In light of the SEC’s new rule requiring federally registered investment advisor firms to adopt and implement written compliance programs, many state registered firms are wondering if state regulators will require written supervisory systems too.
Such a rule was proposed recently in Texas and could be effective as early as the end of the year. Several states that already require written compliance procedures include Missouri, Wisconsin, Indiana, Maryland, North Carolina, and New Hampshire. In our opinion, it’s simply a matter of time before all states require written compliance and supervisory procedures for investment advisors.
If you are unsure of your state’s requirements or would like to develop a written compliance program, RIA Compliance Consultants is available to help make sure your firm is in full compliance.
Posted by Bryan Hill
Labels: Compliance Program