Category Archives: NASAA
 

NASAA Seeks Input on Investment Adviser Representative Continuing Education Program

September 05, 2020

The North American Securities Administrators Association, Inc. (“NASAA”) is currently seeking input from NASAA members (i.e., state and provincial securities regulators) and other industry professionals, including registered investment advisers and their representatives regarding potential content for classes in its proposed investment adviser representative continuing education program. NASAA intends to utilize survey responses for design and implementation of the proposed IAR continuing education program.

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New NASAA Report on Diminished Capacity Among Investment Adviser Representatives

August 08, 2020

The North American Securities Administrators Association, Inc. (“NASAA”) recently released a white paper detailing the results of a study conducted by its Senior Issues/Diminished Capacity Committee. While many investment adviser firms are increasingly aware of issues related to diminished capacity in clients, NASAA has found that not all registered investment advisers are prepared to identify and address diminished capacity among investment adviser representatives. As part of the study, NASAA surveyed a number of financial institutions and industry professionals including Bryan Hill, President of RIA Compliance Consultants, Inc.

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NASAA Proposed Investment Adviser Representative Continuing Education Rule

May 11, 2020

Earlier this year, the North American Securities Administrators Association, Inc. (“NASAA”) proposed a new model rule that would require investment adviser representatives (“IARs”) to complete a specified amount of continuing education (“CE”) credits each year. The proposed model rule would apply to every IAR registered in a state that adopts the model rule, including IARs associated with state registered investment adviser firms. It would also cover IARs for federal covered advisers (i.e. SEC-registered advisers) to the extent that those IARs are registered in a given state.

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NASAA Cybersecurity Model Rule Package

May 31, 2019

On May 21, 2019, the North American Securities Administrators Association (NASAA) released a model cybersecurity rule package. NASAA’s proposed rule would require investment advisers to adopt policies and procedures regarding information security and to deliver annually its privacy policy to clients.

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NASAA Announces IARD System Process Fee Waiver for State Registered Investment Adviser Firms

November 05, 2015

The North American Securities Administrators Association (NASAA) announced that the Investment Adviser Registration Depository System (IARD), the national database sponsored by NASAA and the U.S. Securities and Exchange Commission (SEC) that provides investment adviser firms and their investment adviser representatives a single source for filing state and SEC investment adviser registration and notice filings, will waive the IARD system processing fees for state registered investment adviser firms in 2016. While waiving IARD system processing fees for state registered investment adviser firms in 2016, NASAA will continue charging a $10 IARD system processing fee for each investment adviser representative (IAR).

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The SEC Urged to End Mandatory Arbitration Clauses within Investment Advisory Client Agreements

June 04, 2013

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”), which was signed into law on July 21, 2010, provides the U.S. Securities and Exchange Commission (“SEC”) with the authority under the Investment Advisers Act of 1940 to prohibit or impose conditions upon the use of pre-dispute, mandatory arbitration clauses within investment advisory client agreements.

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Bachus Shuts Down SRO Bill for Investment Advisers

August 02, 2012

Last week, U.S. House Financial Services Committee Chairman Spencer Bachus (R – AL), decided to at least temporarily put the Investment Adviser Oversight Act of 2012 (“Investment Adviser Oversight Act”) on hold. This decision came on the heels of Representative Maxine Waters’ (D – CA) introduction of the Investment Adviser Examination Improvement Act of 2012 (“Investment Adviser Examination Improvement Act”).

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Investment Adviser Examination Improvement Act of 2012 Introduced

July 26, 2012

Representative Maxine Waters (D – CA) introduced the Investment Adviser Examination Improvement Act of 2012 (“Investment Adviser Examination Improvement Act”) on July 25, 2012. The Investment Adviser Examination Improvement Act enables the U.S. Securities and Exchange Commission (“SEC”) to charge user fees from investment advisers. The Investment Adviser Examination Improvement Act is a response to the Dodd-Frank Wall Street Reform and Consumer Protection Act which requested more stringent and frequent examination of investment advisers.

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De-registration Looms for Mid-Sized Financial Advisers that Have Not Filed

July 05, 2012

Mid-sized investment adviser firms that did not register with one or more state securities regulators by the June 28, 2012, deadline are in danger of being de-registered by the U.S.  Securities and Exchange Commission (SEC) as early as this week.  However, the first wave of terminations may not occur until September according to a staff member from the SEC who spoke with one of our Senior Compliance Consultants earlier this year.  Investment advisers that did not file an amendment to Form ADV Part 1 confirming their registration status by the March 31, 2012, deadline and/or have not filed a state registration application, if no longer SEC eligible; face the highest risk for untimely termination.

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