SEC Spring Cleaning: Ditching Dormant Investment Adviser Registrations
Published Date: 4/2/2025
Notice
Summary
The SEC plans to cancel the registrations of certain investment advisers who seem to have stopped doing business or didn’t file required paperwork. If you’re one of these advisers, your registration could be canceled soon, which means you can’t legally operate as an adviser anymore. Interested parties have until April 22, 2025, to ask for a hearing if they want to challenge this decision.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Specific Advisers Named for Cancellation
The notice names these investment advisers as subject to cancellation: MARKETOCRACY CAPITAL MANAGEMENT LLC (SEC No. 801-57974), STOCK MARKETS INSTITUTE (801-66878), ENIER JOSE CABRERA (801-79959), TCA FUND MANAGEMENT GROUP CORP. (801-80118), BRITE ADVISORS PTY LTD. (801-110970), MAVROS CAPITAL MANAGEMENT, LLC (801-128727), and PF ADVISORS LLC (801-129196). If your firm is one of these listed registrants, the SEC intends to cancel your registration under Section 203(h) of the Investment Advisers Act of 1940.
Deadline To Request a Hearing
Any interested person may submit a written request for a hearing on these cancellations by April 22, 2025, at 5:30 p.m. The request must state the person's interest, the reason for the request, and the issues to be controverted, and should be emailed to the Commission's Secretary at [email protected].
Reasons Cited For Cancellation
The Commission says each registrant either (a) failed to file a required Form ADV amendment as required by Rule 204-1 and appears no longer engaged in business as an investment adviser, or (b) indicated on Form ADV that it is no longer eligible to remain registered but did not file Form ADV-W to withdraw its registration. The Commission relies on Section 203(h) of the Act as the basis for cancellation.
Right To Appeal Cancelled Registrations
If a registrant's registration is cancelled under delegated authority, that registrant may appeal directly to the Commission under 17 CFR 201.430 and 201.431 (the Commission's rules of practice).
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