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SEC RIN: 3235-AN31 Publication ID: Fall 2023 
Title: Exemption for Certain Investment Advisers Operating Through the Internet 

The Division is considering recommending that the Commission adopt amendments to the exemption for internet advisers from the prohibition against registration under the Investment Advisers Act of 1940.  The Commission proposed amendments to the rule under the Advisers Act that exempts certain investment advisers that provide advisory services through the internet from the prohibition on Commission registration, as well as related amendments to Form ADV. The proposed amendments are designed to modernize the rule’s conditions to account for the evolution in technology and the investment advisory industry since the adoption of the rule.

Agency: Securities and Exchange Commission(SEC)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
CFR Citation: 17 CFR 275.203A-2(e)    17 CFR 279.1   
Legal Authority: 15 U.S.C. 80b-3a(c)    15 U.S.C. 80b-11(a)   
Legal Deadline:  None
Action Date FR Cite
NPRM  08/01/2023  88 FR 50076   
NPRM Comment Period End  10/02/2023 
Final Action  04/00/2024 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Undetermined 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Sirimal Mukerjee
Senior Special Counsel
Securities and Exchange Commission
100 F Street NE,
Washington, DC 20549
Phone:202 551-3340