‘‘(ii) The investment adviser’s size, in-
cluding the assets under management of 
the investment adviser (excluding any as-
sets under management attributable to any 
of the adviser’s clients that are a reg-
istered investment company). 
‘‘(iii) The number and type of clients 
of the investment adviser. 
‘‘(iv) Such other objective factors, 
such as risk characteristics, as the Com-
mission determines to be appropriate. 
‘‘(C) ADJUSTMENT
OF
FORMULA.—Prior 
to the end of each fiscal year, the Commission 
shall review the fee calculation formula and, if, 
after allowing for a period of public comment, 
the Commission determines that the formula 
needs to be revised, the Commission shall revise 
such formula before fees are assessed for the 
following fiscal year. 
‘‘(4) PUBLIC DISCLOSURES.—The Commission 
shall make the following information publicly avail-
able, including on the Web site of the Commission: 
‘‘(A) The formula used to determine the 
fee amount to be assessed against individual in-
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vestment advisers, and any adjustment made to 
such formula. 
‘‘(B) The factors used to determine such 
formula, including any additional objective fac-
tors used by the Commission pursuant to para-
graph (3)(B)(iv). 
‘‘(5) AUDIT.— 
‘‘(A) IN GENERAL.—The Comptroller Gen-
eral of the United States shall, every 2 years, 
conduct an audit of the use of the fees collected 
by the Commission under this subsection, the 
reviews of the formula used to calculate such 
fees, and any adjustments made by the Com-
mission to such formula. 
‘‘(B) REPORT.—After conducting each 
audit required under subparagraph (A), the 
Comptroller General shall issue a report on 
such audit to the Committee on Financial Serv-
ices of the House of Representatives and the 
Committee on Banking, Housing, and Urban 
Affairs of the Senate. 
‘‘(6) TREATMENT OF FEES.— 
‘‘(A) IN GENERAL.—Funds derived from 
fees assessed under this subsection shall be 
available to the Commission, without further 
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appropriation or fiscal year limitation, to pay 
any costs associated with inspecting and exam-
ining investment advisers that are subject to in-
spection and examination under this title. 
‘‘(B) FUNDS NOT PUBLIC FUNDS.—Funds 
derived from fees assessed under this subsection 
shall not be construed to be Government or 
public funds or appropriated money. Notwith-
standing any other provision of law, funds de-
rived from fees assessed under this subsection 
shall not be subject to apportionment for the 
purpose of chapter 15 of title 31, United States 
Code, or under any other authority. 
‘‘(C) FUNDS
SUPPLEMENTAL
TO
OTHER 
AMOUNTS.—Funds derived from fees assessed 
under this subsection shall supplement, and be 
in addition to, any other amounts available to 
the Commission, under a regular appropriation 
or otherwise, for the purpose described in sub-
paragraph (A).’’. 
Æ 
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