Performance-Based Investment Advisory Fees

The Securities and Exchange Commission ("Commission') intends to issue an order that would adjust for inflation dollar amount thresholds in the rule under the Investment Advisers Act of 1940 that permits investment advisers to charge performance-based fees to "qualified clients.' Under that rule, an investment adviser may charge performance-based fees if a "qualified client' has a certain minimum net worth or minimum dollar amount of assets under the management of the adviser. The Commission's order would increase, to reflect inflation, the minimum net worth that a "qualified client' must have under the rule. The order would also increase, to reflect inflation, the minimum dollar amount of assets under management. Hearing or Notification of Hearing: An order adjusting the dollar amount tests specified in the definition of "qualified client' will be issued unless the Commission orders a hearing. Interested persons may request a hearing by writing to the Commission's Secretary. Hearing requests should be received by the Commission's Office of the Secretary by 5:30 p.m. on June 4, 2021. Hearing requests should state the nature of the writer's interest, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by writing to the Commission's Secretary. Any such communication should be emailed to the Commission's Secretary at Secretarys-Office@sec.gov.