Nebraska State-Registered Investment Adviser Renewal Requirements for 2020

November 08, 2019

The Securities Bureau of the Nebraska Department of Banking and Finance has released its 2020 list of requirements for a state-registered investment adviser (IA) and an investment advisor representative (IAR) to renew their registration in the State of Nebraska.

In addition to payment of renewal fees via the CRD/IARD system and in accordance with the IARD 2020 Renewal program calendar at https://www.iard.com/renewal-program and annual renewal statement which will become available on the CRD/IARD system as soon as Monday, November 11, 2019, the Nebraska Securities Bureau requires a state-registered investment adviser to submit (via email) the following documents to the Nebraska Securities Bureau by December 20, 2019:

  1. Current Financial Statement;
  2. Surety Bond (if applicable);
  3. Investment Adviser Contracts or Agreements; and
  4. The Completed 2020 Nebraska Investment Adviser Renewal Checklist.

Failure by a state-registered investment firm to meet all the deadlines specified in its checklist will result in the state-registered investment adviser firm and its investment adviser representatives no longer being registered in Nebraska on January 1, 2020 and unable to conduct investment advisory business in Nebraska.  Please note that the Nebraska Securities Bureau will not send out reminder notices to submit the required information by the due date.

Please visit https://ndbf.nebraska.gov/sites/ndbf.nebraska.gov/files/news-release/2020%20IA%20Renewal%20Notice.pdf for additional information regarding the additional items that must be sent to the Nebraska Securities Bureau.

RIA Compliance Consultants is currently offering to investment advisers an IARD Renewal Program and ADV Annual Amendment Service*. For only $1,095**, investment advisers that engage us by executing the engagement and remitting the retainer fee prior to December 19, 2019, will receive assistance with the annual renewal process** and with preparing and submitting the Form ADV Part 1 Annual Amendment that all investment advisers are required to file and submit within 90 days following the investment adviser firm’s fiscal year. If your investment adviser firm is not currently in one of our annual compliance programs or has not already purchased our 2020 IARD Renewal Program and Form ADV Annual Amendment Service, we recommend that your investment adviser firm do so as soon as possible since renewal statements become available Monday, November 11, 2019. Engagement of RIA Compliance Consultants after December 19, 2019 will be subject to availability and additional fees will be charged.

Additionally, if your firm is an SEC registered investment adviser firm with retail clients, RIA Compliance Consultants will be offering an investment adviser Client Relationship Summary/Form ADV Part 3 (“Form ADV Part 3”) drafting service for $595 subject to certain restrictions (see engagement agreement letter linked here for those restrictions).

The Form ADV Part 3 is only for s SEC registered investment adviser serving a retail investor, which is a natural person, or the legal representative of such natural person, who seeks to receive or receives services primarily for personal, family or household purposes. For additional information about the Form ADV Part 3, please visit https://www.ria-compliance-consultants.com/form-adv-part-3-faqs/.

The $595 drafting service will only be available if your investment adviser firm purchases the service and executes a letter of engagement prior to April 1, 2020. After March 31, 2020, these services will be subject to availability and prices will increase. Again, the Form ADV Part 3 is only applicable to SEC registered firms with retail clients.

  • Click here to purchase 2020 IARD Renewal and ADV Annual Amendment Services.
  • Click here to purchase 2020 IARD Renewal, ADV Annual Amendment, and Form ADV Part 3 Drafting Services.

*Please see the engagement agreement for the scope of such services.

**Investment adviser firms managing private funds may be charged additional fees. If your investment adviser firm manages one or more private funds, please contact us to discuss the fee prior to engaging RIA Compliance Consultants for the 2020 IARD Renewal and Form ADV Annual Amendment package.

Posted by Grant Parr
Labels: IARD, Nebraska, Renewals