Exemption for Certain Investment Advisers Operating Through the Internet

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission 17 CFR Parts 275 and 279 [Release No. IA-6354; File No. S7-13-23] RIN 3235-AN31 AGENCY: Securities and Exchange Commission. ACTION: Proposed rule. SUMMARY: The Securities and Exchange Commission (“SEC” or “Commission”) is proposing amendments to the rule under the Investment Advisers Act of 1940 that exempts certain investment advisers that provide advisory services through the internet (“internet investment advisers”) 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. DATES: Comments should be received on or before October 2, 2023. ADDRESSES: Comments may be submitted by any of the following methods: Electronic Comments Use the Commission's internet comment form ( https://www.sec.gov/​rules/​proposed.shtml ); or Send an email to rule-comments@sec.gov . Please include File Number S7-13-23 on the subject line. Paper Comments Send paper comments to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number S7-13-23. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method of submission…