Rules Implementing Amendments to the Investment Advisers Act of 1940

The Commission is adopting new rules and rule amendments under the Investment Advisers Act of 1940 ("Advisers Act') to implement provisions of the Investment Advisers Supervision Coordination Act ("Coordination Act') that reallocate regulatory responsibilities for investment advisers between the Commission and the states. The rules establish the process by which certain advisers will withdraw from Commission registration, exempt certain advisers from the prohibition on Commission registration, and define certain terms. The Commission also is amending several rules under the Advisers Act to reflect the changes made by the Coordination Act. The rules and rule amendments are intended to clarify provisions of the Coordination Act and assist investment advisers in ascertaining their regulatory status.