Alabama $4,423,588 $57,795 $373 $96,900 $54,768 $4,633,424 Alaska $3,137,157
$6,743 $0 $26,233 $0 $3,170,133 Arizona $0 $0 $9,073,101 $238,000 $0
$9,311,101 Arkansas $5,153,023 $114,395 $0 $138,081 $150 $5,405,649
California $0 $557,162 $970,547 $2,408,238 $889,647 $4,825,594 Colorado
$409,734 b $44,200 $1,400 $82,675 $4,450 $542,455 bc Connecticut d d d d d d
Delaware $3,229,995 $1,085,284 $0 $0 $0 $4,315,279 District of Columbia

e e e e $0 e Florida f Georgia f Hawaii $577,150 $0 $29,250 $0 $0 $606,400
Idaho $1,828,000 $0 $0 $11,500 $0 $1,839,500 Illinois $3,296,695 d d
$177,279 $0 $4,875,498 c Indiana d d d d d d Iowa d d d $19,750 $0
$5,327,478 Kansas $2,710,625 b $169,292 b $6,334 b $33,900 b $277,549
$3,197,700 Kentucky d d d d d $2,198,333 b Louisiana $4,798,117 $0 $0
$109,200 $0 $4,907,317 Maine d d d d d $6,144,800 Maryland f Massachusetts
$0 $0 $0 $0 $0 $15,492,079 Michigan $0 $0 $0 $0 $0 $9,560,348 Minnesota $0
$0 $0 $0 $0 $22,842,034 Mississippi $0 $0 $0 $0 $0 $2,378,678 Missouri d d d
d d d Montana $2,275,000 $500,000 $225,000 $343,995 $0 $3,343,995 Nebraska
$0 d d $32,000 $1,000 $9,362,018 Nevada $0 $0 $0 $1,759,403 $429,591
$2,188,994 New Hampshire f New Jersey $0 $292,000 $0 $324,750 $0 $616,750
New Mexico $6,601,730 $136,570 $3,850 $98,850 $0 $6,841,000 New York f North
Carolina $781,335 $178,540 $47,460 $49,150 $0 $1,056,485 North Dakota f Ohio
d d d d d $4,031,046 Oklahoma $6,131,144 b $94,194 b $69,878 b $119,000
$30,318 $6,444,534 Oregon $1,374,674 b $0 $98,745 b $64,657 b $17,926 b
$1,556,002 b Pennsylvania $5,728,603 $116,075 $94,840 $466,550 $2,950
$6,409,018 Puerto Rico d d d d d d Rhode Island d d d d d $1,425,000 b South
Carolina f South Dakota $20,284,572 $142,575 $0 $45,450 $6,272 $20,478,869
Tennessee $7,963,871 $81,665 $12,904 $318,100 $0 $8,376,540 Texas d d d d d
$65,842,198

Enclosure IX Fiscal Year 1998 Securities Offerings Revenue

Page 29 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Notice (investment company offerings)

(Q4. b. 1.98) a Registration by

coordination (Q4. b. 2.98) a

Registration by qualification

(Q4. b. 3.98) a Exempt

offerings (Q4. b. 4.98) a

Other revenue (Q4. b. 5.98) a

Total securities offerings revenue

(Q4. a. 98) a

Utah $2,014,115 $159,030 $2,430 $14,880 $1,680 $2,192,135 Vermont $6,975,123
$0 $49,925 $3,650 $325,998 $7,354,696 Virginia $839,251 $439,668 $8,850
$240,530 $4,450 $1,532,749 Washington $23,855,067 $146,513 $79,062 $258,360
$0 $24,339,002 West Virginia $1,494,135 d d $1,000 $30 $1,556,354 c
Wisconsin $6,001,508 $121,510 $63,000 $87,000 $441,555 $6,714,573 Wyoming
$375,100 $60,637 $0 $0 $0 $435,737

Total g $115,633,191 $4,503,848 $10,836,949 $7,569,081 $2,488,334
$293,671,494

a This item refers to the specific GAO survey question that is the source of
the information in the column. See enclosure I. b State securities
regulatory agency officials provided an estimated revenue amount.

c The subcategory amounts reported by the state securities agency officials
did not total reported securities offering revenue. d State securities
regulatory agency officials indicated that the revenue amount was not
available.

e The District of Columbia did not have statutory authority to register
securities offerings for this period. f State securities regulatory agency
officials did not respond or provided unusable responses to GAO's survey. g
Totals included both actual and estimated revenue amounts, as provided by
the state securities

regulatory agency officials. Source: State securities regulatory agencies'
responses to GAO survey.

Enclosure X Fiscal Year 1999 Securities Offerings Revenue

Page 30 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Notice (investment company offerings)

(Q4. b. 1.99) a Registration by

coordination (Q4. b. 2.99) a

Registration by qualification

(Q4. b. 3.99) a Exempt offerings (Q4. b. 4.99) a Other revenue

(Q4. b. 5.99) a Securities

offerings revenue (Q4. a. 99) a

Alabama $4,584,370 $39,486 $4,910 $113,200 $47,500 $4,789,466 Alaska
$3,358,646 $6,381 $0 $28,037 $0 $3,393,064 Arizona $0 $0 $9,891,088 $265,050
$0 $10,156,138 Arkansas $5,089,966 $63,453 $0 $126,249 $1,200 $5,280,868
California $0 $334,000 $918,000 $2,487,000 $475,000 $4,214,000 Colorado
$422,468 b $28,400 $1,400 $86,700 $4,250 $543,218 b Connecticut c c c c c c
Delaware $3,441,673 $1,003,445 $0 $0 $0 $4,445,118 District of Columbia

d d d d d d Florida e Georgia e Hawaii $557,000 $0 $1,750 $0 $0 $558,750
Idaho $1,911,700 $0 $0 $14,000 $0 $1,925,700 Illinois $3,182,197 c c
$177,051 $0 $4,673,086 Indiana c c c c c c Iowa c c c $23,400 $0 $5,756,685
Kansas $3,121,300 b $44,419 b $2,616 b $36,300 b $97,500 b $3,302,135
Kentucky c c c c c $2,554,667 b Louisiana $4,883,061 $0 $0 $110,450 $0
$4,993,511 Maine c c c c c $6,643,000 Maryland e Massachusetts c c c c c
$17,575,822 Michigan c c c c c $9,666,691 Minnesota c c c c c $24,443,796
Mississippi c c c c c $2,460,023 Missouri c c c c c $4,563,325 Montana
$2,400,000 $500,000 $300,000 $411,621 $0 $3,611,621 Nebraska c c c $31,000
$0 $9,905,223 Nevada $0 $0 $0 $1,874,231 $146,972 $2,021,103 f New Hampshire
e New Jersey $0 $164,000 $0 $483,750 $0 $647,750 New Mexico $7,411,330
$141,345 $1,400 $87,825 $0 $7,641,900 New York e North Carolina $1,236,560
$178,540 $47,460 $69,075 $0 $1,531,635 North Dakota e Ohio c c c c c
$4,061,478 Oklahoma $5,656,117 b $215,802 b $73,380 b $8,600 $169,717
$6,123,616 Oregon $1,462,715 b $0 $88,687 b $95,409 b $14,021 b $1,660,832 b
Pennsylvania $6,334,461 $56,800 $86,584 $281,700 $5,600 $6,765,145 Puerto
Rico c c c c c c Rhode Island c c c c c $1,320,000 b South Carolina e South
Dakota $21,996,719 $33,469 $0 $32,850 $8,971 $22,072,009 Tennessee
$7,506,797 $69,401 $21,360 $250,000 $0 $7,847,558 Texas c c c c c
$72,400,915

Enclosure X Fiscal Year 1999 Securities Offerings Revenue

Page 31 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Notice (investment company offerings)

(Q4. b. 1.99) a Registration by

coordination (Q4. b. 2.99) a

Registration by qualification

(Q4. b. 3.99) a Exempt offerings (Q4. b. 4.99) a Other revenue

(Q4. b. 5.99) a Securities

offerings revenue (Q4. a. 99) a

Utah $2,013,150 $98,200 $2,850 $13,270 $2,385 $2,129,855 Vermont $7,364,685
$0 $52,599 $0 $382,424 $7,799,708 Virginia $776,700 $466,300 $2,800 $272,200
$3,517 $1,521,517 Washington $29,708,726 $137,439 $71,167 $348,410 $0
$30,265,742 West Virginia $1,405,664 c c $1,400 $0 $1,441,510 Wisconsin
$6,642,482 $87,750 $72,750 $97,500 $507,920 $7,408,402 Wyoming $68,266
$49,573 $0 $0 $0 $117,839

Total g $125,741,992 $3,718,203 $11,640,801 $7,826,278 $1,866,977
$320,234,421

a This item refers to the specific GAO survey question that is the source of
the information in the column. See enclosure I. b State securities
regulatory agency officials provided an estimated revenue amount.

c State securities regulatory agency officials indicated that the revenue
amount was not available. d The District of Columbia did not have statutory
authority to register securities offerings for this period. e State
securities regulatory agency officials did not respond or provided unusable
responses to GAO's survey. f The subcategory amounts reported by the state
securities agency officials did not total reported

securities offering revenue. g Totals included both actual and estimated
revenue amounts, as provided by the state securities

regulatory agency officials. Source: State securities regulatory agencies'
responses to GAO survey.

Enclosure XI Fiscal Year 1998 Civil and Administrative Violations Revenue

Page 32 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Fines and/ or penalties (Q5. b. 1.98) a Disgorgements

(Q5. b. 2.98) a Reimbursement of

expenses (Q5. b. 3.98) a Other revenue

(Q5. b. 4.98) a Total violation

revenue (Q5. a. 98) a

Alabama $133,750 $0 $53,600 $0 $187,350 Alaska $45,500 $0 $0 $0 $45,500
Arizona $115,579 $0 $0 $0 $115,579 Arkansas $21,000 $0 $0 $0 $21,000
California $9,390 $0 $303,677 $0 $313,067 Colorado $0 $0 $0 $0 $0
Connecticut $86,900 b $0 $12,000 b $13,460 b $112,360 b Delaware $126,969 $0
$0 $0 $126,969 District of Columbia $1,000 $0 $0 $0 $1,000 Florida c Georgia
c Hawaii $42,612 $0 $0 $0 $42,612 Idaho $28,000 $0 $0 $0 $28,000 Illinois
$48,560 $0 $98,600 $0 $147,160 Indiana d d d d $73,885 Iowa $17,508 $0 $0 $0
$17,508 Kansas $9,375 $0 $0 $0 $9,375 Kentucky $0 $0 $0 $0 $0 Louisiana d d
d d d Maine d d d d $21,428 Maryland c Massachusetts d d d d $10,801
Michigan $62,786 $0 $0 $0 $62,786 Minnesota $12,500 $0 $0 $0 $12,500
Mississippi d d d d $528,028 Missouri d d d d $22,980 Montana $32,212 $0 $0
$0 $32,212 Nebraska $51,257 b $0 $2,989 b $0 $54,246 b Nevada $6,473 $0 $0
$0 $6,473 New Hampshire c New Jersey $154,870 $0 $0 $0 $154,870 New Mexico
$93,200 $0 $1,800 $0 $95,000 New York c North Carolina $0 $0 $0 $0 $0 North
Dakota c Ohio $0 $0 $0 $0 $0 Oklahoma $824,550 $0 $1,200 $0 $825,750 Oregon
$55,566 $0 $0 $0 $55,566 Pennsylvania $85,220 $0 $84,748 $0 $169,968 Puerto
Rico d d d d $146,666 Rhode Island $36,150 $0 $0 $0 $36,150 South Carolina c
South Dakota $51,000 $0 $14,496 $0 $65,496 Tennessee $2,914 $0 $0 $65 $2,979
Texas $221,050 $0 $0 $0 $221,050 Utah $201,650 $0 $0 $0 $201,650

Enclosure XI Fiscal Year 1998 Civil and Administrative Violations Revenue

Page 33 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Fines and/ or penalties (Q5. b. 1.98) a Disgorgements

(Q5. b. 2.98) a Reimbursement of

expenses (Q5. b. 3.98) a Other revenue

(Q5. b. 4.98) a Total violation

revenue (Q5. a. 98) a

Vermont $43,150 $0 $12,000 $0 $55,150 Virginia $97,600 $0 $29,478 $0
$127,078 Washington $0 $0 $1,161 $0 $1,161 West Virginia $0 $0 $0 $0 $0
Wisconsin $0 $0 $0 $0 $0 Wyoming $11,500 $0 $0 $0 $11,500

Total e $2,729,791 $0 $615,749 $13,525 $4,162,853

a This item refers to the specific GAO survey question that is the source of
the information in the column. See enclosure I. b State securities
regulatory agency officials provided an estimated revenue amount.

c State securities regulatory agency officials did not respond or provided
unusable responses to GAO's survey. d State securities regulatory agency
officials indicated that the revenue amount was not available.

e Totals included both actual and estimated revenue amounts, as provided by
the state securities regulatory agency officials. Source: State securities
regulatory agencies' responses to GAO survey.

Enclosure XII Fiscal Year 1999 Civil and Administrative Violations Revenue

Page 34 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Fines and/ or penalties (Q5. b. 1.99) a Disgorgements

(Q5. b. 2.99) a Reimbursement of

expenses (Q5. b. 3.99) a Other revenue

(Q5. b. 4.99) a Total violation

revenue (Q5. a. 99) a

Alabama $63,000 $0 $27,250 $0 $90,250 Alaska $25,500 $0 $0 $0 $25,500
Arizona $79,400 $0 $0 $0 $79,400 Arkansas $10,000 $0 $0 $0 $10,000
California $9,000 b $0 $302,000 b $0 $311,000 b Colorado $0 $0 $0 $0 $0
Connecticut $546,250 b $0 $55,000 b $2100 $603,350 b Delaware $20,500 $0 $0
$0 $20,500 District of Columbia $29,250 $0 $0 $0 $29,250 Florida c Georgia c
Hawaii $88,553 $0 $0 $0 $88,553 Idaho $30,700 $0 $0 $0 $30,700 Illinois
$98,561 $0 $26,400 $0 $124,961 Indiana d d d d $125,100 Iowa $16,667 $0 $0
$0 $16,667 Kansas $42,200 $0 $0 $0 $42,200 Kentucky $0 $0 $0 $0 $0 Louisiana
d d d d d Maine d d d d $14,284 Maryland c Massachusetts d d d d $10,550
Michigan $0 $0 $0 $0 $0 Minnesota $10,000 $0 $0 $0 $10,000 Mississippi d d d
d $302,995 Missouri d d d d $104,932 Montana $32,944 $0 $22,000 $0 $54,944
Nebraska $43,500 b $0 $5,000 b $0 $48,500 b Nevada $56,265 $0 $0 $0 $56,265
New Hampshire c New Jersey $215,056 $0 $0 $0 $215,056 New Mexico $267,200 $0
$14,000 $0 $281,200 New York c North Carolina $0 $0 $0 $0 $0 North Dakota c
Ohio $0 $0 $0 $0 $0 Oklahoma $14,450 $0 $6,450 $0 $20,900 Oregon $40,730 $0
$0 $0 $40,730 Pennsylvania $132,907 $0 $160,376 $0 $293,283 Puerto Rico d d
d d $2,500 Rhode Island $50,900 $0 $0 $0 $50,900 South Carolina c South
Dakota $500 $0 $11,394 $0 $11,894 Tennessee $33,022 $0 $0 $50 $33,072 Texas
$299,311 $0 $0 $0 $299,311

Enclosure XII Fiscal Year 1999 Civil and Administrative Violations Revenue

Page 35 GAO/ GGD- 00- 189R Financing State Securities Regulation

Subcategory State

Fines and/ or penalties (Q5. b. 1.99) a Disgorgements

(Q5. b. 2.99) a Reimbursement of

expenses (Q5. b. 3.99) a Other revenue

(Q5. b. 4.99) a Total violation

revenue (Q5. a. 99) a

Utah $181,901 $0 $0 $0 $181,901 Vermont $36,400 $0 $1,000 $0 $37,400
Virginia $50,799 $0 $31,140 $0 $81,939 Washington $0 $0 $0 $31,600 $31,600
West Virginia $500 $0 $0 $0 $500 Wisconsin $1,000 $0 $0 $0 $1,000 Wyoming
$1,950 $0 $0 $0 $1,950

Total e $2,528,916 $0 $662,010 $33,750 $3,785,037

a This item refers to the specific GAO survey question that is the source of
the information in the column. See enclosure I. b State securities
regulatory agency officials provided an estimated revenue amount.

c State securities regulatory agency officials did not respond or provided
unusable responses to GAO's survey. d State securities regulatory agency
officials indicated that the revenue amount was not available.

e Totals included both actual and estimated revenue amounts, as provided by
the state securities regulatory agency officials. Source: State securities
regulatory agencies' responses to GAO survey.

Page 36 GAO/ GGD- 00- 189R Financing State Securities Regulation

Page 37 GAO/ GGD- 00- 189R Financing State Securities Regulation

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