,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #afbg  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #ah1 #bjac ,ms4
 ,wat]s 7= h]self & ,mr4 ,delaney7      
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,inve/m5t ,advis]s   
,act ( #aidj to require c]ta9 inve/m5t  
advis]s to pay fees to help cov] ! co/s 
( inspect+ & exam9+ inve/m5t advis]s "u 
su* ,act4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,inve/m5t ,advis]          
,exam9ation ,improvem5t ,act ( #bjac4   
#b4 ,s5se ( ,congress ,x is ! s5se ( !  
,congress t ! ,securities & ,ex*ange    
,commission %\ld increase ! numb] &     
frequ5cy ( exam9ations ( inve/m5t       
advis]s4  #c4 ,inspection & exam9ation  
fees ,section #bjd ( ! ,inve/m5t        
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#d7 is am5d$ by add+ at ! end !   
foll[+ new subsection  7e7 ,inspection &
 exam9ation fees  7#a7 ,9 g5]al ,!      
,commission %all collect an annual fee f
 inve/m5t advis]s t are subject to      

inspection or exam9ation by !           
,commission "u ?is title to defray ! co/
 ( su* inspections & exam9ations4  7#b7 
,exemptions = c]ta9 ,/ate-regulat$      
inve/m5t advis]s ,no fees %all be       
collect$ "u ?is subsection f any        
inve/m5t advis] t is prohibit$ f regi/]+
 ) ! ,commission "u section #bjc by     
reason ( section #bjc;,a4  7#c7 ,fee    
am\nts  7,a7 ,am\nt to be collect$  7i7 
,9 g5]al ,! ,commission %all seek to    
ensure t ! aggregate am\nt ( fees       
collect$ "u ?is subsection ) respect to 
a specific fiscal ye> are equal to !    
e/imat$ co/ ( ! ,commission 9 c>ry+ out 
additional inspections & exam9ations =  
su* fiscal ye>4  7ii7 ,additional       
inspections & exam9ations def9$ ,=      
purposes ( ?is subp>agraph & ) respect  
to a fiscal ye>1 ! t]m additional       
inspections & exam9ations means ^?      
inspections & exam9ations ( inve/m5t    
advis]s "u ?is title = su* fiscal ye> t 
exce$ ! numb] ( inspections &           
exam9ations ( inve/m5t advis]s "u ?is   

title conduct$ dur+ fiscal ye> #bjab4   
7,b7 ,fee calculation =mula ,!          
,commission %all e/abli% by rulemak+ a  
=mula = det]m9+ ! fee am\nt to be       
assess$ aga9/ individual inve/m5t       
advis]s1 :i* %all take into acc\nt !    
foll[+ factors3  7i7 ,! anticipat$ co/s 
( conduct+ inspections & exam9ations (  
inve/m5t advis]s "u ?is title1 includ+ !
 anticipat$ frequ5cy ( su* inspections &
 exam9ations4  7ii7 ,! inve/m5t advis]'s
 size1 includ+ ! assets "u managem5t ( !
 inve/m5t advis]4  7iii7 ,! numb] & type
 ( cli5ts ( ! inve/m5t advis]1 & ! ext5t
 to :i* ! advis]'s cli5ts pay o!r fees  
e/abli%$ by ! ,commission1 includ+      
regi/ration & transaction fees4  7iv7   
,su* o!r objective factors1 su* z risk  
*>act]i/ics1 z ! ,commission det]m9es to
 be appropriate4  7,c7 ,adju/m5t ( =mula
 ,prior to ! end ( ea* fiscal ye>1 !    
,commission %all review ! fee           
calculation =mula &1 if1 aft] all[+ = a 
p]iod ( public comm5t1 ! ,commission    
det]m9es t ! =mula ne$s to be revis$1 ! 

,commission %all revise su* =mula be=e  
fees are assess$ = ! foll[+ fiscal ye>4 
7#d7 ,public disclosures ,! ,commission 
%all make ! foll[+ in=mation publicly   
available1 includ+ on ! ,web site ( !   
,commission3  7,a7 ,! =mula us$ to      
det]m9e ! fee am\nt to be assess$ aga9/ 
individual inve/m5t advis]s1 & any      
adju/m5t made to su* =mula4  7,b7 ,!    
factors us$ to det]m9e su* =mula1       
includ+ any additional objective factors
 us$ by ! ,commission pursuant to       
p>agraph 7#c77;,b77iv74  7#e7 ,audit    
7,a7 ,9 g5]al ,! ,comptroll] ,g5]al ( ! 
,unit$ ,/ates %all1 e #b ye>s1 conduct  
an audit ( ! use ( ! fees collect$ by ! 
,commission "u ?is subsection1 ! reviews
 ( ! =mula us$ to calculate su* fees1 & 
any adju/m5ts made by ! ,commission to  
su* =mula4  7,b7 ,report ,aft] conduct+ 
ea* audit requir$ "u subp>agraph 7,a71 !
 ,comptroll] ,g5]al %all issue a report 
on su* audit to ! ,committee on         
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committee on       

,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate4  7#f7 ,treatm5t ( fees  7,a7 ,9 
g5]al ,funds d]iv$ f fees assess$ "u ?is
 subsection %all be available to !      
,commission1 )\t fur!r appropriation or 
fiscal ye> limitation1 to pay any co/s  
associat$ ) inspect+ & exam9+ inve/m5t  
advis]s t are subject to inspection &   
exam9ation "u ?is title4  7,b7 ,funds n 
public funds ,funds d]iv$ f fees assess$
 "u ?is subsection %all n be con/ru$ to 
be ,gov]nm5t or public funds or         
appropriat$ money4 ,not)/&+ any o!r     
provision ( law1 funds d]iv$ f fees     
assess$ "u ?is subsection %all n be     
subject to apportionm5t = ! purpose (   
*apt] #ae ( title #ca1 ,unit$ ,/ates    
,code1 or "u any o!r au?ority4  7,c7    
,funds supplem5tal to o!r am\nts ,funds 
d]iv$ f fees assess$ "u ?is subsection  
%all supplem5t1 & be 9 addition to1 any 
o!r am\nts available to ! ,commission1  
"u a regul> appropriation or o!rwise1 = 
! purpose describ$ 9 subp>agraph 7,a74  
4