Section 1032.111 - [Effective 1/1/2026] Scope of application to foreign-located investment advisers(a) The requirements of this part 1032 apply to a foreign-located investment adviser only with respect to its advisory activities that: (1) Take place within the United States, including through involvement of U.S. personnel of the investment adviser, such as the involvement of an agency, branch, or office within the United States, or(2) Provide advisory services to a U.S. person or a foreign-located private fund with an investor that is a U.S. person.(3) For purposes of this § 1032.111, (i) "Foreign-located private fund" means any foreign-located issuer that is a private fund as that term is defined under 15 U.S.C. 80b-2(a)(29) ;(ii) "Investor" means any investor as that term is defined at 17 CFR 275.202(a)(30)-1(c)(2) ; and(iii) "U.S. person" means any U.S. person as that term is defined in 17 CFR 230.902(k) .(b) For avoidance of doubt, upon request, a foreign-located investment adviser shall make records and reports required under this part, and any other records it has retained regarding the scope of its activities covered by this part, available for inspection by FinCEN or the Securities and Exchange Commission.