Category Archives: IAR Licensing
As part of CRD/IARD Software Release 2010.4 (click here to access the release), the United States Securities and Exchange Commission (“SEC”) announced changes to the custody questions listed on Form ADV Part 1. Specifically, the following changes have been made to Item 9 of Form ADV Part 1: SEC registered advisers must continue to indicate [...]
Posted by Bryan Hill
Monday, November 15, 2010
If a registered representative of a broker-dealer wants to open a Series 65 exam window, it is the understanding of RIA Compliance Consultants that the registered representative must now go through his or her broker-dealer’s Web CRD account by using Form U4. This could create an additional challenge for certain registered representatives preparing to depart [...]
Posted by Bryan Hill
Saturday, November 6, 2010
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 [...]
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, [...]
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
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