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PA Bulletin, Doc. No. 11-409

NOTICES

SECURITIES COMMISSION

Notice to Persons Registered or Applying for Registration as Investment Advisers in the Commonwealth of Pennsylvania Regarding the New Form ADV Part 2

[41 Pa.B. 1322]
[Saturday, March 5, 2011]

Order

 Whereas, the Pennsylvania Securities Commission (Commission) is charged with the administration of the Pennsylvania Securities Act of 1972 (1972 Act) and the regulations promulgated thereunder; and

 Whereas, pursuant to Section 609(a) of the 1972 Act, the Commission may make, amend, and rescind any regulations, forms and orders that are necessary to carry out the 1972 Act; and

 Whereas, Commission Regulation 303.012 provides, inter alia, that an application for initial registration as an investment adviser shall contain the information requested in and shall be made on the Uniform Application for Investment Adviser Registration (FORM ADV) or a successor form and filed with the Commission or with an investment advisory registration depository designated by order of the Commission; and

 Whereas, the instructions to FORM ADV require the filing of an annual updating amendment to FORM ADV within 90 days after the end of the investment adviser's fiscal year end; and

 Whereas, Commission Regulation 303.012 requires an amended FORM ADV to be filed within 30 days if any material statement in FORM ADV becomes incorrect or inaccurate; and

 Whereas, by order effective May 11, 2002, the Commission designated the Investment Adviser Registration Depository (IARD) to receive FORM ADV, FORM ADV amendments, annual updating amendments, and filing fees on behalf of the Commission; and

 Whereas, Commission Regulation 404.011(b) requires each investment adviser registered under Section 301 of the 1972 Act to offer and deliver to each client at least once a year the current firm brochure and supplements which contain the information required by Part 2 of FORM ADV; and

 Whereas, on July 28, 2010, the Securities and Exchange Commission (SEC) adopted amendments to Part II of FORM ADV (the ''New ADV Part 2'') to provide advisory clients with a brochure and brochure supplements written in plain English. The New ADV Part 2 consists of Part 2(A) (the Firm brochure), Part 2(A) Appendix 1 (Wrap Fee Program Brochure, if applicable), and Part 2(B) (the Brochure Supplements); and

 Whereas, the New ADV Part 2 became effective October 12, 2010; and

 Whereas, the Commission has determined that it is necessary and appropriate in the public interest, for the protection of the investors, and consistent with the purposes fairly intended by the policy and provisions of the 1972 Act to issue the following order:

 Now, Therefore, the Commission, on this 15th day of February, 2011, Orders the following:

 1) Effective immediately, all investment adviser applications must be filed through IARD in accordance with FORM ADV Instructions, and must include FORM ADV Parts 1(A) and 1(B), the New ADV Part 2(A) (the Firm Brochure), Part 2(A) Appendix 1 (Wrap Fee Program Brochure, if applicable), and Part 2(B) (Brochure Supplements);

 2) All investment advisers presently registered under Section 301, who have not already done so, must file the New ADV Part 2(A) (the Firm Brochure), Part 2(A) Appendix 1 (Wrap Fee Program Brochure, if applicable), and Part 2(B) (Brochure Supplements) through IARD in accordance with FORM ADV Instructions on or before September 30, 2011, and must deliver a copy of the New ADV Part 2(A) (the Firm Brochure), Part 2(A) Appendix 1 (Wrap Fee Program Brochure, if applicable), and Part 2(B) (Brochure Supplements) to existing clients within thirty (30) days of such filing.

 So Ordered this 15th day of February, 2011.

JEANNE S. PARSONS, 
Secretary

[Pa.B. Doc. No. 11-409. Filed for public inspection March 4, 2011, 9:00 a.m.]


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