California Urges Mid-Size Advisors to Start Transition to State

With over 900 registrations expected and limited staff, the California Department of Corporations (Securities Division) is urging advisors to start transition as soon as possible. 


On October 7, 2011, California issued instructions and a cover letter with timelines (and a subtle plea to get rolling!) on their website. 

If you are SEC registered and do not anticipate having ~$100 million at the start of 2012, please contact us to discuss your situation.


Dodd Frank Act (SEC to State Transition)
On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") into law. Under Dodd-Frank, federally registered investment advisers who manage assets under $100 million will need to transition their registration from SEC to the state(s). The deadline to transition was extended from July 2011 to 2012 as the regulators did not have all the pieces in place to accommodate the change. Greg Brown, Partner at AdvisorAssist, has detailed the new deadlines and procedures -- See SEC to State Transitions.

Posted in: compliance,RIA Registrations,SEC to State