PUBLIC LAW 104-290—OCT. 11, 1996 110 STAT. 3419 in the State in which the issuer of such security is located; or "(D) Commission rules or regulations issued under section 4(2), except that this subparagraph does not prohibit a State from imposing notice filing requirements that are substantially similar to those required by rule or regulation under section 4(2) that are in effect on September 1, 1996. "(c) PRESERVATION OF AUTHORITY.— "(1) FRAUD AUTHORITY.—Consistent with this section, the securities commission (or any agency or office performing like functions) of any State shall retain jurisdiction under the laws of such State to investigate and bring enforcement actions with respect to fraud or deceit, or unlawfiil conduct by a broker or dealer, in connection with securities or securities transactions. " (2) PRESERVATION OF FILING REQUIREMENTS.— "(A) NOTICE FILINGS PERMITTED. — Nothing in this section prohibits the securities commission (or any agency or office performing like functions) of any State from requiring the filing of any document filed with the Commission pursuant to this title, together with annual or periodic reports of the value of securities sold or offered to be sold to persons located in the State (if such sales data is not included in documents filed with the Commission), solely for notice purposes and the assessment of any fee, together with a consent to service of process and any required fee. " (B) PRESERVATION OF FEES. — "(i) IN GENERAL.— 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 the Capital Markets Efficiency Act of 1996, filing or registration fees with respect to securities or securities transactions shall continue to be collected in amounts determined pursuant to State law as in effect on the day before such date. "(ii) SCHEDULE. — The fees required by this subparagraph shall be paid, and all necesssiry supporting data on sales or offers for sales required under subparagraph (A), shall be reported on the same schedule as would have been applicable had the issuer not relied on the exemption provided in subsection (a). " (C) AVAILABILITY OF PREEMPTION CONTINGENT ON PAY- MENT OF FEES.— "(i) IN GENERAL.—During the period beginning on the date of enactment of the National Securities Market Improvement Act of 1996 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 the registration of securities issued by any issuer who refuses to pay the fees required by subparagraph (B). "(ii) DELAYS.— For purposes of this subparagraph, delays in payment of fees or xinderpayments of fees
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