Investment Advisers Act

Rule 203-1

Application for Investment Adviser Registration

(a) Form ADV. To apply for registration with the Commission as an investment adviser, you must complete and file Form ADV (17 CFR 279.1) by following the instructions in the Form.

(b) Electronic filing.

(1) If you apply for registration after January 1, 2001, you must file electronically with the InvestmentAdviser Registration Depository (IARD), unless you have received a hardship exemption under Sec. 275.203-3.

Note to paragraph (b)(1): Information on how to file with the IARD is available on the Commission's website at http://www.sec.gov/iard.

(2) You are not required to file with the Commission a copy of Part II of Form ADV if you maintain a copy of your Part II (and any brochure you deliver to clients) in your files. The copy maintained in your files is considered filed with the Commission.

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Note to paragraph (b)(2): The Commission has proposed, but not adopted, substantial changes to Part II of Form ADV. Thus, the rules for preparing, delivering, and offering Part II (or a brochure containing at least the information contained in Part II) have not changed. If you are an SEC-registered adviser, however, you no longer have to file Part II with the Commission. Instead, you must keep a copy in your files, and update the information in your Part II whenever it becomes materially inaccurate. State law may continue to require you to file Part II with the appropriate State securities authority on paper, regardless of whether you are filingPart 1 on paper or through the IARD.

(c) When filed. Each Form ADV is considered filed with the Commission upon acceptance by the IARD.

(d) Filing fees. You must pay NASD (the operator of the IARD) a filing fee. The Commission has approved the amount of the filing fee. No portion of the filing fee is refundable. Your completed application for registration will not be accepted by NASD, and thus will not be considered filed with the Commission, until you have paid the filing fee.

Editorial Note: For Federal Register citations affecting Form ADV, see the List of CFR Sections Affected, which appears in the Finding Aids section of the printed volume and on GPO Access.