On May 11, 2016, the Securities Bureau of the Nebraska Department of Banking and Finance (NDBF) adopted a new administrative rule that excludes investment advisers to private funds from the definition of “investment adviser”. This means that an investment adviser who solely advises private funds will not be subject to Nebraska’s investment adviser books and records requirements among other requirements for state registered investment advisers.
January 01, 2014
New regulation in the state of Massachusetts will now require investment adviser representatives registering with the state of Massachusetts for the first time to complete a criminal background check referred to as Criminal Offender Record Information (CORI) check. The Secretary of the Commonwealth, William Gavin, his office believes such CORI checks will serve to protect investors. Beginning January 1, 2014, each new application for registration as an investment adviser representative will be required to complete the CORI check and submit as part of their application to the state a CORI acknowledgement form to the Massachusetts Security Division as part of the application process. For complete review of the change in Massachusetts Regulations please click here.
Investment advisers must protect records that contain certain clients’ non-public, personal information. In efforts to safeguard client records and information, investment advisers should have in place a written information security plan. The main purpose of developing and implementing a strong written information security plan is to make sure that investment advisers have written policies and procedures in place to protect clients’ personal information. Investment advisers’ information security written policies and procedures must be reasonably designed to ensure the security and confidentiality of client records and information and to protect such records and information against any anticipated threats, hazards or unauthorized access or use.