Should the proposed rule amendments be adopted, they would:

• require an investment adviser relying on the internet adviser registration rule to always have an operational interactive website through which the adviser provides ongoing digital investment advisory services to more than one client
• eliminate the de minimis exception from the current rule by proposing both to require that an internet investment adviser provide guidance to all of its clients solely via an operational interactive website and make certain corresponding changes to Form ADV
• revise the internet advisers exemption to better align registration requirements with modern technology and help the SEC enhance its oversight of registered investment advisers
• modernize rule 203A-2(e) to reflect the advancements and developments in technology and the marketplace since the rule’s adoption in 2002 and to better align current practices in the investment adviser industry with the narrow exemption that was intended to reflect Congress’s allocation of responsibility
• introduce related changes to Form ADV

Interested parties may submit feedback during the comment period that will remain open until 60 days after the date of publication in the Federal Register.

For more information, including instruction on how to submit comments, refer to the proposed rule, Exemption for Certain Investment Advisers Operating Through the Internet, on the SEC’s website.

Source:

SEC Proposes Reforms Relating to Investment Advisers Operating Exclusively Through the Internet (sec.gov)