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PA Bulletin, Doc. No. 00-2249

NOTICES

Designation of an Investment Adviser Registration Depository

[30 Pa.B. 6671]

   Whereas, Section 303(a) of the Pennsylvania Securities Act of 1972 (1972 Act) requires Federally covered advisers, as that term is defined in Section 102(f.1) of the 1972 Act (FCAs), to make a notice filing with the Pennsylvania Securities Commission (Commission); and

   Whereas, Section 602(d.1) requires FCAs to pay notice filing fee annually to the Commission (Notice Filing Fee); and

   Whereas, Commission Regulation 303.015, 64 Pa. Code § 303.015, states that the notice filing required by Section 303(a) of the 1972 Act shall be the Uniform Application for Investment Adviser Registration (Form ADV); and

   Whereas, Form ADV requires filing of an annual updating amendment to Form ADV within 90 days after the end of the FCA's fiscal year end and the prompt filing of an amendment to Form ADV if certain information on Form ADV becomes inaccurate or if any information on Form ADV becomes materially inaccurate (Form ADV Amendment); and

   Whereas, the U.S. Securities and Exchange Commission (SEC) has issued rules concerning the filing of Form ADV with an investment adviser registration depository by persons registered or applying for registration with SEC (SEC Release IA-1897) under the Federal Investment Advisers Act of 1940 (1940 Act); and

   Whereas, a FCA is defined in Section 102(f.1) of the 1972 Act as a person who is registered under Section 203 of the 1940 Act; and

   Whereas, Section 703(a) of the 1972 Act provides that the Commission seek to coordinate interpretation and administration of the 1972 Act with Federal regulation; and

   Whereas, Commission Regulation 303.015 authorizes the Commission, by order, to designate an investment adviser registration depository for the receipt of Form ADV, Form ADV Amendments and the Notice Filing Fees; and

   Whereas, the Commission, finds it necessary and appropriate in the public interest and for the protection of 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 the 12th day of December 2000, pursuant to Commission Regulation 303.015, 64 Pa. Code § 303.015, orders the following:

   1.  For purposes of Commission Regulation 303.015, the Commission designates the following as the only investment adviser registration depository authorized to receive Form ADVs, Form ADV Amendments and Notice Filing Fees on behalf of the Commission (IARD):

IARD Document Processing
NASD Regulation, Inc.
P. O. Box 4959
Gaithersburg, MD 20898-9495
www.iard.com

   2.  Except as provided in Paragraph 5, beginning January 1, 2001 and thereafter, FCAs making an initial Form ADV notice filing with the Commission under Section 303(a)(iii) of the 1972 Act shall file Form ADV and pay the Notice Filing Fee through the IARD. Form ADV shall be deemed filed and the Notice Filing Fee shall be deemed received by the Commission on the date such items are accepted by IARD. These FCAs shall file all Form ADV Amendments with IARD.

   3.  Except as provided in Paragraph 5, FCAs that made a Form ADV notice filing with the Commission prior to January 1, 2001 shall re-file Form ADV with IARD using the amended Form ADV in accordance with the transition schedule established in SEC Release No. IA-1897 (see www.sec.gov/offices/invmgmt/iard/fileschd.htm). After transition to IARD has been completed in accordance with SEC schedules, these FCAs shall file Form ADV Amendments with IARD.

   4.  Except as provided in Paragraph 5 and for any renewal occurring after January 1, 2001, FCAs making a renewal with the Commission in accordance with Regulation 303.015(b) shall pay the Notice Filing Fee through IARD.

   5.  The following FCAs will not be required to file with IARD but shall file manually on paper Form ADV and Form ADV Amendments directly with the Commission accompanied by any required Notice Filing Fee:

   A.  A FCA that is making an initial Form ADV notice filing with the Commission which has received a hardship exemption from SEC permitting a paper filing.

   B.  A FCA that made a Form ADV notice filing with the Commission prior to January 1, 2001 that has received a hardship exemption from SEC permitting a paper filing.

   6.  The effective date of this Order shall be the date published in the Pennsylvania Bulletin.

   Alternative formats of this document may be available upon request. Call (717) 787-1165 or TDD Users: via AT&T Relay Center (800) 654.5984.

M. JOANNA CUMMINGS,   
Secretary

[Pa.B. Doc. No. 00-2249. Filed for public inspection December 22, 2000, 9:00 a.m.]


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