January 25, 2012

Potential help for RIA's moving from SEC to state?

The North American Securities Administrators Association (NASAA) has provided a dedicated resource to help investment advisors switch from SEC to state oversight.  

This switch will affect most investment advisors with assets under management between $25 million and $100 million with a principal office and place of business in a state where investment advisers are required to be registered and are subject to examination.  (Investment advisors in Wyoming and New York are not affected by the switch due to the lack of a formalized securities oversight process.)

The "IA Coordinated Review Program" is available to any investment advisor that must register in four or more states.  To be included in the IA Coordinated Review Program, click here to fill out the NASAA form.  The IA Coordinated Review Program will be available through March 30, 2012.  

We estimate that over 3,000 advisors will be impacted by "the switch."  Each of these firms will need to determine which states their firm and IARs must register in, while dealing with a number of regulatory changes that are coinciding with "the switch", including a new definition for "assets under management" and new ADV questions.  So if you plan on engaging a compliance consultant or utilizing the NASAA program, we recommend that you DO NOT wait until the last minute!

For more information on the NASAA Switch Program, click here to visit the IA Switch Resource Center. 
Feel free to contact AdvisorAssist to discuss how "the switch" will impact your RIA.



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