Renewals for Investment Advisers and Investment Adviser Representatives

November 02, 2012

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Investment adviser firms and investment adviser representatives must maintain active registrations and/or notice filing statuses with applicable securities regulators. Investment advisers should be aware that renewing registrations and notice filing statuses includes paying all applicable renewal fees by December 13, 2012. Unless properly renewed, all investment adviser firm registration and notice filing statuses and all investment adviser representative registrations will expire on December 31st of each calendar year. Failure to maintain active registration or notice filing status or failing to properly renew registration or notice filing may be detrimental to an investment adviser.  Investment adviser firms and investment adviser representatives that have not properly renewed their registrations or notice filing status with the appropriate securities regulators may become ineligible to conduct advisory business effective January 1, 2013.  Additionally, certain securities regulators may assess fines against those investment advisers or investment adviser representatives that fail to properly renew.

Most securities regulators participate in the IARD Automatic Failure to Renew Program.  If your investment adviser firm or investment adviser representatives are registered or noticed filed with a securities regulator that participates in the IARD Automatic Failure to Renew Program, your securities regulator has authorized FINRA to automatically terminate your investment adviser firm and investment adviser representative registrations or notice filing statuses on December 31, 2012, if your IARD account was not funded in full by the renewal deadline.  As of September 28, 2012, forty-four (44) securities regulators are participating in the IARD Automatic Fail to Renew Program.

Beginning November 14, 2012, investment advisers may retrieve their Preliminary Renewal Statements using the IARD/Web CRD system. Your investment adviser’s Preliminary Renewal Statement will reflect the full payment your investment adviser firm must provide to FINRA by Monday, December 13, 2012. Investment adviser firms and investment adviser representatives with an active “Approve” registration or notice filing status will have a Preliminary Renewal Statement available.

RIA Compliance Consultants can assist your investment adviser with its IARD renewals. To discuss our IARD renewal services contact your compliance consultant if you are an existing client of RIA Compliance Consultants. If you have not previously worked with RIA Compliance Consultants, click here to schedule a time to speak to one of our senior compliance consultants.

Posted by Bryan Hill
Labels: IARD, Registration, Renewals