Document ID: SEC-2010-2017-0001
Agency: sec
Document Type: Notice
Title: Order Approving Investment Adviser Registration Depository Filing Fees
Posted Date: 2010-12-29T05:00Z

[Federal Register Volume 75, Number 249 (Wednesday, December 29, 2010)]
[Notices]
[Pages 82097-82098]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-32715]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. IA-3126/December 22, 2010]

Order Approving Investment Adviser Registration Depository Filing 
Fees

    Section 204(b) of the Investment Advisers Act of 1940 (``Advisers 
Act'') authorizes the Commission to require investment advisers to file 
applications and other documents through an entity designated by the 
Commission, and to pay reasonable costs associated with such 
filings.\1\ Commission staff, representatives of the North American 
Securities Administrators Association, Inc. (``NASAA''),\2\ and 
representatives of the Financial Industry Regulatory Authority 
(``FINRA''), the IARD system operator, periodically hold discussions on 
IARD system finances.
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    \1\ 15 U.S.C. 80b-4(b).
    \2\ The IARD system is used by both advisers registering or 
registered with the SEC and advisers registered or registering with 
one or more state securities authorities. NASAA represents the state 
securities administrators in setting IARD filing fees for state-
registered advisers.
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    FINRA wrote to Commission staff in November recommending revised 
annual and initial IARD filing fees to commence on January 1, 2011.\3\ 
The recommended fee levels would increase the fee for advisers with 
assets under management of $100 million or higher, but would not change 
the fee levels for advisers with assets under management under $100 
million.\4\ The recommended annual filing fees due beginning January 1, 
2011 are $40 for advisers with assets

[[Page 82098]]

under management under $25 million; $150 for advisers with assets under 
management from $25 million to $100 million; and $225 for advisers with 
assets under management of $100 million or higher. The recommended 
initial IARD filing fees due beginning January 1, 2011 are $40 for 
advisers with assets under management under $25 million; $150 for 
advisers with assets under management from $25 million to $100 million; 
and $225 for advisers with assets under management of $100 million or 
higher. The revised filing fees would apply to all annual updating 
amendments filed by SEC-registered advisers beginning January 1, 2011 
and to all initial applications for registration filed by advisers 
applying for SEC registration beginning January 1, 2011.
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    \3\ FINRA letter dated November 12, 2010 available at http://www.sec.gov/rules/other/2010/finraletter111210-iardfees.pdf.
    \4\ The revised fee level for advisers in the largest category 
would newly include advisers that report assets under management of 
exactly $100 million (not just over $100 million). We are making 
this revision to track the new mid-sized adviser category for 
advisers reporting assets under management of $25 million up to, but 
not including, $100 million. See section 410 of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (Pub. L. 111-203, 124 
Stat. 1376 (2010)).
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    On December 2, 2010 we issued a notice indicating our intent to 
charge revised fees IARD filing fees for advisers registering or 
registered with the Commission. The notice gave interested persons an 
opportunity to request a hearing and stated that an order instituting 
revised IARD filing fees would be issued unless a hearing was ordered. 
No request for a hearing has been filed, and no hearing has been 
ordered.
    It is therefore ordered, pursuant to Sections 204(b) and 206(A) of 
the Investment Advisers Act of 1940, that:
    For annual updating amendments to Form ADV filed on or after 
January 1, 2011, the filing fee due from SEC-registered advisers is $40 
for advisers with assets under management under $25 million; $150 for 
advisers with assets under management from $25 million to $100 million; 
and $225 for advisers with assets under management of $100 million or 
higher.
    For initial applications to register as an investment adviser with 
the SEC filed on or after January 1, 2011, the filing fee due from SEC-
registered advisers is $40 for advisers with assets under management 
under $25 million; $150 for advisers with assets under management from 
$25 million to $100 million; and $225 for advisers with assets under 
management of $100 million or higher.

    By the Commission.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-32715 Filed 12-28-10; 8:45 am]
BILLING CODE 8011-01-P