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PA Bulletin, Doc. No. 02-609



Designation of an Investment Adviser Registration Depository for Applications, Amendments and Fees for Investment Adviser Representatives of Federally Covered Advisers

[32 Pa.B. 1939]

   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 requires 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 the 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 2nd 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.
P. O. Box 9495
Gaithersburg, MD 20898-9495
NASD Regulation, Inc.,
P. O. Box 7777-W9995
Philadelphia, PA

   2.  Effective with the date of this order and thereafter, all investment adviser representatives of a federally covered adviser making an initial application for registration, shall file Form U-4 electronically and pay the Filing Fee through 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

   3.  Investment adviser representatives of federally covered 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.  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.

   5.  This Order shall be published in the Pennsylvania Bulletin.

   6.  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 by calling (717) 787-1165 or TDD Users: AT&T Relay Center (800) 654-5984.


[Pa.B. Doc. No. 02-609. Filed for public inspection April 12, 2002, 9:00 a.m.]

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