DOB: News Bulletin 2176 - November 4, 2005

The Department of Banking News Bulletin 

Bulletin # 2176
Week Ending November 4, 2005

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to John P. Burke, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail to john.burke@ct.gov. Written comments will be considered only if they are received within ten days from the date of this bulletin.


BRANCH ACTIVITY
State Bank Activity

Section 36a-145 of the Connecticut General Statutes requires that each application for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.

Date Bank Location Activity
10/27/05
People's Bank
Bridgeport
Stop & Shop
100 Main Street North
Southbury, CT  06488
opening
date
11/01/05 Savings Bank of Danbury
Danbury
59 Newtown Road
Danbury, CT  06801
opening
date
11/03/05
People's Bank
Bridgeport
Stop & Shop
1163 Farmington Avenue
Berlin, CT  06037
opening
date
11/09/05 Connecticut Bank & Trust
  Company, Hartford
435 Hartford Turnpike
Vernon, CT  06066
opening
date
 
CREDIT UNION ACTIVITY
Merger
 
On October 31, 2005, pursuant to Section 36a-468a of the Connecticut General Statutes, Heim Employees Credit Union, Inc., Fairfield, a Connecticut credit union, filed an application to merge with and into Mutual Security Credit Union, Inc., Wilton, a Connecticut credit union.
 
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Connecticut Transitions to Electronic Filing for Securities
Branch Office Registrations Effective October 31, 2005
 
Effective October 31, 2005, all new broker-dealer and investment adviser branch office registrations and amendments must be filed electronically through the NASD's Central Registration Depository/Investment Adviser Registration Depository ("WebCRD/IARD") and all related fee payments must be made through WebCRD/IARD.  By order dated October 24, 2005, the Banking Commissioner designated WebCRD/IARD to receive branch office registration filings as well as to collect branch office registration fees on the Commissioner's behalf.  Effective October 31, 2005, (1) information on branch office closings and branch manager changes will be reported through WebCRD/IARD; (2) Uniform Form BR, which is filed electronically through WebCRD/IARD, is adopted in Connecticut for purposes of fulfilling the branch office registration filing requirements in Section 36b-6(d) of the Connecticut Uniform Securities Act and, to the extent applicable, the trade name notice filing required by Section 36b-31-7e of the Regulations under the Act; and (3) state Forms BR-1 and BR-2 are rescinded, and branch office applications submitted on these forms will no longer be accepted.  Likewise, branch office registration fees submitted to the department directly rather than through WebCRD/IARD will be returned.
 
Broker-dealers and investment advisers having a pre-existing branch office registration as of the close of business on October 14, 2005 will have until May 1, 2006 to transition to electronic filing.  To make this process easier, the Securities and Business Investments Division has supplied the NASD with data concerning these registrations.  The NASD, in turn, has pre-populated Form BR electronically with basic information.  Affected firms have until May 1, 2006 to update the remaining fields electronically.
 
Division staff will continue to review branch office registration applications filed in paper format between October 15, 2005 and October 31, 2005.  Ultimately, filers submitting applications during this period will be required to transition to electronic filing on and after October 31, 2005.  Division staff will work closely with the NASD to ensure that filers do not incur double state registration fees as a result of their transition to electronic filing.
 
Commissioner Issues Order Exempting Connecticut-Registered
Investment Advisers From the Filing of Advertising Material
 
Investment advisers registered under the Connecticut Uniform Securities Act will no longer have to file their advertising material with the department according to a November 3, 2005 Order of the Commissioner.  The Order reasoned that such advertising material was required to be produced to agency staff during the course of an examination and that a separate filing requirement was duplicative.  The Order does not affect the need for initial applicants for investment adviser registration to file advertising materials with the agency.
Dated:  Tuesday, November 8, 2005

John P. Burke
Commissioner