Registration & Licensing

These Frequently Asked Questions are part of a series of frequently asked questions that address four primary areas of interest to investment advisers:      Compliance Program Components;      Daily Operations;      Client Protection; and      Registration … Continued

The entire world puts in some work time over the weekend. Why can’t the IARD system be up and running? For that matter, it should be accessible 24/7. After all, it is a computer system. My computer works round the … Continued

The 2 most common registration deficiencies: Inconsistencies in responses to similar items found on Part 1 and Part 2 of Form ADV (e.g., Item 8C of Part 1A indicates that the adviser does not have investment discretion, but the adviser … Continued

Assets under management is a defined term on Form ADV. Don’t exaggerate to stay registered with the SEC. The SEC has enforcement actions underway against multiple SEC-registered advisory firms that puffed up their assets.

Applicants for investment adviser registration should not only be concerned about the accuracy of their firm’s primary registration documents (i.e., Form ADV Part 1 and Part 2A), but also that these documents, along with the firm’s advisory agreements, are consistent … Continued

Are you really at the same weight you were in 2003? You would be positively amazed at how quickly the information on the Form U-4 can become outdated. Why? Because unlike the ADV 1, you can renew an investment adviser … Continued

IARD user fees are always a source of confusion. That is because advisers swear up and down that they paid their renewal fees and this additional fee must be a mistake. But IARD user fees are separate and apart from … Continued

Tomorrow starts the registration renewal period. You need to log on to your IARD account and get a copy of your Preliminary Renewal Statement. Payment is due by December 13th, but we suggest paying well in advance. You have your … Continued

The SEC and state securities regulators are warning investors to not rely solely on a financial professional’s title to determine whether the person has the expertise they need. In a joint Investor Bulletin, released Wednesday, the SEC and the North American … Continued

On March 15, 2013, the Massachusetts Securities Division (the “Division”) filed regulations proposing amendments with respect to investment adviser representative (“IAR”) applications.  If made effective, the IAR application process would change and may affect your firm’s registration process for all … Continued

. . . is April 1st this year because March 31st falls on a Sunday.

Even though you may get a message from FINRA to the contrary, investment advisory firms with only one registered investment adviser do not have to go through the annual SAA certification process. In fact, you can’t.

Just a reminder that the annual super account administrator certification begins this coming Monday (Jan. 14th).

Important News from FINRA: As you may be aware, one of your responsibilities as your firm’s Super Account Administrator (SAA) is to complete the annual FINRA Entitlement User Accounts Certification Process. This certification process–which for 2013 begins Jan. 14 and … Continued

In order to provide state-registered investment advisers with a better understanding of what they need to do to “stay out of trouble” we analyzed all the state-level compliance material (e.g., examination request lists, deficiency letters, policy notices, speeches) we have … Continued

We have always contended that it is far easier to register as an investment adviser with the SEC than it is with most any state. Counterintuitive though it may be, registration with the SEC requires the filing of ONLY two … Continued

For those SEC-registered advisers transitioning to registration in the State of California, you need to include the following two disclosures in your ADV Part 2A: “XYZ Advisors has disclosed all material conflicts of interest under section 260.238(k) of the California … Continued