[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR2510.3-38]

[Page 365-366]
 
                             TITLE 29--LABOR
 
 CHAPTER XXV--EMPLOYEE BENEFITS SECURITY ADMINISTRATION, DEPARTMENT OF 
                                  LABOR
 
PART 2510_DEFINITIONS OF TERMS USED IN SUBCHAPTERS C, D, E, F, AND G 
OF THIS CHAPTER--Table of Contents
 
Sec. 2510.3-38  Filing requirements for State registered investment advisers 
to be investment managers.

    (a) General. Section 3(38) of the Act sets forth the criteria for a 
fiduciary to be an investment manager for purposes of section 405 of the 
Act. Subparagraph (B)(ii) of section 3(38) of the Act provides that, in 
the case of a fiduciary who is not registered under the Investment 
Advisers Act of 1940 by reason of paragraph (1) of section 203A(a) of 
such Act, the fiduciary must be registered as an investment adviser 
under the laws of the State in which it maintains its principal office 
and place of business, and, at the time the fiduciary files registration 
forms with such State to maintain the fiduciary's registration under the 
laws of such State, also files a copy of such forms with the Secretary 
of Labor. The purpose of this section is to set forth the exclusive 
means for investment advisers to satisfy the filing obligation with the 
Secretary described in subparagraph (B)(ii) of section 3(38) of the Act.
    (b) Filing requirement. To satisfy the filing requirement with the 
Secretary in section 3(38)(B)(ii) of the Act, a fiduciary must be 
registered as an investment adviser with the State in which it maintains 
its principal office and place of business and file through the 
Investment Adviser Registration Depository (IARD), in accordance with 
applicable IARD requirements, the information required to be registered 
and maintain the fiduciary's registration as an investment adviser in 
such State. Submitting to the Secretary investment adviser registration 
forms filed with a State does not constitute compliance with the filing 
requirement in section 3(38)(B)(ii) of the Act.
    (c) Definitions. For purposes of this section, the term ``Investment 
Adviser Registration Depository'' or ``IARD'' means the centralized 
electronic depository described in 17 CFR 275.203-1.

[[Page 366]]

    (d) Cross reference. Information for investment advisers on how to 
file through the IARD is available on the Securities and Exchange 
Commission website at ``www.sec.gov/iard.''

[69 FR 52125, Aug. 24, 2004]