Regulatory Rules of the Road for State-Registered Investment Advisers and SEC –Registered Advisers Switching to State Registration
February 28, 2013
1:00 PM – 3:00 PM ET
Many basic precepts are common to both SEC and state regulation of investment advisers. However, there are a number of significant differences between the federal and state investment adviser regulatory schemes that become apparent when considering state registration and post-registration requirements.
This course will provide an overview of registration and post-registration requirements for advisers that are or will be applying for state registration or switching from SEC to state registration, with an emphasis on the areas where state regulation deviates from SEC requirements. Advisers that are currently state registered will benefit from the discussion of post-registration rules. Our presenters will also review the jurisdictional parameters for state registration authority, as adjusted under Dodd-Frank, in addition to the de minimis exemption and IAR registration rules that are unique to state advisers.
Please note regulation of investment advisers is not entirely uniform across the states. With this in mind, the presenters will provide practical guidance of general applicability as well as resources to explore specific states’ regulations.
After attending this course, attendees should be able to:
- Comply with state-mandated Form ADV filing requirements
- Identify required supplemental registration application documents
- Manage state application review and follow-up requests
- Understand differences from SEC regulation with respect to the following: custody; compliance, supervision and code of ethics (personal trading); books and records; solicitation, performance-based compensation, and financial condition reporting
- Describe the reach of “home state” preemption
- Become conversant with state dishonest and unethical practice rules
- Understand state definition of “investment adviser representative” and when registration is required
For Whom: Chief Compliance Officers, Auditors, Compliance Staff at all levels, IT personnel, Legal Counsel, Management
Suggested Skill Level: Basic
Instructional Method: Group Internet-Based
Pre-requisites for participation: No advance preparation or prerequisites are required. However, attendees can benefit by reviewing the Investment Advisers Act of 1940 and related SEC Rules to become familiar with the structure and terms.
Advance Preparation: None
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