[30 Pa.B. 2237]
[Continued from previous Web Page]
CHAPTER 305. DENIAL, SUSPENSION, CONDITIONING AND REVOCATION OF REGISTRATION § 305.011. Supervision of agents, investment adviser representatives and employes.
(a) [Every broker-dealer and investment adviser registered or required to be registered under the act shall exercise diligent supervision over the securities activities of its agents and employes. As evidence of compliance with the requirement to supervise the procedures and systems, the following shall be implemented by the broker-dealer or investment adviser:
(1) Every agent or employe shall be subject to the supervision of a supervisor.
(2) Written procedures, a copy of which shall be kept in each business office, shall be established, maintained and enforced and shall set forth the procedures adopted to comply with the following duties imposed by this section:
(i) The review and written approval by the designated supervisor of the opening of each new customer account.
(ii) The frequent examination of customer accounts to detect and prevent irregularities or abuses.
(iii) The prompt review and written approval of the handling of customer complaints.
(iv) The prompt review and written approval by the designated supervisor of all correspondence pertaining to the solicitation and execution of all securities transactions.
(v) The review and written approval by the designated supervisor of the delegation by a customer of discretionary authority with respect to his account and the frequent examination of discretionary accounts to prevent irregularities or abuses.
(3) Each office location shall be periodically inspected to insure that the written procedures are enforced.]
Every broker-dealer and investment adviser registered under section 301 of the act (70 P. S. § 1-301) shall exercise diligent supervision over the securities activities and securities related activities of its agents, investment adviser representatives and employes.
(1) Each broker-dealer and investment adviser, in exercising diligent supervision, shall establish and maintain procedures, and a system for applying and enforcing those procedures, which would reasonably be expected to timely detect and prevent any violations of statutes, rules, regulations or orders described in section 305(a)(v)and (ix) of the act (70 P. S. § 1-305(a)(v) and (ix)), the Conduct Rules of the National Association of Securities Dealers, Inc., or any applicable fair practice or ethical standard promulgated by the United States Securities and Exchange Commission or by a National securities exchange registered under the Securities Exchange Act of 1934 (15 U.S.C.A. §§ 78a--78kk).
(2) Final responsibility for proper supervision shall rest with the broker-dealer and investment adviser.
(b) Every issuer who employes agents [in connection with a security or transaction not exempted by section 202 or 203 of the act (70 P. S. § 1-202 or 1-203)] registered under section 301 of the act shall be subject to the supervision requirements of subsection (a) with respect to those agents.
(c) As evidence of compliance with the supervisory obligations imposed by this section, every broker-dealer and investment adviser shall implement written procedures, a copy of which shall be kept in each location at which the broker-dealer or investment adviser conducts business, and shall establish, maintain and enforce those procedures designed to timely detect and prevent any violations of law described in subsection (a). These written procedures, at a minimum, shall address:
(1) The supervision of every agent, investment adviser representative, employe and supervisor by a designated qualified supervisor.
(2) Methods to be used to determine that all supervisory personnel are qualified by virtue of character, experience and training to carry out their assigned responsibilities.
(3) Methods to be used to determine the good character, business repute, qualifications and experience of any person prior to making application for registration of that person with the Commission or hiring that person, or both.
(4) The review and written approval by the designated supervisor of the opening of each new customer account.
(5) The frequent examination of customer accounts to detect and prevent violations, irregularities or abuses.
(6) The prompt review and written approval of the handling of customer complaints.
(7) The prompt review and written approval by the designated supervisor of all securities transactions and all correspondence pertaining to the solicitation or execution of all securities transactions.
(8) The review and written approval by the designated supervisor of the delegation by a customer of discretionary authority with respect to the customer's account and frequent examination of discretionary accounts to prevent violations, irregularities or abuses.
(9) The participation of each agent and investment adviser representative either individually or collectively, no less than annually, in an interview or meeting conducted by persons designated by the broker-dealer or investment adviser at which compliance matters relevant to the activities of the agents and investment adviser representatives are discussed. Written records shall be maintained reflecting the interview or meeting.
(10) The periodic inspection of each location in this Commonwealth from which business is conducted to ensure that the written procedures and systems are enforced.
(i) The obligation of diligent supervision required by this section may require that one or more locations in this Commonwealth receive more than one inspection per year and that one or more of these inspections be unannounced.
(ii) It is the responsibility of the broker-dealer or investment adviser to determine the required number of inspections each location is to receive each year to ensure that the written procedures and systems are enforced and the supervisory obligations imposed by this section are being honored.
(iii) Written records shall be maintained reflecting each inspection conducted.
§ 305.019. Dishonest and unethical practices.
* * * * * (b) Under section 305(a)(ix) of the act (70 P. S. § 1-305(a)(ix)), the Commission may deny, suspend, condition or revoke a broker-dealer, agent, investment adviser or [associated person] investment adviser representative registration or censure a broker-dealer, agent, investment adviser or [associated person] investment adviser representative registrant if [that person] the registrant or applicant, or [an] in the case of any broker-dealer or investment adviser, any affiliate thereof, has engaged in dishonest or unethical practices in the securities business or has taken unfair advantage of a customer.
(c) The Commission, for purposes of [issuing an order under] section 305(a)(ix) of the act, will consider the actions in paragraphs (1)--(3) to constitute dishonest or unethical practices in the securities business or taking unfair advantage of a customer. The conduct described in paragraphs (1)--(3) is not exclusive. Engaging in other conduct inconsistent with the standards in subsection (a), such as forgery, embezzlement, nondisclosure, incomplete disclosure or misstatement of material facts, or manipulative or deceptive practices or taking unfair advantage of a customer or former customer in any aspect of a tender offer also constitutes grounds for denial, suspension, conditioning or revocation of any registration or application for registration of a broker-dealer, agent, investment adviser or [associated person registration] investment adviser representative.
(1) Broker-dealers. Includes the following actions:
* * * * * (xxii) Failing to comply with investor suitability standards imposed as a condition of the registration of securities under section 205 or 206 of the act (70 P. S. § 1-205 or § 1-206) in connection with the offer, sale or purchase of a security in this Commonwealth.
(2) Agents. Includes the following actions:
* * * * * (vi) Engaging in conduct specified in paragraph (1)(ii)--(vi), (ix), (x), (xiv)--(xvii) [and], (xxi) and (xxii).
(3) Investment advisers and investment adviser representatives. Includes the following actions:
(i) Recommending to a client to whom investment supervisory, management or consulting services are provided the purchase, sale or exchange of a security without reasonable grounds to believe that the recommendation is suitable for the client on the basis of information furnished by the client after reasonable inquiry concerning the client's investment objectives, financial situation and needs, and any other information known by the investment adviser or investment adviser representative.
(ii) Exercising any discretionary power in placing an order for the purchase or sale of securities for a client without obtaining written discretionary authority from the client within 10 business days after the date of the first transaction placed under oral discretionary authority, unless the discretionary power relates solely to the price at which, or the time when, an order involving a definite amount of a specified security shall be executed, or both.
* * * * * (viii) Misrepresenting to an advisory client, or prospective advisory client, the qualifications of the investment adviser, investment adviser representative or an employe of the investment adviser or misrepresenting the nature of the advisory services being offered or fees to be charged for the service, or to omit to state a material fact necessary to make the statements made regarding qualifications, services or fees, in light of the circumstances under which they are made, not misleading.
(ix) Providing a report or recommendation to an advisory client prepared by someone other than the investment adviser or investment adviser representative without disclosing that fact. This prohibition does not apply to a situation where the investment adviser or investment adviser representative uses published research reports or statistical analyses to render advice or where an investment adviser or investment adviser representative orders [such a] the report in the normal course of providing advice.
* * * * * (xi) Failing to disclose to clients in writing before advice is rendered a material conflict of interest relating to the investment adviser [or its employes], the investment adviser representative or an employe of the investment adviser which could reasonably be expected to impair the rendering of unbiased and objective advice including:
* * * * * (B) Charging a client an advisory fee for rendering advice when a commission for executing securities transactions pursuant to the advice will be received by the investment adviser [or its employes], the investment adviser representative or any employe of the investment adviser.
* * * * * (xv) Taking an action, directly or indirectly, with respect to those securities or funds in which a client has a beneficial interest, [where] when the investment adviser has custody or possession of the securities or funds when the adviser's action is subject to, and does not comply with [the requirements of Rule 206(4)-2 under the Investment Advisers Act of 1940] § 404.014 (relating to investment adviser custody or possession of funds or securities of customers).
* * * * * (xvii) Failing to establish, maintain and enforce written policies and procedures reasonably designed to prevent the misuse of material nonpublic information contrary to section 204A of the Investment Advisers Act of 1940 (15 U.S.C.A. § 80b-4a) and the rules and regulations of the United States Securities and Exchange Commission promulgated thereunder.
(xviii) Entering into, extending or renewing any advisory contract contrary to the provisions of section 205 of the Investment Advisers Act of 1940 (15 U.S.C.A. § 80b-5) and the rules and regulations of the United States Securities and Exchange Commission promulgated thereunder. This applies to all investment advisers and investment adviser representatives registered under section 301 of the act (70 P. S. § 1-301) notwithstanding whether the investment adviser is exempt from registration with the United States Securities and Exchange Commission under section 203(b) of the Investment Advisers Act of 1940 (15 U.S.C.A. § 80b-3).
(xix) To indicate, in an advisory contract, any condition, stipulation or provision binding any person to waive compliance with any provision of the act.
(xx) Engaging in any act, practice or course of business which is fraudulent, deceptive or manipulative or contrary to the provisions of section 206(4) of the Investment Advisers Act of 1940 (15 U.S.C.A. § 80b-6(4)) and the rules and regulations of the United States Securities and Exchange Commission promulgated thereunder. This applies to all investment advisers and investment adviser representatives registered under section 301 of the act notwithstanding whether the investment adviser is exempt from registration with the United States Securities and Exchange Commission under section 203(b) of the Investment Advisers Act of 1940.
(xxi) Engaging in conduct or committing any act, directly, indirectly or through or by another person, which would be unlawful for the person to do directly under the act or a rule, regulation or order issued thereunder.
§ 305.061. [Application to withdraw] Withdrawal of registration or notice filing.
* * * * * (c) To withdraw a notice filing, a Federally covered adviser shall file Form ADV-W or successor form thereto.
(d) An application to withdraw as an [associated person] investment adviser representative of an investment adviser or Federally covered adviser or from registration as an agent of a broker-dealer or issuer shall contain the information requested in and shall be made on Uniform Termination Notice for Securities/Futures Industry Registration, (Form U-5) or a successor form. Form U-5 shall be filed by the broker-dealer, issuer [or], investment adviser or Federally covered adviser with whom the agent or [associated person] investment adviser representative was employed within 30 days from the date of termination.
(e) Filings required by subsections (a)--(d) shall be filed with the Commission or with a central registration depository designated by order of the Commission.
Subpart D. FRAUDULENT AND PROHIBITED PRACTICES
CHAPTER 404. PROHIBITED ACTIVITIES; INVESTMENT ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES § 404.010. Advertisements by investment advisers and investment adviser representatives.
(a) It shall constitute a fraudulent, deceptive, or manipulative act, practice or course of [business] conduct within the meaning of section 404 of the act (70 P. S. § 1-404), for any investment adviser or investment adviser representative, directly or indirectly, to publish, circulate or distribute any advertisement:
(1) Which refers, directly or indirectly, to any testimonial of any kind by any customer concerning the investment adviser or investment adviser representative concerning any advice, analysis, report or other service rendered to the customer by the investment adviser or investment adviser representative.
(2) Which refers, directly or indirectly, to past specific recommendations of the investment adviser or investment adviser representative which were or would have been profitable to any person; provided, however, that this [shall] does not prohibit an advertisement which sets forth or offers to furnish a list of all recommendations made by [such] the investment adviser or investment adviser representative for the 12 month period immediately preceding the date of the publication of the advertisement, and which:
* * * * * (ii) Contains the following cautionary legend prominently displayed on the first page thereof in print or type as large as the largest print or type used in the body or text stating: ''IT SHOULD NOT BE ASSUMED THAT RECOMMENDATIONS MADE IN THE FUTURE WILL BE PROFITABLE OR WILL EQUAL THE PERFORMANCE OF THE SECURITIES IN THIS LIST.''
* * * * * (4) Which contains any statement to the effect that any report, analysis[,] or other service will be furnished free or without charge, unless [such] the report, analysis[,] or other service actually is or will be furnished absolutely without any condition or obligation[, directly or indirectly].
(5) Which contains any untrue statement of a material fact, or which is otherwise false or misleading in any material respect, including the failure to disclose compensation (including free or discounted securities) received directly or indirectly in connection with making a recommendation concerning a specific security[; or].
(6) Which recommends the purchase or sale of any security unless the investment adviser or investment adviser representative simultaneously offers to furnish to any person upon request a tabular presentation of:
(i) The total number of shares or other units of [such] the security held by the investment adviser or investment adviser representative for its own account or for the account of officers, directors, trustees, partners or affiliates of the investment adviser or for discretionary accounts of the investment adviser or investment adviser representative maintained for [customers] clients.
* * * * * (b) For the purpose of this [chapter] section, the term ''advertisement'' shall include any notice, circular, letter or other written communication addressed to more than one person, or any notice or other announcement in any publication, [or] by radio or television, or by electronic means, which offers:
* * * * * (c) For the purpose of this section, the term ''client'' means a person to whom the investment adviser or investment adviser representative has given investment advice for which the investment adviser or investment adviser representative has received compensation.
§ 404.011. Investment adviser brochure disclosure.
(a) Failure of an investment adviser to provide each advisory client or prospective advisory client the disclosure required by this section shall constitute a fraudulent, deceptive or manipulative act, practice or course of business, within the meaning of section 404 of the act (70 P. S. § 1-404).
(b) Unless otherwise provided in this section, an investment adviser registered under section 301 of the act (70 P. S. § 1-301) shall furnish each advisory client and prospective advisory client with a written disclosure statement which may be a copy of Part II of its Form ADV or written documents containing at least the information required by Part II of Form ADV.
(c) Except as provided in subsection (d), an investment adviser:
(1) Shall deliver the disclosure described in subsection (b) to an advisory client or prospective advisory client and meet the following conditions:
(i) Not less than 48 hours prior to entering into any investment advisory contract with the client or prospective client.
(ii) At the time of entering into the contract, if the advisory client has a right to terminate the contract without penalty within 5 business days after entering into the contract.
(2) Annually and without charge, shall deliver, or offer in writing to deliver, upon written request to each of its advisory clients the disclosure described in subsection (b). Any statement requested in writing by an advisory client under this paragraph shall be mailed or delivered within 7 days of the receipt of the request.
(d) Delivery of the disclosure described in subsection (b) need not to be made to advisory clients receiving advisory services solely pursuant to a contract for impersonal advisory services requiring a payment of less than $200.
(e) If an investment adviser renders substantially different types of investment advisory services to different advisory clients, any information required by Part II of Form ADV may be omitted from the disclosure to be furnished to an advisory client or prospective advisory client if the information is applicable only to a type of investment advisory service or fee which is not rendered or charged, or proposed to be rendered or charged, to that client or prospective client.
(f) Nothing in this section relieves an investment adviser from any obligation under the act or this title or other Federal or State law to disclose any information to its advisory clients or prospective advisory clients not specifically set forth in this section.
(g) For the purpose of this section, the following terms have the following meanings:
Client--A person to whom the investment adviser has given investment advice and for which the investment adviser has received compensation.
Contract for impersonal advisory services--A contract relating solely to the provision of investment advisory services meeting one of the following conditions:
(i) By means of written material or oral statements which do not purport to meet the objectives or needs of specific individuals or accounts.
(ii) Through the issuance of statistical information containing no expression of opinion as to the investment merits of a particular security.
(iii) Any combination of the foregoing services.
Entering into--In reference to an investment advisory contract, the term does not include an extension or renewal without material change of the contract which is in effect immediately prior to the extension or renewal.
§ 404.012. Wrap fee brochure disclosure.
(a) Failure by an investment adviser that sponsors a wrap fee program to provide each client or prospective client of a wrap fee program the disclosure required by this section shall constitute a fraudulent, deceptive or manipulative act, practice or course of business, within the meaning of section 404 of the act (70 P. S. § 1-404).
(b) The investment adviser shall, in lieu of the written disclosure statement required by § 404.011 (relating to investment adviser brochure disclosure), furnish each client or prospective client of a wrap fee program, a separate written disclosure statement containing at least the information required by Schedule H of Form ADV. Any information included in the disclosure statement that is not specifically required by Part II of Form ADV should be limited to information concerning wrap fee programs for which the investment adviser is required to furnish disclosure statements under this section.
(c) If an investment adviser sponsors or organizes more than one wrap fee program, the investment adviser may omit from the disclosure statement furnished to clients and prospective clients of a particular wrap fee program or programs any information required by Schedule H of Form ADV that is not applicable to clients or prospective clients of that wrap fee program or programs.
(d) An investment adviser need not furnish the written disclosure statement required by subsection (b) to clients and prospective clients of a wrap fee program if another investment adviser is required to furnish and does furnish the written disclosure statement to all clients and prospective clients of the wrap fee program.
(e) The wrap fee disclosure statement shall be attached to Part II of Form ADV and filed with the Commission. If the investment adviser prepared separate wrap fee brochures for clients of different programs, each brochure shall be filed with the Commission. An investment adviser shall deliver the statement required by this section to a client or prospective client meeting the following conditions:
(1) Not less than 48 hours prior to entering into a wrap fee program contract with a client or prospective client.
(2) At the time of entering into any wrap fee program contract, if the advisory client has the right to terminate the contract without penalty within 5 business days after entering into the contract.
(f) If information contained in the wrap fee disclosure statement becomes inaccurate in a material manner, the investment adviser shall promptly file an amendment to Form ADV with the Commission correcting the information. An investment adviser may update the wrap fee disclosure statement by using a supplement or ''sticker'' that indicates what information is being added or updated and states the new or revised information, as long as the resulting brochure is readable.
(g) For purposes of this section, the following terms have the following meanings:
Portfolio management--The process of determining or recommending securities transactions for any portion of a client's portfolio.
Sponsor--An investment adviser that is compensated under a wrap fee program for administering, organizing or sponsoring the program, or for selecting or providing advice to clients regarding the selection of other investment advisers in the program.
Wrap fee program--A program under which any client is charged a specified fee or fees not based directly upon transactions in a client's account for investment advisory services (which may include portfolio management or advice concerning the selection of other investment advisers) and execution of client transactions.
§ 404.013. Cash payment for client solicitation.
(a) Failure of an investment adviser to comply with this section concerning cash payments for client solicitation shall constitute a fraudulent, deceptive or manipulative act, practice or course of business, within the meaning of section 404 of the act (70 P. S. § 1-404).
(b) An investment adviser may not pay a cash fee, directly or indirectly, to a solicitor with respect to solicitation activities unless the following conditions are met:
(1) The investment adviser is registered under the act.
(2) The solicitor, unless exempted, is registered under the act.
(3) The cash fee is paid pursuant to a written agreement to which the investment adviser is a party.
(4) The written agreement required by paragraph (3) shall:
(i) Describe the solicitation activities to be engaged in by the solicitor on behalf of the investment adviser and the compensation to be received therefor.
(ii) Contain an undertaking by the solicitor to perform its duties under the agreement in a manner consistent with the instructions of the investment adviser and the act and this title.
(iii) Require that the solicitor, at the time of any solicitation activities for which compensation is paid or to be paid by the investment adviser, provide the client with a current copy of the following:
(A) The investment adviser's written disclosure statement required by § 404.011 or § 404.012 (relating to investment adviser brochure rule; and wrap fee brochure).
(B) A separate written disclosure document which contains the following:
(I) The name of the solicitor.
(II) The name of the investment adviser.
(III) The nature of the relationship, including any affiliation, between the solicitor and the investment adviser.
(IV) A statement that the solicitor will be compensated for his solicitation services by the investment adviser.
(V) The terms of the compensation arrangement, including a description of the compensation paid or to be paid to the solicitor.
(VI) The amount, if any, for the cost of obtaining his account the client will be charged in addition to the advisory fee, and the differential, if any, among clients with respect to the amount or level of the advisory fees charged by the investment adviser if the differential is attributable to the existence of any arrangement pursuant to which the investment adviser has agreed to compensate the solicitor for soliciting clients for, or referring clients to, the investment adviser.
(5) The investment adviser receives from the client prior to, or at the time of, entering into any written or oral investment advisory contract with the client, a signed and dated acknowledgment of receipt of the investment adviser's written disclosure statement required by § 404.011 (relating to investment adviser brochure disclosure) and the solicitor's written disclosure document required by paragraph (4)(iii)(B).
(c) For purposes of subsection (b)(4), this section does not apply to an investment adviser when the cash fee is paid to a solicitor:
(1) With respect to solicitation activities for the provision of impersonal advisory services only.
(2) Who is one of the following:
(i) A partner, officer, director or employe of the investment adviser.
(ii) A partner, officer, director or employe of a person which controls, is controlled by, or is under common control with the investment adviser. The status of the solicitor as a partner, officer, director or employe of the investment adviser or other person, shall be disclosed to the client at the time of the solicitation or referral.
(d) Nothing in this section relieves a person of fiduciary or other obligations to which the person may be subject under the law.
(e) For purposes of this section, the following terms have the following meanings:
Client--A prospective client.
Impersonal advisory services--Investment advisory services provided solely by means of one of the following:
(i) Written materials or oral statements which do not purport to meet the objectives or needs of the specific client.
(ii) Statistical information containing no expressions of opinions as to the investment merits of particular securities.
(iii) Any combination of the services in subparagraphs (i) and (ii).
Solicitor--A person or entity who, for compensation, directly or indirectly, solicits any client for, or refers any client to, an investment adviser.
§ 404.014. Investment adviser custody or possession of funds or securities of clients.
(a) Failure of an investment adviser not registered as a broker dealer that has custody or possession of funds or securities in which a client has a beneficial interest to comply with this section constitutes a fraudulent, deceptive or manipulative act, practice or course of business, within the meaning of section 404 of the act (70 P. S. § 1-404).
(b) An investment adviser registered under section 301 of the act (70 P. S. § 1-301) that has custody or possession of funds or securities in which any client has any beneficial interest shall:
(1) Notify the Commission in writing that the investment adviser has or may have custody. The notification shall be given on Form ADV.
(2) Segregate the securities of each client marked to identify the particular client having the beneficial interest therein and hold in safekeeping in some place reasonably free from risk of destruction or other loss.
(3) Deposit all client funds in one or more bank accounts containing only client's funds.
(4) Maintain the accounts described in paragraph (3) in the name of the investment adviser as agent or trustee for the clients.
(5) Maintain a separate record for each account described in paragraph (3) showing the name and address of the bank where the account is maintained, the dates and amounts of deposits in and withdrawals from the account and the exact amount of each client's beneficial interest in the account.
(6) Immediately after accepting custody or possession of funds or securities from a client, notify the client in writing of the place where and the manner in which the funds and securities will be maintained and subsequently, if and when there is a change in the place where or the manner in which the funds or securities are maintained, the investment adviser will give written notice thereof to the client.
(7) At least once every 3 months, send each client an itemized statement showing the funds and securities in the investment adviser's custody at the end of each period and all debits, credits and transactions in the client's account during the period.
(8) At least once every calendar year, engage an independent certified public accountant or independent public accountant to verify all client funds and securities by actual examination at a time chosen by the accountant without prior notice to the investment adviser. A report stating that an accountant has made an examination of the client funds and securities, and describing the nature and extent of the examination, shall be filed with the Commission within 30 days after each examination.
(c) For purposes of this section, a person will be deemed to have custody if the person directly or indirectly holds client funds or securities, has any authority to obtain possession of them, or has the ability to appropriate them.
§ 404.020. [Investment adviser custody or possession of funds or securities of customers] (Reserved).
[It shall constitute a fraudulent, deceptive or manipulative act, practice or course of business, within the meaning of section 404 of the act (70 P. S. § 1-404), for any investment adviser not registered as a broker-dealer to have custody or possession of any funds or securities in which any customer has any beneficial interest unless the investment adviser has complied with the requirements described in Rule 206(4)-2 (17 CFR 275.206(4)-2) adopted under the Investment Advisers Act of 1940 (15 U.S.C.A. §§ 80b-1--80b-21).]
SUBPART F. ADMINISTRATION
CHAPTER 602. FEES § 602.060. Charges for Commission publications.
Under section 602(f) of the act (70 P. S. § 1-602(f)), the Commission has fixed the following charges for publications, issued under its authority:
(1) [PSC Monthly Bulletin and Annual Report Service: $35 per annual subscription.
(2)] Compendium of Commission and Staff Positions, Summary of Significant Commission Orders and Compilation of Staff No-Action Letters (Compendium), including annual supplement service for the calendar year in which Compendium was purchased: $95.
[(3)] (2) * * *
[(4)] (3) * * *
CHAPTER 603. ADMINISTRATIVE FILES § 603.031. Public inspection of records.
* * * * * (b) The Commission may withhold from public inspection[, for time as in its judgment is necessary, public records the disclosure of which the Commission determines would be unfairly prejudicial to a person or his personal safety or detrimental to the public interest as determined by a court of competent jurisdiction] those records which it determines are excluded from the definition of public records in section 1 of the act of June 21, 1957 (P. L. 390, No. 212) (65 P. S. § 66.1(2)), known as the Right-to-Know Law.
* * * * * (f) The Commission has determined to treat confidential the Social Security Number, the date of birth and home address of a person registered or applying for registration as an agent or an investment adviser representative that appears on the Uniform Application for Securities Industry Registration or Transfer (Form U-4) or successor form thereto required to be filed with the Commission under § 303.013 or § 303.014 (relating to agent registration procedures; and investment adviser representative registration procedures). This informa-tion will not be available for public inspection under any provision of the act.
[Pa.B. Doc. No. 00-743. Filed for public inspection May 5, 2000, 9:00 a.m.]
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