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

On 26 July, the Securities and Exchange Commission (SEC) published a proposed Amendment to Rule 203A-2(e) under the Investment Advisers Act of 1940. Under the current framework, advisers may not register with the SEC, and it provides few exceptions. The SEC proposes to redefine 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.