Learn How Your Investment Adviser Can Improve Its Report of Elder Abuse to Adult Protective Services

January 20, 2020

Many state legislatures in the U.S. have recently passed legislation mandating that investment adviser firms and their supervised persons report instances of elder abuse by third parties to the applicable authority in the state (e.g., adult protective service, attorney general’s office).  Moreover, many securities regulators have passed specific rules requiring mandatory reporting of elder abuse and/or taken the position that reporting instances of elder abuse is essentially part of an investment adviser firm’s fiduciary duty to act in a client’s best interest.

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SEC Announces 2020 Exam Priorities

January 16, 2020

On January 7, 2020, the Securities and Exchange Commission (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released its 2020 Examinations Priorities for SEC registered investment advisers. After completing over 3,089 investment adviser examinations in 2019, the SEC outlined several themes for the focus of investment adviser examinations which include the following:

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Tip #5 for an Investment Adviser’s IARD Renewal – Final Renewal Statement

January 11, 2020

An investment adviser firm’s Final Renewal Statement reconciles what was charged on the Preliminary Renewal Statement with what is actually owed as the start of the new calendar year (January 1, 2020). The Final Renewal Statement confirms whether an investment adviser firm must pay an additional amount, received a refund (i.e. credit) to its Flex-Funding Account or is Paid-in Full.

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Deadline for Receipt of Preliminary Renewal Statement Payments Quickly Approaching

December 08, 2019

The deadline for investment adviser firms to submit their Preliminary Renewal Statement payment is quickly approaching. FINRA must be in receipt of an investment adviser firm’s full payment listed on the Preliminary Renewal Statement by December 16, 2019. Investment adviser firms with sufficient funds in their IARD Flex-Funding Account to cover the Preliminary Renewal Statement payment will have funds automatically transferred beginning on December 16, 2019 to the IARD Renewal Account to cover total renewal fees owed. Automatic transfers will be conducted every day after December 16, 2019 until the WEB CRD/IARD shuts down for year-end processing on Friday, December 27, 2019. Investment adviser firms that choose to mail in their renewal payments are advised to do so now to avoid delays and to ensure funds are received by the deadline.

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Ensure Timely Preliminary Renewal Statement Payments

November 21, 2019

Don’t wait until the last minute to submit your annual renewal fees. FINRA must be in receipt of the full payment listed on the Preliminary Renewal Statement, which is now available, by Monday December 16, 2019. Investment advisers with sufficient funds in their Flex-Funding Account to cover the Preliminary Renewal Statement payment will have funds automatically transferred beginning December 16, 2019 to the Renewal Account to cover total renewal fees owed. Investment advisers that choose to mail in their payments are advised to do so now to avoid delays and to ensure funds are received by the deadline. If your investment adviser would like assistance with the annual renewal service, click here for more information on or to purchase RIA Compliance Consultants’ IARD Renewal Program and ADV Amendment Services.

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Tip #3 for an Investment Adviser’s IARD Renewal – Email Alerts from IARD System

November 13, 2019

Your investment adviser firm can create IARD renewal email alerts in E-Bill section of the IARD account.  The email alerts sent to your investment adviser firm can include notifications about renewal statements, deadlines, or confirmation that your investment adviser firm has paid its renewals in full.  The Super Account Administrator (“SAA”) for your investment adviser firm’s IARD account does not automatically receive all the available alerts; the SAA must subscribe for the various email alerts.  For more details about the features of the E-Bill section of your investment adviser firm’s IARD account, visit E-Bill Frequently Asked Questions (FAQ) at https://www.finra.org/filing-reporting/e-bill/faq#alerts .

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