Federal Register / Vol. 63, No. 142 / Friday, July 24, 1998 /Rules and Regulations 39707

The Rule

This amendment to 14 CFR part 71

modifies Class E airspace at New

Lisbon, WI to accommodate aircraft

executing the proposed GPS SIAP, 179°

helicopter point in space approach, at

Mile Bluff Medical Center Heliport.

Controlled airspace extending upward

from 700 to 1200 feet AGL to needed to

contain aircraft executing the approach.

The area will be depicted on

appropriate aeronautical charts.

The FAA has determined that this

regulation only involves an established

body of technical regulations for which

frequent and routine amendments are

necessary to keep them operationally

current. Therefore, this regulation—(1)

is not a ‘‘significantly regulatory action’’

under Executive Order 12866; (2) is not

a ‘‘significant rule’’ under DOT

Regulatory Policies and Procedures (44

FR 11034; February 26, 179); and (3)

does not warrant preparation of a

Regulatory Evaluation as the anticipated

impact is so minimal. Since this is a

routine matter that will only affect air

traffic procedures and air navigation, it

is certified that this rule will not have

a significant economic impact on a

substantial number of small entities

under the criteria of the Regulatory

Flexibility Act.

List of Subjects in 14 CFR Part 71

Airspace, Incorporation by reference,

Navigation (air).

Adoption of the Amendment

In consideration of the foregoing, the

Federal Aviation Administration

amends 14 CFR part 71 as follows:

PART 71—DESIGNATION OF CLASS A,

CLASS B, CLASS C, CLASS D, AND

CLASS E AIRSPACE AREAS;

AIRWAYS; ROUTES; AND REPORTING

POINTS

1. The authority citation for part 72

continues to read as follows:

Authority: 49 U.S.C. 106(g), 40103, 40113,

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389.

§ 71.1 [Amended]

2. The incorporation by reference in

14 CFR 71.1 of the Federal Aviation

Administration Order 7400.9E, Airspace

Designations and Reporting Points,

dated September 10, 1997, and effective

September 16, 1997, is amended as

follows:

Paragraph 6005 Class E airspace areas

extending upward from 700 feet or more

above the surface of the earth.

* * * * *

AGL WI E5 New Lisbon, WI [Revised]

Mauston-New Lisbon Union Airport, WI

(Lat. 43°50′17′′ N., long 90°08′13′′ W.)

Mile Bluff Medical Center Heliport, WI

Point in Space Coordinates

(lat. 43°48′09′′ N., long. 90°04′34′′ W.)

That airspace extending upward from 700

feet above the surface within a 8.8-mile

radius of Mauston-New Lisbon Union

Airport, and within a 6.0-mile radius of the

Point in Space serving Mile Bluff Medical

Center Heliport excluding that airspace

within the Necadah, WI, and Friendship, WI,

Class E airspace areas, and excluding that

airspace within the Camp Douglas, WI, Class

D and Class E airspace areas, during the

specific dates and times Class D airspace is

effective.

* * * * *

Issued in Des Plaines, Illinois on July 15,

1998.

Richard K. Petersen,

Acting Assistant Manager, Air Traffic

Division.

[FR Doc. 98–19852 Filed 7–23–98; 8:45 am]

BILLING CODE 4910–13–M

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Airspace Docket No. 98–AGL–29]

Establishment of Class E Airspace;

Beaver Dam, WI

AGENCY: Federal Aviation

Administration (FAA), DOT.

ACTION: Final rule.

SUMMARY: This action establishes Class

E airspace at Beaver Dam, WI. A Global

Positioning System (GPS) Standard

Instrument Approach Procedure (SIAP),

266° helicopter point in space approach,

has been developed for Hillside

Hospital Heliport. Controlled airspace

extending upward from 700 to 1200 feet

above ground level (AGL) is needed to

contain aircraft executing the approach.

This action creates controlled airspace

with a redius of 6.0 miles for the point

in space serving Hillside Hospital

Heliport.

EFFECTIVE DATE: 0901 UTC, October 8,

1998.

FOR FURTHER INFORMATION CONTACT:

Michelle M. Behm, Air Traffic Division,

Airspace Branch, AFL–520, Federal

Aviation Administration, 2300 East

Devon Avenue, Des Plaines, Illinois

60018, telephone (847) 294–7568.

SUPPLEMENTARY IMFORMATION:

History

On Thursday, May 28, 1998, the FAA

proposed to amend 14 CFR part 71 to

establish Class E airspace at Beaver

Dam, WI (63 FR 29164). The proposal

was to add controlled airspace

extending upward from 7000 to 1200

feet AGL to contain Instrument Flight

Rules (IFR) operations in controlled

airspace during portions of the terminal

operation and while transiting between

the enroute and terminal environments.

Interested parties were invited to

participate in this rulemaking

proceeding by submitting written

comments on the proposal to the FAA.

No comments objecting to the proposal

were received. Class E airspace

designations for airspace areas

extending upward from 700 feet or more

above the surface of the earth are

published in paragraph 6005 of FAA

Order 7400.9E dated September 10,

1997, and effective September 16, 1997,

which is incorporated by reference in 14

CFR 71.1. The Class E airspace

designation listed in this document will

be published subsequently in the Order.

The Rule

This amendment to 14 CFR part 71

establishes Class E airspace at Beaver

Dam, WI, to accommodate aircraft

executing the proposed GPS SIAP, 266°

helicopter point in space approach, at

Hillside Hospital Heliport by creating

controlled airspace for the heliport.

Controlled airspace extending upward

from 700 to 1200 feet AGL is needed to

contain aircraft executing the approach.

The area will be depicted on

appropriate aeronautical charts.

The FAA has determined that this

regulation only involves an established

body to technical regulations for which

frequent and routine amendments are

necessary to keep them operationally

current. Therefore, this regulation—(1)

is not a ‘‘significant regulatory action’’

under Executive Order 12866; (2) is not

a ‘‘significant rule’’ under DOT

Regulatory Policies and Procedures (44

FR 11034; February 26, 1979); and (3)

does not warrant preparation of a

Regularly Evaluation as the anticipated

impact is so minimal. Since this is a

routine matter that will only affect air

traffic procedures and air navigation, it

is certified that this rule will not have

a significant economic impact on a

substantial number or small entities

under the criteria of the Regulatory

Flexibility Act.

List of Subjects in 14 CFR Part 71

Airspace, Incorporation by reference,

Navigation (air).

Adoption of the Amendment

In consideration of the foregoing, the

Federal Aviation Administration

amends 14 CFR part 71 as follows:
39708 Federal Register / Vol. 63, No. 142 / Friday, July 24, 1998 /Rules and Regulations

1Pub. L. No. 104–290, 110 Stat. 3416 (1996)

(codified in scattered sections of the United States

Code).

2 15 U.S.C. 80b–3a(a).

PART 71—DESIGNATION OF CLASS A,

CLASS B, CLASS C, CLASS D, AND

CLASS E AIRSPACE AREAS;

AIRWAYS; ROUTES; AND REPORTING

POINTS

1. The authority citation for part 71

continues to read as follows:

Authority: 49 U.S.C. 106(g), 40103, 40113,

40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959–

1963 Comp., p. 389.

§ 71.1 [Amended]

2. The incorporation by reference in

14 CFR 71.1 of the Federal Aviation

Administration Order 7400.9E, Airspace

Designations and Reporting Points,

dated September 10, 1997, and effective

September 16, 1997, is amended as

follows

Paragraph 6005 Class E airspace areas

extending upward from 770 feet or more

above the surface of the earth.

* * * * *

AGL WI E5 Beaver Dam, WI [New]

Hillside Hospital Heliport, WI

Point in Space Coordinates

(Lat. 42° 26′ 45′′N., long. 88° 48′ 36′′W.)

That airspace extending upward from 700

feet above the surface within a 6.0-mile

radius of the Point in Space serving Hillside

Hospital Heliport excluding that airspace

within the Juneau, WI, Class E airspace area.

* * * * *

Issued on Des Plaines, Illinois, on July 15,

1988.

Richard K. Petersen,

Acting Assistant Manager, Air Traffic

Division.

[FR Doc. 98–19851 Filed 7–23–98; 8:45 am]

BILLING CODE 4910–13–M

SECURITIES AND EXCHANGE

COMMISSION

17 CFR Parts 275 and 279

[Release No. IA–1733, File No. S7–28–97]

RIN 3235–AH22

Exemption for Investment Advisers

Operating in Multiple States; Revisions

to Rules Implementing Amendments to

the Investment Advisers Act of 1940;

Investment Advisers With Principal

Offices and Places of Business in

Colorado or Iowa

AGENCY: Securities and Exchange

Commission.

ACTION: Final rules.

SUMMARY: The Commission is adopting

rule amendments under the Investment

Advisers Act of 1940 to exempt multistate investment advisers from the

prohibition on Commission registration

and to revise the definition of the term

‘‘investment adviser representative.’’

The Commission also is adopting

amendments to Schedule I to Form ADV

to reflect the enactment of investment

adviser statutes in Colorado and Iowa.

The rule amendments refine rules

implementing the Investment Advisers

Supervision Coordination Act.

DATES: Effective Date: The rule

amendments will become effective

August 31, 1998.

Compliance Date: Supervised persons

of Commission-registered investment

advisers must comply with amendments

to § 275.203A–3(a)(3)(i) no later than

December 31, 1998.

FOR FURTHER INFORMATION CONTACT:

Carolyn-Gail Gilheany, Attorney, or

Jennifer S. Choi, Special Counsel, at

(202) 942–0716, Task Force on

Investment Adviser Regulation, Division

of Investment Management, Stop 5–6,

Securities and Exchange Commission,

450 Fifth Street, NW., Washington, DC

20549.

SUPPLEMENTARY INFORMATION: The

Commission is adopting amendments to

rule 203A–2 (17 CFR 275.203A–2), rule

203A–3 (17 CFR 275.203A–3), rule

206(4)–3 (17 CFR 275.206(4)–3), Form

ADV (17 CFR 279.1), Schedule G to

Form ADV (17 CFR 279.1), and

Schedule I to Form ADV (17 CFR 279.1)

under the Investment Advisers Act of

1940 (15 U.S.C. 80b) (‘‘Advisers Act’’).

The Commission also is withdrawing

rule 203A–5 (17 CFR 275.203A–5) and

Form ADV–T (17 CFR 279.3) under the

Advisers Act.

Table of Contents

Executive Summary

I. Background

II. Discussion

A. Multi-State Investment Adviser

Exemption from Prohibition on

Registration with the Commission

B. Definition of Investment Adviser

Representative

1. Accommodation Clients

2. High Net Worth Clients and Other

Excepted Persons

C. Other Amendments

D. Investment Advisers with Principal

Offices and Places of Business in

Colorado or Iowa

III. Cost-Benefit Analysis

IV. Paperwork Reduction Act

V. Summary of Regulatory Flexibility

Analysis

VI. Statutory Authority

Text of the Rule and Form Amendments

Appendix A: Schedule I to Form ADV

Appendix B: Schedule G to Form ADV

Appendix C: Illustrations of Accommodation

Client Provision

Executive Summary

Section 203A of the Advisers Act

generally prohibits an investment

adviser from registering with the

Commission unless it has more than $25

million of assets under management or

is an adviser to a registered investment

company. The Commission is adopting

amendments to rule 203A–2 under the

Advisers Act to exempt from the

prohibition on Commission registration

those advisers that are required to

register as investment advisers in 30 or

more states.

Section 203A preempts most state

regulatory requirements for

Commission-registered investment

advisers and their supervised persons

except for certain ‘‘investment adviser

representatives.’’ The Commission is

adopting amendments to rule 203A3

under the Advisers Act to revise the

definition of investment adviser

representative. Under the amended

definition, supervised persons of

Commission-registered investment

advisers are investment adviser

representatives (and therefore subject to

state qualification requirements) if they

have more than five clients who are

natural persons and more than ten

percent of their clients are natural

persons.

Under section 203A, the Commission

retains regulatory authority for an

investment adviser with a principal

office and place of business in a state

that does not have an investment

adviser statute. The Commission is

adopting amendments to Schedule I to

Form ADV to reflect that Colorado and

Iowa have recently enacted investment

adviser statutes.

I. Background

Two years ago, Congress enacted the

National Securities Markets

Improvement Act of 1996 (‘‘1996 Act’’).1

Title III of the 1996 Act, the Investment

Advisers Supervision Coordination Act

(‘‘Coordination Act’’), amended the

Advisers Act to, among other things,

reallocate federal and state

responsibilities for regulation of

investment advisers by limiting federal

registration and preempting certain state

laws. Under section 203A(a) of the

Advisers Act,2 an investment adviser

that is regulated or required to be

regulated as an investment adviser in

the state in which it maintains its

principal office and place of business is

prohibited from registering with the

Commission unless the investment

adviser (i) has at least $25 million of

assets under management, or (ii) is an

investment adviser to an investment