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Federal Register / Vol. 86, No. 215 / Wednesday, November 10, 2021 / Rules and Regulations currently report that they are compensated with performance-based fees.19
We do not, however, expect that the amendments to rule 2053 will result in substantial costs or benefits to these market participants. As described above, rule 2053 currently references specific dollar amount thresholds in the rules net worth and assets-under-management tests in paragraph d1 and, separately, specifies that these thresholds will be adjusted for the effects of inflation by order of the Commission in paragraph e. The amendments replace the specific dollar amount thresholds with references to the most recent order issued by the Commission containing the specific dollar amount thresholds adjusted for inflation, consistent with existing paragraph e of the rule. The amendments do not themselves change the dollar amount thresholds used in the definition, and, as a result, will not have any effect on the number of clients that meet the rules definition of qualified client. Further, we do not believe the amendments will affect the number of advisers charging clients performance fees. The amendments also update the date from May 1, 2016 to May 1, 2026 in paragraph e to indicate when the next adjustment will occur, with future adjustments every five years thereafter, although this update does not reflect any change in process or timing from the existing rule.
The amendments to rule 2053 could help investment advisers and clients more easily identify the current thresholds in the qualified client definition to the extent that the text of rule 2053 is inconsistent with the most recent order issued by the Commission or to the extent that investment advisers and clients are unaware of such inconsistency. Relatedly, the updated date in paragraph e may help investment advisers and clients more easily determine approximately when the Commission will next issue an order and set expectations for future changes.
These effects could incrementally reduce compliance costs; however, we do not expect any such reductions to be substantial.
Similarly, we do not expect any changes to efficiency, competition, or capital formation in the investment adviser industry as a result of the amendments to rule 2053. While the amendments may make the identification of qualified clients incrementally easier by clarifying that 19 This analysis is based on adviser responses to Item 5.E.6 of Part 1A on Form ADV. This Item requests that an adviser note whether it receives performance-based fees.

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the current thresholds in the qualified client definition may be found in the most recent order issued by the Commission, we do not believe that these changes will substantially affect an advisers ability to identify qualified clients or raise capital from such clients.
IV. Statutory Authority The Commission is adopting amendments to rule 2053 under the Advisers Act pursuant to the authority set forth in section 205e of the Investment Advisers Act of 1940 15
U.S.C. 80b5e.
List of Subjects in 17 CFR Part 275
Reporting and recordkeeping requirements, Securities.
Text of Rules For the reasons set out in the preamble, title 17, chapter II of the Code of Federal Regulations is amended as follows:

62475

of calculating a natural persons net worth:

5 The term most recent order means the most recently issued Commission order in accordance with paragraph e of this section and as published in the Federal Register.
e Inflation adjustments. Pursuant to section 205e of the Act, the dollar amounts referenced in paragraphs d1i and d1iiA of this section shall be adjusted, by order of the Commission, issued on or about May 1, 2026, and approximately every five years thereafter. The adjusted dollar amounts established in such orders shall be computed by:

By the Commission.
Dated: November 4, 2021.
Vanessa A. Countryman, Secretary.
FR Doc. 202124525 Filed 11921; 8:45 am BILLING CODE 801101P

PART 275RULES AND
REGULATIONS, INVESTMENT
ADVISERS ACT OF 1940

DEPARTMENT OF THE TREASURY

1. The authority citation for part 275
continues to read, in part, as follows:

Alcohol and Tobacco Tax and Trade Bureau

Authority: 15 U.S.C. 80b2a11G, 80b 2a11H, 80b2a17, 80b3, 80b4, 80b 4a, 80b64, 80b6a, and 80b11, unless otherwise noted.

Section 275.2053 is also issued under 15
U.S.C. 80b5e.

2. Section 275.2053 is amended by:
a. Revising paragraphs d1i and d1iiA introductory text;
b. Adding paragraph d5; and c. Revising paragraph e introductory text.
The revisions and addition read as follows:

275.2053 Exemption from the compensation prohibition of section 205a1 for investment advisers.

d
1
i A natural person who, or a company that, immediately after entering into the contract has, under the management of the investment adviser, at least the applicable dollar amount specified in the most recent order;
ii
A Has a net worth together, in the case of a natural person, with assets held jointly with a spouse of more than the applicable dollar amount specified in the most recent order. For purposes
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27 CFR Part 9
Docket No. TTB20200002; T.D. TTB174;
Ref: Notice No. 187
RIN 1513AC54

Establishment of the Verde Valley Viticultural Area Alcohol and Tobacco Tax and Trade Bureau, Treasury.
ACTION: Final rule; Treasury decision.
AGENCY:

The Alcohol and Tobacco Tax and Trade Bureau TTB establishes the approximately 200-square mile Verde Valley viticultural area AVA in Yavapai County, Arizona. The Verde Valley viticultural area is not located within any other established viticultural area. TTB designates viticultural areas to allow vintners to better describe the origin of their wines and to allow consumers to better identify wines they may purchase.
DATES: This final rule is effective December 10, 2021.
FOR FURTHER INFORMATION CONTACT:
Karen A. Thornton, Regulations and Rulings Division, Alcohol and Tobacco Tax and Trade Bureau, 1310 G Street NW, Box 12, Washington, DC 20005;
phone 2024531039, ext. 175.
SUPPLEMENTARY INFORMATION:
SUMMARY:

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