
[Federal Register Volume 76, Number 247 (Friday, December 23, 2011)]
[Notices]
[Page 80433]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-32899]


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SECURITIES AND EXCHANGE COMMISSION

[File No.: 801-68894; Investment Advisers Act of 1940 Release No. 3340]


In the Matter of Royal Oak Capital Management, LLC, 6173 Bellevue 
Road, Royal Oak, MD 21662; Notice of Intention To Cancel Registration 
Pursuant to Section 203(H) of the Investment Advisers Act of 1940

 December 19, 2011.
    Notice is given that the Securities and Exchange Commission (the 
``Commission'') intends to issue an order, pursuant to Section 203(h) 
of the Investment Advisers Act of 1940 (the ``Act''), cancelling the 
registration of Royal Oak Capital Management, LLC, hereinafter referred 
to as the registrant.
    Section 203(h) provides, in pertinent part, that if the Commission 
finds that any person registered under Section 203, or who has pending 
an application for registration filed under that section, is no longer 
in existence, is not engaged in business as an investment adviser, or 
is prohibited from registering as an investment adviser under section 
203A, the Commission shall by order, cancel the registration of such 
person.
    The registrant indicated on its most recent Form ADV filing that it 
is relying on section 203A(a)(1)(A) of the Act to register with the 
Commission, which prior to September 19, 2011 prohibited an investment 
adviser from registering with the Commission unless it maintained 
assets under management of at least $25 million. Effective September 
19, 2011, Congress increased the assets under management threshold 
under section 203A of the Advisers Act to prohibit an investment 
adviser from registering with the Commission if it is required to be 
registered in the state in which it maintains its principal office and 
place of business and has assets under management between $25 million 
and $100 million. Accordingly, an adviser currently registered with the 
Commission generally is required to withdraw from registration when its 
assets under management fall below $90 million, unless the adviser is 
not required to register in the state where it maintains its principal 
office and place of business.\1\
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    \1\ Section 203A of the Act generally prohibits an investment 
adviser from registering with the Commission unless it meets certain 
requirements. See Advisers Act section 203A(a)(2)(B)(ii) (amended by 
the Dodd-Frank Wall Street Reform and Consumer Protection Act, 
Public Law 111-203, 124 Stat. 1376 (2010)); Advisers Act rule 203A-
1(a); Rules Implementing Amendments to the Investment Advisers Act 
of 1940, Investment Advisers Act Release No. 3221 (June 22, 2011), 
available at http://www.sec.gov/rules/final/2011/ia-3221.pdf.
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    The registrant is prohibited from registering as an investment 
adviser under section 203A of the Act because the Commission believes, 
based on the facts it has, that the registrant did not at the time of 
the Form ADV filing, and does not currently, maintain the required 
assets under management to remain registered with the Commission. 
Accordingly, the Commission believes that reasonable grounds exist for 
a finding that this registrant is no longer eligible to be registered 
with the Commission as an investment adviser and that the registration 
should be cancelled pursuant to section 203(h) of the Act.
    Any interested person may, by January 13, 2012 at 5:30 p.m., submit 
to the Commission in writing a request for a hearing on the 
cancellation, accompanied by a statement as to the nature of his 
interest, the reason for such request, and the issues, if any, of fact 
or law proposed to be controverted, and he may request that he be 
notified if the Commission should order a hearing thereon. Any such 
communication should be addressed: Secretary, Securities and Exchange 
Commission, Washington, DC 20549.
    At any time after January 13, 2012, the Commission may issue an 
order cancelling the registration, upon the basis of the information 
stated above, unless an order for a hearing on the cancellation shall 
be issued upon request or upon the Commission's own motion. Persons who 
requested a hearing, or to be advised as to whether a hearing is 
ordered, will receive any notices and orders issued in this matter, 
including the date of the hearing (if ordered) and any postponements 
thereof. Any adviser whose registration is cancelled under delegated 
authority may appeal that decision directly to the Commission in 
accordance with rules 430 and 431 of the Commission's rules of practice 
(17 CFR 201.430 and 431).
    For further information contact: Parisa Haghshenas, at (202) 551-
6787 (Office of Investment Adviser Regulation).


    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.\2\
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    \2\ 17 CFR 200.30-5(e)(2).
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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2011-32899 Filed 12-22-11; 8:45 am]
BILLING CODE 8011-01-P


