Category Archives: South Carolina Investment Advisor
 

South Carolina Registered Investment Adviser’s Deadline to Submit their Written Policies and Procedures Manuals

July 24, 2014

The U.S. Securities and Exchange Commission (“SEC”) has a long-standing rule requiring registered investment advisers to develop, maintain and periodically assess written compliance policies and procedures.  A majority of state securities regulators also require state registered investment advisers to develop written compliance and supervisory procedures.  For example, South Carolina is one of the many states that requires its state registered investment advisers to develop a written compliance manual.  South Carolina makes this explicit through the South Carolina Uniform Securities Act Regulation 13-408(A)(19), which is found under the subheading “Record Requirements of Registered Investment Advisers.”  This regulation requires a state registered investment advisers to have “…written procedures to supervise the activities of employees and investment adviser representatives that are reasonably designed to achieve compliance with applicable securities laws and regulations.”

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