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PA Bulletin, Doc. No. 01-1158



Designation of an Investment Adviser Registration Depository for Applicants for Initial Registration as an Investment Adviser under the Pennsylvania Securities Act of 1972

[31 Pa.B. 3377]

   Whereas, Section 303(a) of the Pennsylvania Securities Act of 1972 (1972 Act) requires a person applying for registration as an investment adviser to file an application with the Securities Commission (Commission); and

   Whereas, Sections 602(d.1) and 602.1(a)(4) of the 1972 Act require an applicant for registration as an investment adviser to pay a filing fee and a compliance assessment (Filing Fees); and

   Whereas, Commission Regulation 303.012 (64 Pa. Code § 303.012) provides that the application 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 investment adviser'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, Commission Regulation 303.012 authorizes the Commission, by order, to designate an investment adviser registration depository for the receipt of Form ADV, Form ADV Amendments and Filing Fees; and

   Whereas, Section 203A(d) of the Investment Adviser Act of 1940, as enacted by the National Securities Markets Improvement Act of 1996, mandated creation of a filing depository for investment advisers; and

   Whereas, The United States Securities and Exchange Commission and state securities regulators have entered into a joint venture to create a filing depository known as the Investment Adviser Registration Depository (IARD); and

   Whereas, IARD eventually will provide electronic filing for registration applications and notice filings for all Federally covered advisers, State-registered advisers and investment adviser representatives; and

   Whereas, Filing requirements with IARD will be phased-in as the IARD computer system develops filing capabilities for different types of filers and different types of filing information; and

   Whereas, Information concerning IARD and how it works is available through the Internet at and; and

   Whereas, Until IARD becomes fully operational, certain filings relating to initial applications for registration as an investment adviser still will need to be made with the Commission as further described in this Order; 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 this, the 5th day of June 2001, under Commission Regulation 303.012, orders the following:

   1.  An applicant for initial registration with the Commission as an investment adviser shall file the following electronically with IARD through IARD Document Processing, NASD Regulation, Inc., P. O. Box 9495, Gaithersburg, MD 20898-9495. See

   A.  Parts 1A and 1B of Form ADV completed in accordance with the instructions to the form.

   B.  The Filing Fees.

   C.  Form ADV Amendments.

   2.  In addition to the filings required to be made electronically with IARD described in Item 1 of the Order, an applicant for initial registration with the Commission as an investment adviser shall file the following information directly with the Commission at 1010 N. 7th Street, 2nd Floor, Harrisburg, PA 17102-1410, Attn: Division of Licensing:

   A.  Part II of Form ADV.

   B.  Any financial statement required by Commission Regulation 303.012.

   C.  Any application to maintain a surety bond in accordance with Commission Regulation 303.051 (64 Pa. Code § 303.051).

   D.  Evidence of passage of any examination required by Commission Regulation 303.032 (64 Pa. Code § 303.032).

   E.  For each individual who meets the definition of investment adviser representative as defined in Section 102(j.1) of the 1972 Act:

   i.  A completed and executed Uniform Application for Securities Industry Registration or Transfer Form (Form U-4).

   ii.  Evidence of passage of any examination required under Commission Regulation 303.032.

   iii.  The filing fee set forth in Section 602(d.1) and the compliance assessment set forth in Section 602.1(a)(1) of the 1972 Act.

   F.  Other information which the Commission may require to be filed under Section 303(a)(i) of the 1972 Act.

   3.  As provided by Commission Regulation 603.011 (64 Pa. Code § 603.011), an application for registration as an investment adviser is not deemed complete until all the required documents, filing fees and compliance assessments have been received by the Commission.

   4.  This Order shall be published in the Pennsylvania Bulletin.

   5.  The effective date of this Order shall be Monday, September 3, 2001.

   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.


[Pa.B. Doc. No. 01-1158. Filed for public inspection June 22, 2001, 9:00 a.m.]

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