Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews, 91252-91253 [2024-26524]
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Federal Register / Vol. 89, No. 223 / Tuesday, November 19, 2024 / Rules and Regulations
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FOR FURTHER INFORMATION CONTACT: For
technical questions, contact Joseph A.
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and Marine Division, Office of National
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SUPPLEMENTARY INFORMATION:
ddrumheller on DSK120RN23PROD with RULES1
Background
On October 23, 2024, BIS published
in the Federal Register the interim final
rule, ‘‘Export Administration
Regulations: Revisions to Space-Related
Export Controls’’ (RIN 0694–AJ87) (89
FR 84770), which makes changes to
controls for spacecraft and related items
under the Export Administration
Regulations (EAR). This IFR reduces
license requirements on less sensitive
items to reflect the close relations with
VerDate Sep<11>2014
15:47 Nov 18, 2024
Jkt 265001
certain countries to better facilitate
space collaboration and makes
refinements and clarifications to
existing controls. These changes will
better enable a globally competitive U.S.
space industrial base while continuing
to protect U.S. national security and
foreign policy interests.
In response to requests from the
regulated community, the Department of
Commerce is extending the comment
period for this rule (RIN 0694–AJ87) by
30 days.
Matthew S. Borman,
Principal Deputy Assistant Secretary for
Strategic Trade and Technology Security.
[FR Doc. 2024–26886 Filed 11–15–24; 4:15 pm]
BILLING CODE 3510–33–P
SECURITIES AND EXCHANGE
COMMISSION
Effective November 19, 2024;
however, the Federal court issued its
vacatur of the rule amendments June 5,
2024.
FOR FURTHER INFORMATION CONTACT: John
Cavanagh, Senior Counsel; Robert
Holowka, Branch Chief; Jennifer Porter,
Assistant Director, Investment Adviser
Regulation Office, Division of
Investment Management at (202) 551–
6787 or IMOCC@sec.gov; U.S. Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549.
SUPPLEMENTARY INFORMATION: The
Commission is adopting technical
amendments to the following rules: 17
CFR 275.206(4)–9, 17 CFR 275.206(4)–
10, 17 CFR 275.211(h)(1)–1, 17 CFR
275.211(h)(1)-2, 17 CFR 275.211(h)(2)–1,
17 CFR 275.211(h)(2)–2, 17 CFR
275.211(h)(2)–3, 17 CFR 275.204–2, and
17 CFR 275.206(4)–7 under the Advisers
Act.
DATES:
17 CFR Part 275
I. Background
[Release No. IA–6773; File No. S7–03–22]
On August 23, 2023, the Commission
adopted the Private Fund Adviser Rules,
which, through its constituent parts,
would have protected investors who
directly or indirectly invest in private
funds and better enabled staff to
conduct examinations. The Private
Fund Adviser Rules became effective on
November 13, 2023.1 On June 5, 2024,
the U.S. Court of Appeals for the Fifth
Circuit vacated the Private Fund
Adviser Rules.2 The court’s vacatur of
the Private Fund Adviser Rules was
effective as of June 5, 2024, and had the
legal effect of (i) vacating the new rules
and the reservation of rule 206(4)–9 and
(ii) vacating the amendments to the
existing books and records rule 204–2
and compliance rule 206(4)–7 such that
those vacated amendments are no longer
in effect. These technical amendments
reflect the vacatur in the CFR by
rescinding the Private Fund Adviser
Rules.
Private Fund Advisers; Documentation
of Registered Investment Adviser
Compliance Reviews
Securities and Exchange
Commission.
ACTION: Final rule; technical
amendments.
AGENCY:
The Securities and Exchange
Commission (‘‘Commission’’) is
adopting technical amendments to
various rules under the Investment
Advisers Act of 1940 (‘‘Advisers Act’’)
to reflect a Federal court’s vacatur of
new rules and rule amendments that the
Commission adopted on August 23,
2023. The Commission adopted new
rules designed to protect investors who
directly or indirectly invest in private
funds, corresponding amendments to
the Advisers Act books and records rule
to facilitate compliance with the new
rules and assist examination staff, and
additional amendments to the Advisers
Act compliance rule to better enable
staff to conduct examinations (together,
the ‘‘Private Fund Adviser Rules’’). The
court’s vacatur of the Private Fund
Adviser Rules was effective as of June
5, 2024, and had the legal effect of:
vacating the new rules and the
reservation of a rule number in the Code
of Federal Regulations (‘‘CFR’’); as well
as vacating the amendments to the
existing books and records and
compliance rules such that those
vacated amendments are no longer in
effect. These technical amendments
revise the CFR to reflect the court’s
vacatur of the Private Fund Adviser
Rules.
SUMMARY:
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II. Procedural and Other Matters
The Administrative Procedure Act
(‘‘APA’’) generally requires an agency to
publish notice of a rulemaking in the
Federal Register and provide an
opportunity for public comment. This
requirement does not apply, however, if
the agency ‘‘for good cause finds . . .
that notice and public procedure are
impracticable, unnecessary, or contrary
to the public interest.’’ 3
1 Private Fund Advisers; Documentation of
Registered Investment Adviser Compliance Reviews,
Release No. IA–6383 (Aug. 23, 2023) [88 FR 63206
(Sept. 14, 2023)].
2 National Association of Private Fund Managers
v. SEC, No. 23–60471 (5th Cir. 2024).
3 5 U.S.C. 553(b)(B).
E:\FR\FM\19NOR1.SGM
19NOR1
Federal Register / Vol. 89, No. 223 / Tuesday, November 19, 2024 / Rules and Regulations
The technical amendments do not
impose any new substantive regulatory
requirements on any person and merely
reflect the vacatur of the Private Fund
Adviser Rules. For these reasons, for
good cause, the Commission finds that
notice and public comment are
unnecessary.4
For similar reasons, although the APA
generally requires publication of a rule
at least 30 days before its effective date,
the Commission finds there is good
cause for the amendments to take effect
on [INSERT DATE OF PUBLICATION
IN THE FEDERAL REGISTER].5
Pursuant to the Congressional Review
Act, the Office of Information and
Regulatory Affairs has designated these
amendments as not a ‘‘major rule,’’ as
defined by 5 U.S.C. 804(2).
List of Subjects in 17 CFR Part 275
Administrative practice and
procedure, Reporting and recordkeeping
requirements, Securities.
Text of Amendments
For the reasons set forth in the
preamble, title 17, chapter II of the Code
of Federal Regulations is amended as
follows:
*
Section 275.204–2 is also issued under 15
U.S.C. 80b–6.
*
*
*
§ 275.204–2
*
*
[Amended]
2. Amend § 275.204–2 by:
a. Removing the ‘‘; and’’ at the end of
paragraph (a)(7)(iv)(B) and adding a
period in its place;
■ b. Removing paragraph (a)(7)(v); and
■ c. Removing and reserving paragraphs
(a)(20) through (24).
*
*
*
*
*
■
■
ddrumheller on DSK120RN23PROD with RULES1
4 This
finding also satisfies the requirements of 5
U.S.C. 808(2), allowing the amendments to become
effective notwithstanding the requirement of 5
U.S.C. 801 (if a Federal agency finds that notice and
public comment are impractical, unnecessary or
contrary to the public interest, a rule shall take
effect at such time as the Federal agency
promulgating the rule determines). The
amendments also do not require analysis under the
Regulatory Flexibility Act. See 5 U.S.C. 604(a)
(requiring a final regulatory flexibility analysis only
for rules required by the APA or other law to
undergo notice and comment).
5 See 5 U.S.C. 553(d)(3).
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15:47 Nov 18, 2024
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[Amended]
4. Amend § 275.206(4)–7 by revising
paragraph (b) to read as follows:
*
*
*
*
*
(b) Annual review. Review, no less
frequently than annually, the adequacy
of the policies and procedures
established pursuant to this section and
the effectiveness of their
implementation; and
*
*
*
*
*
■
§ 275.211(h)(1)–1 through § 275.211(h)(2)–3
[Removed]
5. Remove §§ 275.211(h)(1)–1,
275.211(h)(1)–2, 275.211(h)(2)–1,
275.211(h)(2)–2, and 275.211(h)(2)–3.
■
Dated: November 8, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–26524 Filed 11–18–24; 8:45 am]
BILLING CODE 8011–01–P
[Docket No. DEA–407]
Authority: 15 U.S.C. 80b–2(a)(11)(G), 80b–
2(a)(11)(H), 80b–2(a)(17), 80b–3, 80b–4, 80b–
4a, 80b–6(4), 80b–6a, 80b–11, 1681w(a)(1),
6801–6809, and 6825, unless otherwise
noted.
*
§ 275.206(4)–7
21 CFR Part 1307
1. The authority citation for part 275
continues to read in part as follows:
*
3. Remove §§ 275.206(4)–9 and
275.206(4)–10.
*
*
*
*
*
■
Drug Enforcement Administration
■
*
[Removed]
DEPARTMENT OF JUSTICE
PART 275—RULES AND
REGULATIONS, INVESTMENT
ADVISERS ACT OF 1940
*
§ 275.206(4)–9, § 275.206(4)–10
RIN 1117–AB40, 1117–AB78, and 1117–
ZA06
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
42 CFR Part 12
Third Temporary Extension of COVID–
19 Telemedicine Flexibilities for
Prescription of Controlled Medications
Drug Enforcement
Administration, Department of Justice;
Substance Abuse and Mental Health
Services Administration, Department of
Health and Human Services.
ACTION: Temporary rule.
AGENCY:
The Drug Enforcement
Administration (DEA) in concert with
the Department of Health and Human
Services (HHS) is issuing a third
extension of telemedicine flexibilities
for the prescribing of controlled
medications, through December 31,
2025.
SUMMARY:
This rule is effective January 1,
2025, through December 31, 2025.
FOR FURTHER INFORMATION CONTACT:
Heather E. Achbach, Diversion Control
DATES:
PO 00000
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Fmt 4700
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91253
Division, Drug Enforcement
Administration; Mailing Address: 8701
Morrissette Drive, Springfield, VA
22152, Telephone: (571) 776–3882.
SUPPLEMENTARY INFORMATION:
I. Background
Overview
Under the Ryan Haight Online
Pharmacy Consumer Protection Act of
2008 (the Ryan Haight Act), a
prescribing practitioner—subject to
certain exceptions—may prescribe
controlled medications to a patient only
after conducting an in-person evaluation
of that patient. In response to the
COVID–19 Public Health Emergency
(COVID–19 PHE), as declared by the
Secretary (the Secretary) of the
Department of Health and Human
Services (HHS) on January 31, 2020,
pursuant to the authority under section
319 of the Public Health Service Act (42
U.S.C. 247), the Drug Enforcement
Administration (DEA) granted
temporary exceptions to the Ryan
Haight Act and DEA’s implementing
regulations under 21 U.S.C. 802(54)(D).
In order to prevent lapses in care,
these exceptions allowed for the
prescribing of controlled medications
via telemedicine encounters even when
the prescribing practitioner had not
conducted an in-person medical
evaluation of the patient. These
telemedicine flexibilities authorized
practitioners to prescribe schedule II–V
controlled medications via audio-video
telemedicine encounters, including
schedule III–V narcotic controlled
medications approved by the Food and
Drug Administration (FDA) for
maintenance and withdrawal
management treatment of opioid use
disorder via audio-only telemedicine
encounters, provided that such
prescriptions otherwise comply with the
requirements outlined in DEA guidance
documents, DEA regulations, and
applicable Federal and State law. DEA
granted those temporary exceptions to
the Ryan Haight Act and DEA’s
implementing regulations via two letters
published in March 2020:
• A March 25, 2020 ‘‘Dear Registrant’’
letter signed by William T. McDermott,
DEA’s then-Assistant Administrator,
Diversion Control Division (the
McDermott Letter); 1 and
• A March 31, 2020 ‘‘Dear Registrant’’
letter signed by Thomas W. Prevoznik,
DEA’s then-Deputy Assistant
1 William T. McDermott, DEA Dear Registrant
letter, Drug Enforcement Administration (March 25,
2020), https://www.deadiversion.usdoj.gov/GDP/
(DEA-DC-018)(DEA067)%20DEA%20state%20
reciprocity%20(final)(Signed).pdf.
E:\FR\FM\19NOR1.SGM
19NOR1
]]>Agencies
[Federal Register Volume 89, Number 223 (Tuesday, November 19, 2024)]
[Rules and Regulations]
[Pages 91252-91253]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-26524]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
17 CFR Part 275
[Release No. IA-6773; File No. S7-03-22]
Private Fund Advisers; Documentation of Registered Investment
Adviser Compliance Reviews
AGENCY: Securities and Exchange Commission.
ACTION: Final rule; technical amendments.
-----------------------------------------------------------------------
SUMMARY: The Securities and Exchange Commission (``Commission'') is
adopting technical amendments to various rules under the Investment
Advisers Act of 1940 (``Advisers Act'') to reflect a Federal court's
vacatur of new rules and rule amendments that the Commission adopted on
August 23, 2023. The Commission adopted new rules designed to protect
investors who directly or indirectly invest in private funds,
corresponding amendments to the Advisers Act books and records rule to
facilitate compliance with the new rules and assist examination staff,
and additional amendments to the Advisers Act compliance rule to better
enable staff to conduct examinations (together, the ``Private Fund
Adviser Rules''). The court's vacatur of the Private Fund Adviser Rules
was effective as of June 5, 2024, and had the legal effect of: vacating
the new rules and the reservation of a rule number in the Code of
Federal Regulations (``CFR''); as well as vacating the amendments to
the existing books and records and compliance rules such that those
vacated amendments are no longer in effect. These technical amendments
revise the CFR to reflect the court's vacatur of the Private Fund
Adviser Rules.
DATES: Effective November 19, 2024; however, the Federal court issued
its vacatur of the rule amendments June 5, 2024.
FOR FURTHER INFORMATION CONTACT: John Cavanagh, Senior Counsel; Robert
Holowka, Branch Chief; Jennifer Porter, Assistant Director, Investment
Adviser Regulation Office, Division of Investment Management at (202)
551-6787 or [email protected]; U.S. Securities and Exchange Commission, 100
F Street NE, Washington, DC 20549.
SUPPLEMENTARY INFORMATION: The Commission is adopting technical
amendments to the following rules: 17 CFR 275.206(4)-9, 17 CFR
275.206(4)-10, 17 CFR 275.211(h)(1)-1, 17 CFR 275.211(h)(1)-2, 17 CFR
275.211(h)(2)-1, 17 CFR 275.211(h)(2)-2, 17 CFR 275.211(h)(2)-3, 17 CFR
275.204-2, and 17 CFR 275.206(4)-7 under the Advisers Act.
I. Background
On August 23, 2023, the Commission adopted the Private Fund Adviser
Rules, which, through its constituent parts, would have protected
investors who directly or indirectly invest in private funds and better
enabled staff to conduct examinations. The Private Fund Adviser Rules
became effective on November 13, 2023.\1\ On June 5, 2024, the U.S.
Court of Appeals for the Fifth Circuit vacated the Private Fund Adviser
Rules.\2\ The court's vacatur of the Private Fund Adviser Rules was
effective as of June 5, 2024, and had the legal effect of (i) vacating
the new rules and the reservation of rule 206(4)-9 and (ii) vacating
the amendments to the existing books and records rule 204-2 and
compliance rule 206(4)-7 such that those vacated amendments are no
longer in effect. These technical amendments reflect the vacatur in the
CFR by rescinding the Private Fund Adviser Rules.
---------------------------------------------------------------------------
\1\ Private Fund Advisers; Documentation of Registered
Investment Adviser Compliance Reviews, Release No. IA-6383 (Aug. 23,
2023) [88 FR 63206 (Sept. 14, 2023)].
\2\ National Association of Private Fund Managers v. SEC, No.
23-60471 (5th Cir. 2024).
---------------------------------------------------------------------------
II. Procedural and Other Matters
The Administrative Procedure Act (``APA'') generally requires an
agency to publish notice of a rulemaking in the Federal Register and
provide an opportunity for public comment. This requirement does not
apply, however, if the agency ``for good cause finds . . . that notice
and public procedure are impracticable, unnecessary, or contrary to the
public interest.'' \3\
---------------------------------------------------------------------------
\3\ 5 U.S.C. 553(b)(B).
---------------------------------------------------------------------------
[[Page 91253]]
The technical amendments do not impose any new substantive
regulatory requirements on any person and merely reflect the vacatur of
the Private Fund Adviser Rules. For these reasons, for good cause, the
Commission finds that notice and public comment are unnecessary.\4\
---------------------------------------------------------------------------
\4\ This finding also satisfies the requirements of 5 U.S.C.
808(2), allowing the amendments to become effective notwithstanding
the requirement of 5 U.S.C. 801 (if a Federal agency finds that
notice and public comment are impractical, unnecessary or contrary
to the public interest, a rule shall take effect at such time as the
Federal agency promulgating the rule determines). The amendments
also do not require analysis under the Regulatory Flexibility Act.
See 5 U.S.C. 604(a) (requiring a final regulatory flexibility
analysis only for rules required by the APA or other law to undergo
notice and comment).
---------------------------------------------------------------------------
For similar reasons, although the APA generally requires
publication of a rule at least 30 days before its effective date, the
Commission finds there is good cause for the amendments to take effect
on [INSERT DATE OF PUBLICATION IN THE FEDERAL REGISTER].\5\
---------------------------------------------------------------------------
\5\ See 5 U.S.C. 553(d)(3).
---------------------------------------------------------------------------
Pursuant to the Congressional Review Act, the Office of Information
and Regulatory Affairs has designated these amendments as not a ``major
rule,'' as defined by 5 U.S.C. 804(2).
List of Subjects in 17 CFR Part 275
Administrative practice and procedure, Reporting and recordkeeping
requirements, Securities.
Text of Amendments
For the reasons set forth in the preamble, title 17, chapter II of
the Code of Federal Regulations is amended as follows:
PART 275--RULES AND REGULATIONS, INVESTMENT ADVISERS ACT OF 1940
0
1. The authority citation for part 275 continues to read in part as
follows:
Authority: 15 U.S.C. 80b-2(a)(11)(G), 80b-2(a)(11)(H), 80b-
2(a)(17), 80b-3, 80b-4, 80b-4a, 80b-6(4), 80b-6a, 80b-11,
1681w(a)(1), 6801-6809, and 6825, unless otherwise noted.
* * * * *
Section 275.204-2 is also issued under 15 U.S.C. 80b-6.
* * * * *
Sec. 275.204-2 [Amended]
0
2. Amend Sec. 275.204-2 by:
0
a. Removing the ``; and'' at the end of paragraph (a)(7)(iv)(B) and
adding a period in its place;
0
b. Removing paragraph (a)(7)(v); and
0
c. Removing and reserving paragraphs (a)(20) through (24).
* * * * *
Sec. 275.206(4)-9, Sec. 275.206(4)-10 [Removed]
0
3. Remove Sec. Sec. 275.206(4)-9 and 275.206(4)-10.
* * * * *
Sec. 275.206(4)-7 [Amended]
0
4. Amend Sec. 275.206(4)-7 by revising paragraph (b) to read as
follows:
* * * * *
(b) Annual review. Review, no less frequently than annually, the
adequacy of the policies and procedures established pursuant to this
section and the effectiveness of their implementation; and
* * * * *
Sec. 275.211(h)(1)-1 through Sec. 275.211(h)(2)-3 [Removed]
0
5. Remove Sec. Sec. 275.211(h)(1)-1, 275.211(h)(1)-2, 275.211(h)(2)-1,
275.211(h)(2)-2, and 275.211(h)(2)-3.
Dated: November 8, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-26524 Filed 11-18-24; 8:45 am]
BILLING CODE 8011-01-P
