Foreign Advisers File U.S. Paperwork: Business as Usual
Published Date: 4/8/2025
Notice
Summary
The SEC is extending the paperwork rules for non-resident investment advisers and their partners to keep things clear and legal when they do business in the U.S. This means about 41 people a year will spend an hour each filing Form ADV-NR, with no extra costs. The extension keeps the process smooth and helps the SEC take action if needed, with no changes to fees or deadlines.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 3 costs, 1 mixed.
Filing Designates Agent for Service of Process
Filing Form ADV-NR designates the Secretary of the Commission (among others) as the non-resident general partner's or non-resident managing agent's agent for service of process, which permits the Commission and other parties to bring actions against those non-residents for violations of the federal securities laws.
Form ADV‑NR Filing Continues
If you are a non-resident general partner or non-resident managing agent of an SEC-registered investment adviser or an exempt reporting adviser, you must continue to file Rule 0-2/Form ADV-NR to designate an agent for service of process. The collection is mandatory, the submission was transmitted to OMB (Dated April 2, 2025), and the notice says there are no changes to fees or filing deadlines.
Estimated Annual Burden: 41 Hours
The SEC estimates it will receive 41 Form ADV-NR filings each year, with each filing taking one hour to complete, for an aggregate annual time burden of 41 hours and an estimated zero external cost burden.
No Recordkeeping; Filings Not Confidential
Rule 0-2 and Form ADV-NR do not require recordkeeping or records retention, and information filed under the rule is a filing with the Commission that is not kept confidential.
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