The Securities Bureau of Nebraska Department of Banking and Finance has issued its 2022 renewal notice for state-registered investment adviser firms and investment adviser representatives.
In addition to the payment of renewal fees via the IARD/CRD system by December 13, 2021 and submission of the required electronic form filings via the IARD/CRD system by December 26, 2021, the following specific documents must be submitted directly to the Nebraska Department of Banking and Finance by December 17, 2021 via a secure upload on Sharefile.com:
- A current audited financial statement is required if the investment adviser firm has custody of client funds. If the investment adviser firm does not have custody, the investment adviser firm must submit a balance sheet in accordance with generally accepted accounting principle standards, (“GAAP”), signed by an officer or owner of the firm and attesting that the Balance Sheet is true and accurate. Financial documents must be current (within 90 days) of the investment adviser firm’s current registration (i.e., dated no earlier than September 30, 2021).
- A surety bond of $25,000, if applicable. An investment adviser firm with a principal office and place of business in Nebraska is required to maintain a minimum net capital of $25,000 at all times or post a surety bond of $25,000. An investment adviser with a principal office and place of business located outside of Nebraska must be in compliance with the net capital requirements of its home state. Net capital may not include certain assets described in 48 NAC 7.008.03.
- A copy of all investment adviser contracts or agreements including, but not limited to: client contracts, asset management agreements, financial planning agreements, contracts with other investment advisers, co-adviser agreements, sub-adviser agreements, third party adviser agreements, or solicitor agreements.
Failure by a state-registered investment firm to meet all the deadlines specified in Nebraska’s renewal notice will result in the state-registered investment adviser firm and its investment adviser representatives no longer being registered in Nebraska on January 1, 2022 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/industries/securities/investment-advisers-investment-adviser-representatives for additional information.
RIA Compliance Consultants is currently offering to investment advisers an IARD Renewal Program and ADV Annual Amendment Service. For additional information about this service, please visit https://www.ria-compliance-consultants.com/ria-compliance-services/adv-annual-amendment-service/ .
Failure to Properly Renew Registration May Result in Adverse Consequences for Investment Advisers (10/29/2021)
Nebraska Proposes Rule Changes that Allow Investment Advisers to Utilize Client Testimonials & IARs to Dual License (10/9/2021)
Nebraska Enacts Law Giving Investment Advisers Ability to Protect Seniors and Vulnerable Adults from Financial Exploitation (4/10/2021)
Regulatory Reminder – Submission of Annual Financial Statements in Certain States (2/25/2021)
Nebraska State-Registered Investment Adviser Renewal Requirements for 2020 (11/8/2020)
Nebraska Securities Bureau Proposes New Cybersecurity Rule for Investment Advisers (8/14/2019)
Business Continuity and Succession – SEC and Nebraska Proposed Rules (7/21/2016)
Nebraska Private Fund Adviser Exemption (5/17/2016)
The information contained in this blog post is general in nature intended for educational purposes only and is not intended to be a comprehensive analysis of this topic. It is not intended to constitute compliance consulting advice or apply to any particular investment adviser firm’s specific situation. Please consult the applicable securities regulator’s rules and published guidance for more details about the topics referenced above. For more information about the limitations of this blog post and information on our website, please see our Disclosures webpage.
Posted by Bryan Hill
Labels: Annual Amendment, Form ADV Annual Amendment, IARD, Nebraska, Renewals
Tagged: IARD, Nebraska Investment Adviser, Renewals