[Federal Register Volume 75, Number 249 (Wednesday, December 29, 2010)]
[Notices]
[Pages 82097-82098]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-32715]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. IA-3126/December 22, 2010]
Order Approving Investment Adviser Registration Depository Filing
Fees
Section 204(b) of the Investment Advisers Act of 1940 (``Advisers
Act'') authorizes the Commission to require investment advisers to file
applications and other documents through an entity designated by the
Commission, and to pay reasonable costs associated with such
filings.\1\ Commission staff, representatives of the North American
Securities Administrators Association, Inc. (``NASAA''),\2\ and
representatives of the Financial Industry Regulatory Authority
(``FINRA''), the IARD system operator, periodically hold discussions on
IARD system finances.
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\1\ 15 U.S.C. 80b-4(b).
\2\ The IARD system is used by both advisers registering or
registered with the SEC and advisers registered or registering with
one or more state securities authorities. NASAA represents the state
securities administrators in setting IARD filing fees for state-
registered advisers.
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FINRA wrote to Commission staff in November recommending revised
annual and initial IARD filing fees to commence on January 1, 2011.\3\
The recommended fee levels would increase the fee for advisers with
assets under management of $100 million or higher, but would not change
the fee levels for advisers with assets under management under $100
million.\4\ The recommended annual filing fees due beginning January 1,
2011 are $40 for advisers with assets
[[Page 82098]]
under management under $25 million; $150 for advisers with assets under
management from $25 million to $100 million; and $225 for advisers with
assets under management of $100 million or higher. The recommended
initial IARD filing fees due beginning January 1, 2011 are $40 for
advisers with assets under management under $25 million; $150 for
advisers with assets under management from $25 million to $100 million;
and $225 for advisers with assets under management of $100 million or
higher. The revised filing fees would apply to all annual updating
amendments filed by SEC-registered advisers beginning January 1, 2011
and to all initial applications for registration filed by advisers
applying for SEC registration beginning January 1, 2011.
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\3\ FINRA letter dated November 12, 2010 available at http://www.sec.gov/rules/other/2010/finraletter111210-iardfees.pdf.
\4\ The revised fee level for advisers in the largest category
would newly include advisers that report assets under management of
exactly $100 million (not just over $100 million). We are making
this revision to track the new mid-sized adviser category for
advisers reporting assets under management of $25 million up to, but
not including, $100 million. See section 410 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (Pub. L. 111-203, 124
Stat. 1376 (2010)).
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On December 2, 2010 we issued a notice indicating our intent to
charge revised fees IARD filing fees for advisers registering or
registered with the Commission. The notice gave interested persons an
opportunity to request a hearing and stated that an order instituting
revised IARD filing fees would be issued unless a hearing was ordered.
No request for a hearing has been filed, and no hearing has been
ordered.
It is therefore ordered, pursuant to Sections 204(b) and 206(A) of
the Investment Advisers Act of 1940, that:
For annual updating amendments to Form ADV filed on or after
January 1, 2011, the filing fee due from SEC-registered advisers is $40
for advisers with assets under management under $25 million; $150 for
advisers with assets under management from $25 million to $100 million;
and $225 for advisers with assets under management of $100 million or
higher.
For initial applications to register as an investment adviser with
the SEC filed on or after January 1, 2011, the filing fee due from SEC-
registered advisers is $40 for advisers with assets under management
under $25 million; $150 for advisers with assets under management from
$25 million to $100 million; and $225 for advisers with assets under
management of $100 million or higher.
By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-32715 Filed 12-28-10; 8:45 am]
BILLING CODE 8011-01-P