Addition to RIA Compliance Consultants’ Sample Forms Library – Non-Access Person Acknowledgement Form

October 13, 2016

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RIA Compliance Consultants added a new Sample Form to our Sample Forms Library. Our new Non-Access Person Acknowledgement Form is for investment advisers to document employees who are “non-access persons.” According the Securities and Exchange Commission (SEC), an investment adviser’s “access persons” are, “any of the investment adviser’s supervised persons who have access to non-public information regarding any investment advisory client’s purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any reportable fund or any person who is involved in making securities recommendations to investment advisory clients, or who has access to such recommendations that are nonpublic.”

Similarly, a “non-access” person is an individual who does not have access to the above-described information and is not involved in making securities recommendations to clients.

This Sample Form is available to clients in Silver, Gold, and Platinum Packages through their online subscription accounts. Clients in the Sample Forms, Value, and Bronze Packages can purchase this Sample Form by clicking here.

Please Note: An investment adviser firm considering the possibility of using this sample Non-Access Person Acknowledgement form must be prepared to prove and substantiate that supervised persons signing this Non-Access Person Acknowledgement form are in fact not access persons.   The burden of proof that someone is not an access person will be placed on the investment adviser firm, and it is a high standard.  The U.S. Securities and Exchange Commission (“SEC”) will challenge any presumption that a supervised person is not an access person.  If it is determined that a supervised person is in fact an access person but has not been submitting personal and household securities holdings and transactions to the investment adviser firm, the investment adviser firm will be violation of the SEC’s code of ethics rule.  RIA Compliance Consultants, Inc. recommends that you review SEC Rule 204A-1 and consult with your compliance professional before using this sample form.

Posted by Bryan Hill
Labels: Compliance Forms, Investment Adviser Representative, Uncategorized