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OGC-98-65 1 (1998-08-05)

handle is hein.gao/gaobabluu0001 and id is 1 raw text is: G AO United States General Accounting Office Washington, D.C. 20548 Office of the General Counsel B-280637 August 5, 1998 The Honorable Alfonse M. D'Amato Chairman The Honorable Paul S. Sarbanes Ranking Minority Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Thomas J. Bliley, Jr. Chairman The Honorable John D. Dingell Ranking Minority Member Committee on Commerce House of Representatives Subject: Securities and Exchange Commission: Interpretation of Section 206(3) of the Investment Advisers Act of 1940 Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule issued by the Securities and Exchange Commission (SEC), entitled Interpretation of Section 206(3) of the Investment Advisers Act of 1940 (Release No. IA-1732). We received the release on July 17, 1998. It was published in the Federal Register on July 23, 1998. 63 Fed. Reg. 39505. The rule, issued by the SEC as an interpretative release, concerns section 206(3) of the Investment Advisers Act of 1940. Section 206(3) generally prohibits an adviser from engaging in or effecting principal or agency transactions with an advisory client unless the adviser discloses certain information and obtains the client's consent before completing the transaction. The release states that the transaction is complete upon settlement, not execution. While this interpretative rule was not subject to the normal notice and comment procedures of the Administrative Procedure Act, the SEC and the Office of Information and Regulatory Affairs, Office of Management and Budget, have determined that it is a major rule under the Small Business Regulatory Enforcement GAO/OGC-98-65

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