
[Federal Register Volume 76, Number 209 (Friday, October 28, 2011)]
[Notices]
[Pages 67004-67005]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-27935]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. IA-3305; File No. S7-42-11; October 24, 2011]


Order Approving Filing Fees for Exempt Reporting Advisers and 
Private Fund Advisers

    Section 204(c) of the Investment Advisers Act of 1940 (``Advisers 
Act'') authorizes the Securities and Exchange Commission 
(``Commission'') to require investment advisers to file applications 
and other documents through an entity that the Commission designates 
and to pay the reasonable costs associated with such filings. The 
Commission recently adopted a new rule requiring exempt reporting 
advisers to file portions of Form ADV on a periodic basis.\1\ As with

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registered advisers, exempt reporting advisers must file Form ADV 
through the Investment Adviser Registration Depository (``IARD''), 
which is operated by the Financial Industry Regulatory Authority 
(``FINRA'').
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    \1\ ``Exempt reporting advisers'' are investment advisers 
relying on the exemption from registration under section 203(l) or 
203(m) of the Advisers Act. The Commission adopted new rule 204-4 on 
June 22, 2011. See Rules Implementing Amendments to the Investment 
Advisers Act of 1940, Investment Advisers Act Release No. IA-3221 
(June 22, 2011), 76 FR 42950 (July 19, 2011) (``Implementing 
Adopting Release'').
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    In addition, the Commission recently proposed a new rule that would 
require any adviser registered with the Commission and managing one or 
more private funds (a ``private fund adviser'') to file proposed Form 
PF on a periodic basis.\2\ On September 30, 2011, the Commission issued 
notice of its determination that, if the Form PF proposal is adopted, 
FINRA will develop and maintain the filing system for Form PF as an 
extension of the existing IARD (the ``Notice'').\3\
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    \2\ The Commission proposed new rule 204(b)-1 on January 26, 
2011. See section II.C of Reporting by Investment Advisers to 
Private Funds and Certain Commodity Pool Operators and Commodity 
Trading Advisors on Form PF, Investment Advisers Act Release No. 
3145 (January 26, 2011), 76 FR 8068 (February 11, 2011) (``Form PF 
Proposing Release''). ``Private fund'' is defined in section 
202(a)(29) of the Advisers Act.
    \3\ See Approval of Filing Fees for Exempt Reporting Advisers 
and Private Fund Advisers, Investment Advisers Act Release No. 3297 
(Sept. 30, 2011), 76 FR 62100 (Oct. 6, 2011).
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    Following discussions with Commission staff, FINRA recommended a 
schedule of filing fees for exempt reporting advisers and private fund 
advisers.\4\ With respect to exempt reporting advisers, FINRA 
recommended a filing fee of $150 for each initial and annual report on 
Form ADV. With respect to private fund advisers, FINRA recommended 
filing fees of $150 for the proposed quarterly filings of Form PF and 
$150 for the proposed annual filings.\5\ In the Notice, the Commission 
indicated its intent to approve filing fees for these filings 
consistent with these recommendations.
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    \4\ FINRA letter dated September 28, 2011, available at http://www.sec.gov/rules/other/2011/finraletter092811-pferafees.pdf.
    \5\ Under the proposal, advisers managing $1 billion or more in 
hedge fund assets, combined liquidity fund and registered money 
market fund assets or private equity fund assets would file Form PF 
on a quarterly basis. All other private fund advisers would file on 
an annual basis. See sections II.B and II.C of the Form PF Proposing 
Release.
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    The Notice also explained that the fee for exempt reporting 
advisers filing Form ADV would apply starting with the date on which 
this order is published in the Federal Register and, if the Form PF 
proposal is adopted, the fees applicable to private fund advisers would 
apply starting with the effective date of rule 204(b)-1.
    The Notice gave interested persons an opportunity to request a 
hearing and stated that an order approving these filing fees would be 
issued unless a hearing were ordered. No request for a hearing has been 
filed, and no hearing has been ordered.
    It is therefore ordered, pursuant to Section 204(c) of the Advisers 
Act, that:
    For initial reports and annual updating amendments on Form ADV 
filed on or after October 28, 2011, the filing fee due from exempt 
reporting advisers is $150.
    For quarterly reports on Form PF filed on or after the effective 
date of rule 204(b)-1 under the Advisers Act, the filing fee due from 
private fund advisers is $150.
    For annual reports on Form PF filed on or after the effective date 
of rule 204(b)-1 under the Advisers Act, the filing fee due from 
private fund advisers is $150.

    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-27935 Filed 10-27-11; 8:45 am]
BILLING CODE 8011-01-P


