Rule 203A-5 - Transition rules.  [Reserved]

Note:  The provisions of Rule 203A-5 were eliminated and the rule reserved for future use in 2016.  See, Release No. IA-4509, August 25, 2016.



(a) Temporary exemption from prohibition on Commission registration for mid-sized investment advisers. Until January 1, 2012, the prohibition of Section 203A(a)(2) does not apply to an investment adviser registered with the Commission on July 21, 2011.

(b) SEC-registered advisers - Form ADV filing. Every investment adviser registered with the Commission on January 1, 2012 shall file an amendment to Form ADV no later than March 30, 2012 and shall determine its assets under management based on the current market value of the assets as determined within 90 days prior to the date of filing the Form ADV.

(c) Mid-sized investment advisers - withdrawing from Commission registration.

(1) If an investment adviser registered with the Commission on January 1, 2012 would be prohibited from registering with the Commission under Section 203A(a)(2), and is not otherwise exempted by Rule 203A–2 from such prohibition, such investment adviser shall withdraw from registration with the Commission by filing Form ADV-W no later than June 28, 2012. During this period while an investment adviser is registered with both the Commission and one or more state securities authorities, the Act and applicable State law will apply to the investment adviser’s advisory activities.

(2) If, prior to the effective date of the withdrawal from registration of an investment adviser on Form ADV-W, the Commission has instituted a proceeding pursuant to Section 203(e) to suspend or revoke registration, or pursuant to Section 203(h) to impose terms or conditions upon withdrawal, the withdrawal from registration shall not become effective except at such time and upon such terms and conditions as the Commission deems necessary or appropriate in the public interest or for the protection of investors.

Back to Top