Bulletin # 3097 - Week Ending June 30, 2023

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 Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten business days from the date of this bulletin.

OTHER FINANCIAL INSTITUTION ACTIVITY 

Annual License Renewals, Effective July 1, 2023 to June 30, 2024

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Parnassus Funds and The Parnassus Income Funds

On June 29, 2023, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-23-20213-S) with Parnassus Funds and The Parnassus Income Funds, both of One Market Street, Suite 1600, San Francisco, California. Each of the funds is an open-end management investment company. The Stipulation and Agreement alleged that the funds failed to file renewal notices for calendar years 2019, 2020 and 2021. Section 36b-21(c) of the Connecticut Uniform Securities Act prohibits the sale of investment company shares absent the filing of a notice. The Stipulation and Agreement acknowledged the funds' representation that they had relied on a third party service provider to make the filings, and that the third party service provider had terminated notice filings for the affected portfolios without authorization from the funds.

In resolution of the matter, the funds agreed to refrain from regulatory violations. The funds also agreed to pay $8,500 to the department, $5,000 of which constituted reimbursement for past due notice filing fees and $3,500 of which constituted an administrative fine.