Delaware Securities Act
700 Registration of Investment Advisors
Order Adopting Rules and Regulations Pursuant to the Delaware Securities Act
On April 1, 2003, the Division of Securities of the Delaware Department of Justice (“Division”) published in the Delaware Register of Regulations proposed revisions to the Rules and Regulations Pursuant to the Delaware Securities Act. The proposed revisions were held open for public comment until May 1, 2003.
Summary of Evidence and Information Submitted
During the thirty day comment period, no evidence or information was provided to the Division regarding the proposed revisions.
Findings of Fact
The Commissioner determines that the adoption of the proposed revisions to the Rules and Regulations Pursuant to the Delaware Securities Act is appropriate.
Decision to Adopt the Proposed Revisions
Wherefore, It is Hereby Ordered, pursuant to 6 Del.C. 7325 and 29 Del.C. 10118, the the proposed revisions to the Rules and Regulations Pursuant to the Delaware Securities Act, in the form attached hereto as Exhibit A, are adopted to be effective ten (10) days following publication of this order in the Delaware Register of Regulations.
SO ORDERED THIS 9TH DAY OF JULY, 2003.
James B. Ropp, Securities Commissioner
Part G. Investment Advisers and Investment Adviser Representatives
§700 Registration of Investment Advisors
(a) A person applying for a license as an investment adviser in Delaware shall make application for such license on Form ADV (Uniform Application for Investment Adviser Registration under the Investment Advisers Act of 1940). Amendments to such application shall also be made on Form ADV.
(b) The applicant shall file the following items with the Commissioner: (i) the application on Form ADV; (ii) the fee required by Section 7314 of the Act; (iii) a balance sheet prepared in accordance with Schedule G of Form ADV; (iv) a list of all investment adviser representatives employed by the investment adviser; and (v)proof of compliance with Rule 710 by filing an Investment Adviser Affidavit available at http://www.state.de.us/securities or by contacting the Division of Securities; and (vi) such other information as the Commissioner may reasonably require.
(c) Registration expires at the end of the calendar year. Any investment adviser may renew its registration by filing with the Commissioner an updated Form ADV, together with the fee required by Section 7314 of the Act and a list of all investment adviser representatives employed by the investment adviser.
(d) Every investment adviser must have at least one investment adviser representative registered with the Commissioner to obtain or to maintain its license as an investment adviser. Except for an investment advisor that is a sole proprietorship or the substantial equivalent, an investment adviser registered with the Commissioner shall register with the Commissioner at least one investment advisor representative.
4 DE Reg 510 (9/1/00)