Designation of an Investment Adviser Registration Depository for Applications, Renewals, Amendments and Fees for Investment Adviser Representatives of State Registered Investment Advisers
[32 Pa.B. 2394]
Whereas, Section 303(a) of the Pennsylvania Securities Act of 1972 (1972 Act) requires investment adviser representatives seeking registration in Pennsylvania to file an application with the Pennsylvania Securities Commission (Commission); and
Whereas, Sections 602(d.1) and 602.1(a)(1) and (2) of the 1972 Act require investment adviser representatives to pay filing fees and compliance assessment fees annually to the Commission (Filing Fees); and
Whereas, Commission Regulation 303.014, 64 Pa. Code § 303.014, states that the application required by Section 303(a) of the 1972 Act shall be the Uniform Application for Securities Industry Registration or Transfer (Form U-4); and
Whereas, Commission Regulation 303.014, 64 Pa. Code § 303.014, requires an amendment to Form U-4 when material information contained in Form U-4 becomes incorrect or incomplete (Form U-4 Amendment); and
Whereas, Commission Regulation 303.014, 64 Pa. Code § 303.014, authorizes the Commission, by order, to designate an investment adviser registration depository for the receipt of Form U-4, Form U-4 Amendments and Filing Fees; and
Whereas, the Commission, finds it necessary and appropriate in the public interest and for the protection of investors and consistent with the purposes fairly intended by the policy and provisions of the 1972 Act to issue the following Order:
Now, Therefore, the Commission on the 23rd day of April, 2002, pursuant to Commission Regulation 303.014, 64 Pa. Code § 303.014, orders the following:
1. For purposes of Commission Regulation 303.014, the Commission designates the following as the only investment adviser registration depository authorized to receive Form U-4, Form U-4 Amendments and Filing Fees on behalf of the Commission (IARD):
IARD Document Processing
NASD Regulation, Inc.
NASD Regulation, Inc., CRD-IARD P. O. Box 9495 P. O. Box 7777-W9995 Gaithersburg, MD 20898-9495 Philadelphia, PA 19175-9995 www.iard.com
2. Effective with the date of this order and thereafter, all investment adviser representatives of Pennsylvania registered advisers making an initial application for registration, shall file Form U-4 electronically and pay the Filing Fee through www.iard.com. Form U-4 shall be deemed filed and the Filing Fee shall be deemed received by the Commission on the date such items are accepted by the IARD. All Form U-4 amendments shall be filed electronically through www.iard.com.
3. Investment adviser representatives of Pennsylvania registered investment advisers, that are registered in Pennsylvania, as of the effective date of this order, shall transition their registration to the IARD (''Transition Filing'') no later than September 30, 2002, which Transition Filing shall include submission of a complete and accurate electronic Form U-4.
4. For any renewal occurring after the effective date of this order, Pennsylvania registered investment adviser representatives making a renewal with the Commission in accordance with Section 301(e) of the 1972 Act shall pay Filing Fees through IARD.
5. As provided by Commission Regulation 603.011, 64 Pa. Code § 603.011, an application for registration as an investment adviser representative is not deemed complete until all the required documents, filing fees and compliance assessment fees have been received by the Commission.
6. This Order shall be published in the Pennsylvania Bulletin.
7. The effective date of this Order shall be the date published in the Pennsylvania Bulletin.
Alternative formats of this document may be available upon request. Call (717) 787-1165 or TDD Users: via AT&T Relay Center (800) 654-5984.
M. JOANNA CUMMINGS,
[Pa.B. Doc. No. 02-882. Filed for public inspection May 10, 2002, 9:00 a.m.]
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