Source: https://dart.deloitte.com/USDART/obj/b47d1985-3f80-11e6-95db-bd11b4d5d60e
Timestamp: 2020-02-18 21:21:49
Document Index: 784502396

Matched Legal Cases: ['ART 275', '§ 275', '§ 279', '§ 275', '§ 275', '§ 275', '§ 240', '§ 270', '§ 270', '§ 279', '§ 275', '§ 275', '§ 230', '§ 230', '§ 275', '§ 275', 'art 2', 'art 2', 'art 3', '§ 275', '§ 275', '§ 275', '§ 275', '§ 240', '§ 275', '§ 230', '§ 275', '§ 275', '§ 275']

275 — RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940 | DART – Deloitte Accounting Research Tool
275 — RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940
PART 275 — RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940
Section 275.204-5 is also issued under sec. 913, Pub. L. 111-203, sec. 124 Stat. 1827-28 (2010).
Section 275.211h-1 is also issued under sec. 913, Pub. L. 111-203, sec. 124 Stat. 1827-28 (2010).
275.0-2 — General procedures for serving non-residents.
(3) Principal office and place of business has the same meaning as in § 275.203A-3(c) of this chapter.
275.0-3 — References to rules and regulations.
275.0-4 — General requirements of papers and applications.
(b) Formal specifications respecting applications. Every application for an order under any provision of the Act, for which a form with instructions is not specifically prescribed, and every amendment to such application, shall be filed in quintuplicate. One copy shall be signed by the applicant, but the other four copies may have facsimile or typed signatures. Such applications shall be on paper no larger than 81/2 × 11 inches in size. To the extent that the reduction of larger documents would render them illegible, those documents may be filed on paper larger than 81/2 × 11 inches in size. The left margin should be at least 11/2 inches wide and, if the application is bound, it should be bound on the left side. All typewritten or printed matter (including deficits in financial statements) should be set forth in black so as to permit photocopying and microfilming.
275.0-5 — Procedure with respect to applications and other matters.
275.0-6 — Incorporation by reference in applications.
[41 FR 39020, Sept. 14, 1976, as amended at 60 FR 32825, June 23, 1995; 84 FR 12674, Apr. 2, 2019]
275.0-7 — Small entities under the Investment Advisers Act for purposes of the Regulatory Flexibility Act.
275.202(a)(1)-1 — Certain transactions not deemed assignments.
275.202(a)(11)(G)-1 — Family offices.
[76 FR 37994, June 29, 2011; 81 FR 60417, Sept. 1, 2016]
275.202(a)(30)-1 — Foreign private advisers.
(1) Assets under management means the regulatory assets under management as determined under Item 5.F of Form ADV (§ 279.1 of this chapter).
(4) Place of business has the same meaning as in § 275.222-1(a).
(5) Spousal equivalent has the same meaning as in § 275.202(a)(11)(G)-1(d)(9).
275.203-1 — Application for investment adviser registration.
Note to paragraph (a)(1) :
Information on how to file with the IARD is available on the Commission's website at http://www.sec.gov/iard. If you are not required to deliver a brochure or Form CRS to any clients, you are not required to prepare or file a brochure or Form CRS, as applicable, with the Commission. If you are not required to deliver a brochure supplement to any clients for any particular supervised person, you are not required to prepare a brochure supplement for that supervised person.
[65 FR 57448, Sept. 22, 2000; 65 FR 81737, Dec. 27, 2000; 68 FR 42248, July 17, 2003; 73 FR 4694, Jan. 28, 2008; 75 FR 49267, Aug. 12, 2010; 76 FR 43011, July 19, 2011; 81 FR 60417, Sept. 1, 2016; 84 FR 33492, July 12, 2019]
275.203-2 — Withdrawal from investment adviser registration.
(b) Electronic filing. Once you have filed your Form ADV (17 CFR 279.1) (or any amendments to Form ADV) electronically with the Investment Adviser Registration Depository (IARD), any Form ADV-W you file must be filed with the IARD, unless you have received a hardship exemption under § 275.203-3.
(c) Effective date — upon filing. Each Form ADV-W filed under this section is effective upon acceptance by the IARD, provided however that your investment adviser registration will continue for a period of sixty days after acceptance solely for the purpose of commencing a proceeding under section 203(e) of the Act (15 U.S.C. 80b-3(e)).
275.203-3 — Hardship exemptions.
(a) Temporary hardship exemption — (1) Eligibility for exemption. If you are registered or are registering with the Commission as an investment adviser and submit electronic filings on the Investment Adviser Registration Depository (IARD) system, but have unanticipated technical difficulties that prevent you from submitting a filing to the IARD system, you may request a temporary hardship exemption from the requirements of this chapter to file electronically.
(3) Effective date — upon filing. The temporary hardship exemption will be granted when you file a completed Form ADV-H.
(b) Continuing hardship exemption — (1) Eligibility for exemption. If you are a “small business” (as described in paragraph (b)(5) of this section), you may apply for a continuing hardship exemption.
(3) Effective date — upon approval. You are not exempt from the electronic filing requirements until and unless the Commission approves your application. If the Commission approves your application, you may submit your filings to FINRA in paper format for the period of time for which the exemption is granted.
275.203(l)-1 — Venture capital fund defined.
(2) Equity security has the same meaning as in section 3(a)(11) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(11)) and § 240.3a11-1 of this chapter.
(6) Short-term holdings means cash and cash equivalents, as defined in § 270.2a51-1(b)(7)(i) of this chapter, U.S. Treasuries with a remaining maturity of 60 days or less, and shares of an open-end management investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8) that is regulated as a money market fund under § 270.2a-7 of this chapter.
[76 FR 39702, July 6, 2011; as amended at 83 FR 1296, Jan. 11, 2018]
275.203(m)-1 — Private fund adviser exemption.
(c) Frequency of Calculations. For purposes of this section, calculate private fund assets annually, in accordance with General Instruction 15 to Form ADV (§ 279.1 of this chapter).
(2) Place of business has the same meaning as in § 275.222-1(a).
(6) Related person has the same meaning as in § 275.206(4)-2(d)(7).
(7) United States has the same meaning as in § 230.902(l) of this chapter.
(8) United States person means any person that is a U.S. person as defined in § 230.902(k) of this chapter, except that any discretionary account or similar account that is held for the benefit of a United States person by a dealer or other professional fiduciary is a United States person if the dealer or professional fiduciary is a related person of the investment adviser relying on this section and is not organized, incorporated, or (if an individual) resident in the United States.
[76 FR 39703, July 6, 2011; as amended at 83 FR 1296, Jan. 11, 2018]
275.203A-1 — Eligibility for SEC registration; Switching to or from SEC registration.
(b) Switching to or from SEC registration — (1) State-registered advisers — switching to SEC registration. If you are registered with a state securities authority, you must apply for registration with the Commission within 90 days of filing an annual updating amendment to your Form ADV reporting that you are eligible for SEC registration and are not relying on an exemption from registration under sections 203(l) or 203(m) of the Act (15 U.S.C. 80b-3(l), (m)).
(2) SEC-registered advisers — switching to State registration. If you are registered with the Commission and file an annual updating amendment to your Form ADV reporting that you are not eligible for SEC registration and are not relying on an exemption from registration under sections 203(l) or 203(m) of the Act (15 U.S.C. 80b-3(l), (m)), you must file Form ADV-W (17 CFR 279.2) to withdraw your SEC registration within 180 days of your fiscal year end (unless you then are eligible for SEC registration). During this period while you are registered with both the Commission and one or more state securities authorities, the Act and applicable State law will apply to your advisory activities.
275.203A-2 — Exemptions from prohibition on Commission registration.
(3) Notwithstanding § 275.203A-1(b)(2) of this chapter, files a completed Form ADV-W (17 CFR 279.2) withdrawing from registration with the Commission within 120 days after the date the investment adviser's registration with the Commission becomes effective.
(3) An investment adviser may rely on the definition of client in § 275.202(a)(30)-1 in determining whether it provides investment advice to fewer than 15 clients under paragraph (e)(1)(i) of this section.
275.203A-3 — Definitions.
275.203A-4 — [Reserved]
275.203A-5 — [Removed and Reserved]
[76 FR 43012, July 19, 2011; as amended at 81 FR 60417, Sept. 1, 2016]
275.203A-6 — [Reserved]
275.204-1 — Amendments to Form ADV.
Note 1 to paragraphs (e): This note applies to paragraphs (a), (b), and (e) of this section. Information on how to file with the IARD is available on our Web site at http://www.sec.gov/iard. For the annual updating amendment: Summaries of material changes that are not included in the adviser's brochure must be filed with the Commission as an exhibit to Part 2A in the same electronic file; and if you are not required to prepare a brochure, a summary of material changes, an annual updating amendment to your brochure, or Form CRS you are not required to file them with the Commission. See the instructions for Part 2A and Part 3 of Form ADV.
[65 FR 57450, Sept. 22, 2000; 65 FR 81738, Dec. 27, 2000, as amended at 68 FR 42248, July 17, 2003; 73 FR 4694, Jan. 28, 2008; 75 FR 49267, Aug. 12, 2010; 76 FR 43013, July 19, 2011; 81 FR 60417, Sept. 1, 2016; 84 FR 33492, July 12, 2019]
275.204-2 — Books and records to be maintained by investment advisers.
(B) That if the investment adviser sends any notice, circular or other advertisement offering any report, analysis, publication or other investment advisory service to more than 10 persons, the investment adviser shall not be required to keep a record of the names and addresses of the persons to whom it was sent; except that if such notice, circular or advertisement is distributed to persons named on any list, the investment adviser shall retain with the copy of such notice, circular or advertisement a memorandum describing the list and the source thereof.
(13)(i) A record of each report made by an access person as required by § 275.204A-1(b), including any information provided under paragraph (b)(3)(iii) of that section in lieu of such reports;
(17)(i) A copy of the investment adviser's policies and procedures formulated pursuant to § 275.206(4)-7(a) of this chapter that are in effect, or at any time within the past five years were in effect;
(iii) A copy of any internal control report obtained or received pursuant to § 275. 206(4)-2(a)(6)(ii).
(18)(i) Books and records that pertain to § 275.206(4)-5 containing a list or other record of:
(g) Micrographic and electronic storage permitted — (1) General. The records required to be maintained and preserved pursuant to this part may be maintained and preserved for the required time by an investment adviser on:
(h)(1) Any book or other record made, kept, maintained and preserved in compliance with §§ 240.17a-3 and 240.17a-4 of this chapter under the Securities Exchange Act of 1934, or with rules adopted by the Municipal Securities Rulemaking Board, which is substantially the same as the book or other record required to be made, kept, maintained and preserved under this section, shall be deemed to be made, kept, maintained and preserved in compliance with this section.
[26 FR 5002, June 6, 1961; as amended at 81 FR 60417, Sept. 1, 2016; 84 FR 33492, July 12, 2019]
275.204-3 — Delivery of brochures and brochure supplements.
(iii) Who is an officer, employee, or other person related to the adviser that would be a “qualified client” of your firm under § 275.205-3(d)(1)(iii).
[75 FR 49268, Aug. 12, 2010; as amended at 81 FR 60417, Sept. 1, 2016]
275.204-4 — Reporting by exempt reporting advisers.
(e) Temporary hardship exemption — (1) Eligibility for exemption. If you have unanticipated technical difficulties that prevent submission of a filing to the IARD, you may request a temporary hardship exemption from the requirements of this chapter to file electronically.
275.204(b)-1 — Reporting by investment advisers to private funds.
275.204A-1 — Investment adviser codes of ethics.
(b) Reporting requirements — (1) Holdings reports. The code of ethics must require your access persons to submit to your chief compliance officer or other persons you designate in your code of ethics a report of the access person's current securities holdings that meets the following requirements:
(7) Limited offering means an offering that is exempt from registration under the Securities Act of 1933 pursuant to section 4(a)(2) or section 4(a)(5) (15 U.S.C. 77d(a)(2) or 77d(a)(5)) or pursuant to §§ 230.504 or 230.506 of this chapter.
[69 FR 41708, July 9, 2004, as amended at 76 FR 81806, Dec. 29, 2011; 81 FR 83494, Nov. 21, 2016]
275.204-5 — Delivery of Form CRS.
(i) Open a new account that is different from the retail investor’s existing account(s);
[84 FR 33492, July 12, 2019]
275.205-1 — Definition of “investment performance” of an investment company and “investment record” of an appropriate index of securities prices.
Quarterly ending —
Quarterly percent 3 (1/4 of annual)
2 Id. See Standard & Poor's Trade and Securities Statistics Security and Price Index Record — 1970 Edition, p. 133 for explanation of quarterly dividend yield.
Rate for each month of quarter (1/12 of annual)
(1) — Quarter ending
(2) — Index value 1
(3) — Aggregate market value of shares listed on the NYSE as of end of quarter (billions of dollars) 2
(4) — Quarterly value of estimated cash payments of shares listed on the NYSE (millions of dollars) 3
(5) — Estimated yield 4 (quarterly percent)
275.205-2 — Definition of “specified period” over which the asset value of the company or fund under management is averaged.
275.205-3 — Exemption from the compensation prohibition of section 205(a)(1) for investment advisers.
(c) Transition rules — (1) Registered investment advisers. If a registered investment adviser entered into a contract and satisfied the conditions of this section that were in effect when the contract was entered into, the adviser will be considered to satisfy the conditions of this section; Provided, however, that if a natural person or company who was not a party to the contract becomes a party (including an equity owner of a private investment company advised by the adviser), the conditions of this section in effect at that time will apply with regard to that person or company.
275.206(3)-1 — Exemption of investment advisers registered as broker-dealers in connection with the provision of certain investment advisory services.
275.206(3)-2 — Agency cross transactions for advisory clients.
275.206(3)-3T — Temporary rule for principal trades with certain advisory clients.
[72 FR 55042, Sept. 28, 2007, as amended at 74 FR 69015, Dec. 30, 2009; 75 FR 742, Jan. 6, 2012; 75 FR 82241, Dec. 30, 2010; 77 FR 76860, Dec. 28, 2012; 79 FR 76880, Dec. 23, 2014]
At 72 FR 55042, Sept. 28, 2007, § 275.206(3)-3T was added effective Sept. 30, 2007 through Dec. 31, 2009. At 75 FR 742, Jan. 6, 2010 the effective date was extended until Dec. 31, 2010. At 75 FR 82241, Dec. 30, 2010, the effective date was extended until Dec. 31, 2012. At 77 FR 76860, Dec. 28, 2012, the effective date was extended to Dec. 31, 2014. At 79 FR 76880, Dec. 23, 2014, the effective date was extended to Dec. 31, 2016.
275.206(4)-1 — Advertisements by investment advisers.
275.206(4)-2 — Custody of funds or securities of clients by investment advisers.
275.206(4)-3 — Cash payments for client solicitations.
(e) Special rule for solicitation of government entity clients. Solicitation activities involving a government entity, as defined in § 275.206(4)-5, shall be subject to the additional limitations set forth in that section.
275.206(4)-4 — [Reserved]
275.206(4)-5 — Political contributions by certain investment advisers.
(b) Exceptions — (1) De minimis exception. Paragraph (a)(1) of this section does not apply to contributions made by a covered associate, if a natural person, to officials for whom the covered associate was entitled to vote at the time of the contributions and which in the aggregate do not exceed $350 to any one official, per election, or to officials for whom the covered associate was not entitled to vote at the time of the contributions and which in the aggregate do not exceed $150 to any one official, per election.
275.206(4)-6 — Proxy voting.
275.206(4)-7 — Compliance procedures and practices.
275.206(4)-8 — Pooled investment vehicles.
275.222-1 — Definitions.
275.222-2 — Definition of “client” for purposes of the national de minimis standard.
For purposes of section 222(d)(2) of the Act (15 U.S.C. 80b-18a(d)(2)), an investment adviser may rely upon the definition of “client” provided by § 275.202(a)(30)-1, without giving regard to paragraph (b)(4) of that section.
The rate for October and November would be two-thirds of the yield for the quarter ended Sept. 30 (i.e. .667×.79=5269) since the yield for the quarter ended Dec. 31 would not be available as of Nov. 30.
The rate for October and November would be two thirds of the yield for the quarter ended September 30 (i.e. .667×.71=4736), since the yield for the quarter ended December 31 would not be available as of November 30.