We included the «90 percent test» in our proposal to prevent Internet Investment Advisers from losing the exemption as a result of providing advice to a de minimis number of clients through means other than an interactive website. In framing the scope of the exemption, we have carefully balanced the burdens of multiple state registration requirements for Internet Investment Advisers with the design of NSMIA to allocate responsibility for regulating smaller advisers to state securities authorities. The authority citation for Part continues to read in part as follows: Authority: 15 U.