Now is the time for each registered investment adviser to begin preparations for IARD renewals for the investment adviser firm and its investment adviser representatives. Registered investment advisers must make sure that they always remain properly registered. If you are an SEC registered investment adviser, you must make sure that your investment adviser is notice filed in all required states. If you are a state registered investment adviser, you must make sure your investment adviser is properly registered in all required states. Generally, registration or notice filing is required at the firm level if an investment adviser has a place of business in the state or if it exceeds the state’s de minimis exemption. However, investment advisers must review each state’s notice filing or registration requirements prior to conducting business in a state. Investment adviser representative licensing is always handled at the state level. Investment adviser firms must review and determine that all investment adviser representatives are properly licensed prior to conducting business in a state.
New WSP/CoE Section Update – IAR CE
May 19, 2022
RIA Compliance Consultants has released a new WSP/CoE section update, IAR CE. This is a sample investment adviser compliance manual section related to the investment adviser representative continuing education (“IAR CE”) requirements of certain state securities regulators.
On April 18, 2022, Kentucky announced that it had adopted Senate Bill (“SB”) 298, making it the newest state to adopt an investment adviser representative continuing education (“IAR CE”) requirement, joining Mississippi, Vermont, Maryland, Michigan, and Wisconsin. Along with Michigan and Wisconsin, Kentucky’s new rule will become effective January 1, 2023. For investment adviser representatives in Mississippi, Vermont, and Maryland, an IAR CE requirement is already in effect.
Email Phishing Scam from a FINRA Imposter
April 25, 2022
It was brought recently to our attention that many of our investment adviser clients have received a suspicious email similar to the sample below. This email appears to be sent from the email domain: claims-finra.org and includes a subject line such as “Re: FINRA URGENT REQUEST FOR….”
Wisconsin Adopts IAR Continuing Education Rule
March 10, 2022
Michigan Proposes IAR Continuing Education Rule for 2023
February 22, 2022
The State of Michigan has announced that it expects to soon finalize its investment adviser representative continuing education (“IAR CE”) rule for 2023.
Shelly Welch Joins RIA Compliance Consultants as Compliance Analyst II
February 14, 2022
RIA Compliance Consultants is excited to announce that Shelly Welch recently joined RIA Compliance Consultants as a Compliance Analyst II.
Fiduciary Advice Exemption Enforcement for PTE 2020-02 Now in Effect for Investment Advisers
February 01, 2022
As of February 1, 2022, the U.S. Department of Labor (“DoL”) will begin enforcing PTE 2020-02, a fiduciary advice prohibited transaction exemption that applies to IRA rollovers. Previously, the DoL had issued a temporary enforcement policy in Field Assistance Bulletin 2018-02 indicating that the DoL would not pursue enforcement claims related to prohibited transaction claims so long as an investment adviser could demonstrate that it was complying with the Impartial Conduct Standards “in good faith and with reasonable diligence.” The temporary enforcement policy ended on January 31, 2022.
Yesterday, the U.S. Securities and Exchange Commission (“SEC”) proposed amendments to the Form PF, the confidential reporting form for certain SEC registered investment advisers to private funds.
