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Are there any changes to the information asked in the Form ADV Part 1?

November 02, 2018

Yes. For example, the SEC and state securities regulators have made revisions to the Form ADV Part 1A, Item 2A to reflect the new assets under management threshold for investment advisor registration and the other criteria that would make an investment advisor eligible for SEC registration. Each SEC registered investment advisor will be required to […]

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Will investment advisors still calculate assets under management in a manner similar to current requirements?

November 02, 2018

The SEC is revising its instructions in order to implement a uniform method for calculating assets under management that will be used for regulatory purposes in addition to assessing whether an investment advisor is eligible to register with the SEC. These assets will be referred to as “regulatory assets under management” in order to distinguish […]

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Are there fees for filing as an investment advisor with a state securities regulator?

November 02, 2018

Each state securities regulator has filing fees for investment advisor registration, which are collected at the time that the initial registration application is made. The fees vary by state securities regulator. An investment advisor which is dually registered with state securities regulators and the SEC will pay multiple fees (state investment advisor registrations and notice […]

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Can a mid-sized investment advisor withdraw its registration as investment advisor from the SEC once it is registered as an investment advisor with the required state securities regulators?

November 02, 2018

All mid-sized investment advisors registered with the SEC as of July 21, 2011, must remain registered with the SEC until at least January 1, 2012, and must also file the required Form ADV amendment with the SEC by March 30, 2012. A mid-sized advisor no longer eligible for SEC registration must withdraw its registration with […]

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When can a mid-sized investment advisor start registering with state securities regulators?

November 02, 2018

A mid-sized investment advisor can start applying for registration with state securities regulators at this time, but the investment advisor should first check with each state securities regulator to make sure the state will not object to the investment advisor´s dual registration as an investment advisor with the state securities regulator and the SEC. Every […]

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How does an existing investment advisor let the applicable securities regulators know whether the investment advisor is required to register with the state securities regulator or remain registered with the SEC?

November 02, 2018

Every investment advisor registered with the SEC as of January 1, 2012 must file an amendment to its Form ADV by no later than March 30, 2012, which discloses its assets under management as of the filing date. For many SEC registered investment advisors, this required amendment will coincide with their annual updating amendment. Once […]

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Does an investment advisor need $100 million or more of assets under management to register as an investment advisor with the SEC?

November 02, 2018

No. Although assets under management is the most common basis for an investment advisor to register with the SEC, Rule 203A under the Investment Advisers Act of 1940 provides exemptions to the asset under management test and other criteria to qualify for SEC registration as an investment advisor. Under the SEC´s new switch rules, revisions […]

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What is a mid-sized investment advisor and under which securities regulator will a mid-sized investment advisor now register?

November 02, 2018

A mid-sized investment advisor has between $25 million and $100 million of assets under management and must register with the applicable state securities regulator(s) unless the investment advisor is not subject to investment advisor registration and/or examination by its home state. Currently, Wyoming does not regulate investments advisors and consequently does not require registration, and […]

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