Document Headings

                    Document headings vary by document type but may contain                    the following:                  
                -                       the agency or agencies that issued and signed a document                    
                -                       the number of the CFR title and the number of each part                      the document amends, proposes to amend, or is directly                      related to                    
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###### Securities and Exchange Commission

          - [Investment Company Act Release No. IA-6478]

# ADDRESSES:

                        The Commission:                         *Secretarys-Office@sec.gov.*

# FOR FURTHER INFORMATION CONTACT:

Juliet Han, Senior Counsel at 202-551-5213; SEC, Division of Investment Management, Office of Chief Counsel, 100 F Street NE, Washington, DC 20549-8549.

                            For the Commission, by the Division of Investment Management, pursuant to delegated authority.[3] 

Sherry R. Haywood,

Assistant Secretary.

# Footnotes

1.                             Section 203A of the Act generally prohibits an investment adviser from registering with the Commission unless it meets certain requirements. Rule 203A-2 provides exemptions from the prohibition on Commission registration in section 203A of the Act. Rule 203A-2(e) exempts from the prohibition on Commission registration certain investment advisers that provide advisory services through the internet, as described above.                         *See Exemption for Certain Investment Advisers Operating Through the internet,*                         Investment Advisers Act Release No. 2091 (December 12, 2002),                         *available at https://www.sec.gov/​rules/​final/​ia-2091.htm*                         (“internet Adviser Exemption Adopting Release”). Effective September 19, 2011, rule 203A-2(f) was renumbered as rule 203A-2(e).                         *See 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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2.                             Rule 203A-2(e) defines “interactive website” as a website in which computer software-based models or applications provide investment advice to clients based on personal information provided by each client through the website. An adviser relying on the exemption may not use its advisory personnel to elaborate or expand upon the investment advice provided by its interactive website, or otherwise provide investment advice to its internet clients, except as permitted by the rule's de minimis exception. Such exception permits an adviser relying on the rule to advise clients through means other than its interactive website, so long as the adviser had fewer than 15 of these non-internet clients during the preceding 12 months. See internet Adviser Exemption Adopting Release,                         *id.*
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3.                                     17 CFR 200.30-5(e)(2).                            
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[FR Doc. 2023-24991 Filed 11-13-23; 8:45 am]

BILLING CODE 8011-01-P