United States of America: Adopted SEC Rule amending section 203A-2(e) permitting certain investment advisers to register with the Securities and Exchange Commission

On 27 March 2024, the Securities and Exchange Commission (SEC) adopted a rule amending section 203A-2(e) under the Investment Advisers Act of 1940, permitting certain investment advisers to register with the SEC. The rule redefines the conditions set in Rule 203A-2(e), to allow internet advisors to register with the SEC if they have an all-times operational interactive website through which they provide investment advisory services on an ongoing basis to more than one client, and if they provide advice to all of their clients exclusively through an operational interactive website, eliminating the de-minimis exception. The rule enters into force 90 days after its publication in the Federal Register.