Category Archives: IAR Licensing
The General Assembly of the Commonwealth of Kentucky recently made several changes to the Securities Act of Kentucky which affect investment adviser representatives and their registration requirements.
First, the definition of “investment adviser representative” has been slightly changed. The term is now defined as “an individual employed by or associated with an investment adviser…and who makes [...]
Pursuant to Release 2010.2 published on June 28, 2010 by the Investment Adviser Registration Depository (“IARD”), the Investment Adviser Public Disclosure (“IAPD) database now allows users to search for investment adviser representatives. Prior to the release, investment advisers and investment adviser representatives submitted registration and licensing information to the IARD; however, only information for investment [...]
In 2009, the State of Michigan adopted several amendments to the Michigan Uniform Securities Act. One of the major amendments to the Michigan Securities Laws requires all investment adviser representatives to be licensed.
Under Michigan’s revised definition of “investment adviser representative,” all individuals who make recommendations or give advice, manage accounts, determine recommendations or advice, provide [...]
Effective January 1, 2010, the North American Securities Administrators Association (“NASAA”) has made some changes regarding the composition and the minimum passing score for the Series 65 and Series 66 Examinations.
The Series 65 is the Uniform Investment Adviser Law Examination, which is designed to qualify candidates as investment adviser representatives. The Series 65 Examination [...]
Posted by Bryan Hill
Wednesday, January 13, 2010
Beginning Monday, November 16, 2009, registered investment advisor firms can access their 2010 Preliminary Renewal Statements via their IARD account. The Preliminary Renewal Statement must be paid, in full, by Friday, December 11, 2009. Because it takes approximately two days for payment to post to the IARD account, the funds should arrive no later than [...]
Registered investment adviser firms must file amended Form U4s for all their investment adviser representatives to provide answers to the new regulatory action disclosure questions. The North American Securities Administrators Association (“NASAA”) has published notice clarifying that the new questions on the FINRA Form U4 and the deadline of November 13, 2009 applies to investment [...]
Posted by Bryan Hill
Thursday, October 29, 2009
The establishment of policies and procedures designed to monitor the outside business activities (“OBAs”) of supervised persons (i.e. officers, directors, partners, investment advisor representatives, and employees) should be part of every registered investment advisor firm’s written compliance programs. RIA Compliance Consultants, Inc. suggests that some type of “outside business activities form” be created and all [...]
Posted by Bryan Hill
Monday, September 7, 2009
Beginning Monday, November 10, 2008, investment advisor firms can access their 2009 Preliminary Renewal Statements via their IARD account. The Preliminary Renewal Statement must be paid, in full, by Friday, December 12, 2008. Because it takes approximately two days for payment to post to the IARD account, the funds should arrive no later than Wednesday, [...]
Posted by Bryan Hill
Wednesday, October 15, 2008
The end of the year is an excellent time to remind investment advisor representatives (IARs) of the duty to update their Form U4. In addition, investment advisor firms should be, at least annually, reminding IARs of their ongoing duty to update the U4. According to the U4 instructions, “an individual is under a [...]
Posted by Bryan Hill
Tuesday, October 31, 2006
As a follow-up to our previous entry, we thought we would discuss the general licensing qualifications that state regulators impose for investment advisor representatives. The following are the standard licensing requirements that states will accept as a qualification for investment advisor representative licensing:
1. Series 65, NASAA Uniform Investment Adviser Law Examination, or
2. [...]
Posted by Bryan Hill
Tuesday, November 8, 2005
|
